Additional information about AnchorOps:
Question: Why would a supplier accept an electronic credit card payment?
- ePay transactions arrive faster than checks. Compared to the 5+ days for a paper check to arrive, ePay payments are issued shortly after the agency initiates payment.
- Suppliers receive thorough, automatic remittance data with ePay, so no manual data entry is required into the accounting system
- Accepting ePay is often viewed as a convenience offered by the supplier to the agency, enhancing credibility
Question: Sequential liability is the accepted standard in the media community, so do I need to change payment terms in order to have suppliers participate?
- Changing terms is never required.
- Because of our specific focus on media finance, AnchorOps understands the importance of sequential liability. If there are suppliers that accept epayment when invoices are paid within a certain aging period, AnchorOps will run these opportunities by an agency for consideration.
Question: Does my agency need special software to send electronic payments?
- AnchorOps ePay is integrated with most major accounting packages used by agencies, so no additional software is necessary. By leveraging your existing accounting solution, the agency’s financial team does not need to adapt new processes and existing security/permissions are kept in place, unchanged.
Question: If the program generates revenue for my agency and there is no cost, how does AnchorOps make its money?
- AnchorOps generates revenue from ePay by taking a small portion of the rebate. The majority of the rebate goes directly to the agency.
Question: We have a relationship with a bank, already. Do I need to switch banks?
- Our partner WEX is an industrial bank and specializes in ePayments, so you don’t need to change your existing banking relationship.
Question: How much will my agency receive as a rebate and when will I get it?
- Rebates vary depending upon volume and transaction type. We can quickly provide you with a customized proposal that includes a detailed assessment of your agency’s untapped opportunity.
- Checks are sent to the agency after the end of each business quarter. Estimated rebates and forecasts are always available on Insight, the ePay dashboarding and reporting solution that is included at no charge for every customer.
Question: How big is the AnchorOps and WEX network of suppliers that accept payments?
- AnchorOps TROVE database houses all of AnchorOps’ data concerning which suppliers accept electronic payments. AnchorOps’ dedicated activation team constantly communicates with suppliers to grow this network on a daily basis.
Question: We have a credit card program already, so why would we switch to another provider?
- Unlike other providers, AnchorOps specializes in electronic payments specifically for the media finance industry. AnchorOps’ targeted expertise is a critical advantage, given the industry’s enigmatic and dynamic nature. Our media expertise allows us to understand ever-changing media supplier data and in turn, capture a higher percentage of spend than any other provider.
- AnchorOps has a fanatical commitment to technology and innovation. Our TROVE, PortalPay, ePay Insight, Platform integrations, and in-house activation team combine to ease complicated processes and provide unparalleled control over data.
Question: How long does it take to get up and running and make electronic payments, from the time we decide to start using ePay?
- ePay gives agencies the ability to start sending payments immediately. While other programs require teams to reach out to suppliers and give special instructions before payments can be made, our simplified process allows agencies to capture more revenue, faster.
- ePay integrates with your existing media buying and accounting software, so technical implementation is quick and easy. AnchorOps takes total ownership over this process to ensure proper execution.
Question: What does our accounting staff need to do differently in order to use ePay instead of paper checks?
- Very little – our support team will take complete ownership over the implementation of ePay.
- ePay integrates with your existing accounting software, including Advantage, Dynamics, and QuickBooks, so no changes are required.
- The solutions’ seamless integration, coupled with comprehensive support from AnchorOps, gives your accounting team unmatched confidence and process familiarity.
Question: We know that some of our suppliers will not accept electronic payments, so how do we manage those payments?
- For suppliers that do not accept electronic payments, your accounting team will continue to pay them using your current methods.
- During the activation process, AnchorOps will clearly communicate which suppliers do and do not accept electronic payments, in order to maximize efficiencies.
Question: Why can’t a big bank either pay our agency more or send more payments than AnchorOps ePay?
- Big banks’ lack of industry expertise and insight into data creates a less efficient enrollment process. TROVE and AnchorOps’ activation team provides a unique and targeted understanding of media supplier relationships, ensuring the highest level of return.
- While a bank may be able to provide a higher rebate percentage per transaction, their lack of expertise in the media finance industry means they don’t how much media spend can be processed electronically, they don’t reach as many suppliers and thus, they don’t process as many transactions as AnchorOps. So overall, less money flows through and less rebates are realized. AnchorOps has the right mix of technology, data and process to reach the most suppliers in the media finance industry.
Question: I’ve never seen a WEX bank branch. What is this bank?
- WEX Bank has 30+ years of experience as an industrial bank and focuses exclusively on electronic payments. WEX Bank is a publicly traded and successful corporation headquartered in Portland, Maine (NYSE: WXS). Unlike commercial banks, WEX does not have branches or conduct consumer banking business.
Question: Is credit required for this program? If so, how much?
- ePay was specifically designed for the media industry so credit is not required, but can be obtained if desired. Funding for payments is made “just in time” and agencies are not required to wire funds or move money proactively each time epayments are made.
Question: Why is technology important? Isn’t a payment just a payment?
- The technology behind ePay does much more than send payments – it enables agencies to easily track payments and provides increased control over an inherently convoluted and tedious process.
- ePay Insight and its always-on dashboards allow high-level executives the ability to instantly view data and forecast program revenue for the future.
- TROVE enables AnchorOps to capture all the best data surrounding the tracking of supplier relationships and accepted methods of payment. The proprietary technology behind TROVE directly translates into more revenue for agencies.