Pacific Mercantile Bank (“the Bank”), the wholly owned subsidiary of Pacific Mercantile Bancorp (NASDAQ:PMBC), today announced the introduction of eConnect Pay, an end-to-end accounts payable and payments solution for mid-sized businesses. A significant advancement in cash management efficiency, eConnect Pay automates invoice and payment processing by integrating with a company’s accounting system while processing check, ACH and credit card payments directly with Pacific Mercantile Bank.
“The accounts payable function for most businesses is a highly inefficient process requiring significant manual labor to enter invoices, chase approvals, wait for authorizations and track payments,” said Paul Happach, Senior Vice President and Senior E-Channel Product Manager at Pacific Mercantile Bank. “With eConnect Pay, Pacific Mercantile puts an end to the manual nature of accounts payable by automating the entire invoice-to-payment process. By integrating seamlessly with existing accounting packages and linking payments directly with Pacific Mercantile Bank, eConnect Pay can help businesses save significantly on their payment processing costs. eConnect Pay takes integrated payable solutions to a new level of efficiency and is another tool in our suite of state-of-the-art treasury management solutions that helps businesses reduce operating expenses and improve cash flow.”
Hyperikon, a leading LED lighting manufacturer, was an early adopter of Pacific Mercantile Bank’s new eConnect Pay cash management solution.
“We have found eConnect Pay to be great software to streamline the invoice approval process and accounts payable cycle. It integrates well with QuickBooks Enterprise and saves a lot of time for our business,” said Dmitry Budanov, Senior Accountant of Hyperikon. “Multiple tiers of vendor specific approval rules, automated data recognition, convenient search options for archived bills all make accounting easy and fast! Payments are quick and timely with automated checks and recurring ACH. This is a powerful solution for managers who want to keep expenses under close control.”
Find out more about eConnect Pay from Pacific Mercantile Bank.