Vendor Onboarding Software

Ready to lose the PDF forms and speed up your vendor onboarding process?

Do you know how much maintaining your supplier costs your organization each year? Probably not. We can help.

With three simple inputs, our free calculator estimates how much it costs your organization to maintain each supplier every year.

This quick estimate is calculated using our network benchmarks, including data on salaries, check vs. electronic payments, and the costs of third-party verification tools.

Number of vendor onboards per year
Annual AP spend ($)
Active Vendors

Current Cost to Onboard or Maintain a Payee

For a deeper analysis of the cost of your supplier file, connect with us to walk through the benchmarks and see the impact of automation on your organization's bottom line.

Benefits to the PaymentWorks digital supplier onboarding platform:

1 Automated third-party verifications built in

2 Increased visibility of vendor onboarding and payment status to business owners and suppliers

3 Offload your risk for vendor payments fraud

1 What is Vendor Onboarding Software?

Vendor selection
Information gathering
Verification and screening
System setup
Training and integration
The importance of getting It right

2 Why is Vendor Onboarding Software a Critical Part of an Organization’s Operations?

Getting your vendors in a row
Streamlining operations for smooth sailing

3 What are the Risks of Vendor Onboarding?

Data inaccuracies
Compliance violations
Delayed operations
Fraud risks

4 How Fraud Preys on Weak Onboarding Practices

Business email compromise (BEC)
CEO fraud
Vendor impersonation fraud
Deepfake frauds

5 How Do You Safeguard Vendor Onboarding Practices?

Standardize and document processes
Rigorous verification
Prioritizing centralization and security
Regular audits

6 The Benefits of Automated Vendor Onboarding

Increased efficiency
Enhanced accuracy
Improved compliance
Scalability

7 FAQs About Vendor Onboarding Software

Ready to see how much your PDF vendor onboarding costs your organization?

Calculate My Costs Now

Chapter 1

What is Vendor Onboarding Software?

Vendor onboarding software helps an organization with the comprehensive process for establishing and managing relationships with new suppliers. Here’s a closer look at what vendor onboarding software typically involves:

1. Vendor selection

The onboarding process begins long before the actual paperwork is signed. It starts with vendor selection. In this phase, potential suppliers are evaluated to determine if they meet the company’s standards for quality, reliability, and compliance.

2. Information gathering

After selecting a vendor, the next step is to collect all necessary information, including basic contact details, tax identification numbers, payment terms, and banking information.

3. Verification and screening

Vendor onboarding software verifies the accuracy of the data provided, including background checks to authenticate corporate details.

4. System setup

The vendor’s information is input into the company’s internal systems.

5. Training and integration

Some vendors might require training on the company’s processes or vendor onboarding software.

The importance of getting It right

Effective onboarding ensures that vendors clearly understand their role and the company’s expectations, which helps prevent misunderstandings and fosters collaboration.

Chapter 2

Why is Vendor Onboarding Software a Critical Part of an Organization’s Operations?

Vendor onboarding is much more than just a procedural necessity. It’s a strategic foundation that ensures your business operates smoothly.

Getting your vendors in a row

When you onboard a vendor, you’re conducting a thorough vetting process to ensure that only reliable, compliant, and qualified vendors are allowed to enter your supply chain.

Streamlining operations for smooth sailing

Best-in-class vendor onboarding software helps ensure operational efficiency.

Chapter 3

What are the Risks of Not Using Supplier Onboarding Software?

Supplier onboarding involves several risks that can significantly impact an organization’s operations and financial health:

Data inaccuracies

Manual data entry during vendor onboarding is prone to errors.

Compliance violations

Ensuring that vendors comply with relevant regulations is critical.

Delayed operations

Manual onboarding processes can be slower, hindering the integration of new vendors.

Fraud risks

Inadequate verification processes can leave an organization vulnerable to fraud.

Chapter 4

How Fraud Preys on Weak Onboarding Practices

Weak or undocumented processes make organizations prime targets for sophisticated fraud schemes. Learn how various types of fraud can exploit these vulnerabilities.

Business email compromise (BEC)

Fraudsters infiltrating business email accounts can manipulate employees into making unauthorized transactions.

CEO fraud

Fraudsters impersonating high-ranking executives can authorize fraudulent financial transactions.

Vendor impersonation fraud

Fraudsters can create convincing fake vendor identities.

Deepfake frauds

Sophisticated forms of deception utilize fake messages from company executives or vendors.

Chapter 5

How Do You Safeguard Vendor Onboarding Practices?

Safeguarding vendor onboarding involves several critical actions:

Standardize and document processes

Creating a standardized onboarding protocol ensures rigorous checks.

Rigorous authentication

A multi-layered verification approach significantly reduces fraud risks.

Prioritizing centralization and security

Protect sensitive information during onboarding to prevent data breaches.

Regular audits

Regular audits help ensure that the onboarding process remains effective.

Chapter 6

The Benefits of Automated Vendor Onboarding Software

Switching to automated vendor onboarding software offers numerous benefits: