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PaymentWorks

Score1 out of 10

1 Reviews and Ratings

What is PaymentWorks?

PaymentWorks is a Vendor Master Data Management and Supplier Onboarding Software that aims to streamline and automate the vendor onboarding process. According to the vendor, this solution is suitable for small, medium, and large enterprises across various industries and professions, including procurement and supply chain management, finance and accounting, risk and compliance management, vendor management, and higher education institutions.

Read more details.

Categories & Use Cases

Top Performing Features

  • Anomaly Detection

    The software uses advanced algorithms to identify patterns of behavior that deviate significantly from the norm, enabling detection of fraudulent activities.

    Category average: 5.3

  • Timely Monitoring

    The system constantly monitors transactions and activities as they occur, providing immediate alerts for any suspicious or potentially fraudulent behavior.

    Category average: 5.7

  • ID Verification

    The software incorporates robust identity verification mechanisms such as KYC (Know Your Customer) processes and multi-factor authentication to ensure the legitimacy of users.

    Category average: 3

Areas for Improvement

  • User Interface

    The software provides an intuitive and easy-to-use interface with interactive dashboards, allowing users to quickly navigate, access relevant information, and take necessary actions.

    Category average: 5.7

Do Not Waste Your Time or Your Money on PaymentWorks

Use Cases and Deployment Scope

If you only work with domestic US Banks and US citizens this might be fine for your business. If you work with foreign vendors this system will cause you nothing but trouble. The only available language is English. The banking information defaults to check payments which take 45 days to arrive overseas. The software is poorly designed. The customer service agents are non-existent. Service just refers the customer back to the paying institution which cannot access any of the data in PaymentWorks. This has been the single worst software experience of my 30-year administrative career. Payees experience difficulty completing the registration. They cannot understand how to enter the banking information. They cannot understand the terminology. Foreign vendors request check payments which take 45 days to arrive. People keep emailing me to ask when they are going to receive funds. Check payments cannot be tracked. I spend all my time at work now dealing with angry vendors and the work never really gets “done”.

Pros

  • The data is kept secure

Cons

  • Software design especially in regards to entering foreign bank accounts
  • Customer service never really assists the customer
  • Admins are not notified when there is incomplete registration or problems with the information entered. We have to wait for the customer to contact us and by that time they are very angry and their payment is very delayed
  • The only language available is English. The tax forms are only available in English

Return on Investment

  • Zero return on investment. It takes 3 people to do the work that one person used to be able to manage.
  • The only way that I can find out if there are problems is if the customer contacts me about non-payment.
  • Zero integration with our accounting software. New vendors have to be manually transferred from PaymentWorks to the accounting software. Updates to PaymentWorks have to be manually carried from one system to the other. There are no notifications when these processes have been completed

Usability

Alternatives Considered

SAP Data Intelligence

Other Software Used

Oracle Analytics Cloud