Despite the rise of digital solutions, many businesses, especially government contractors, are still managing payments the old-fashioned way. Handling a high volume of transactions across multiple payment methods like physical checks, ACH, wire transfers, and credit cards often means juggling disconnected systems. And manually approving payments creates delays, making it harder to pay vendors, suppliers, and subcontractors on time. The result? Disrupted cash flow, rising administrative costs, and increased security risks.
The numbers prove it. According to the Deltek Clarity Government Contracting Industry Study, reducing costs, increasing profitability, and improving cash flow are among the top financial challenges for government contractors. Here’s how manual payment processes make things even harder:
- Slow Processing – Paper invoices and physical checks mean slower approvals that lead to payment delays, putting vendor relationships and project timelines at risk.
- Increased Errors – Manual data entry increases the likelihood of mistakes, duplicate payments, and missed invoices, creating financial discrepancies and potential compliance issues.
- High Costs and Security Risks – The costs of printing, mailing, and processing paper-based payments add up quickly. On top of that, businesses face heightened risks of fraud and unauthorized transactions.
It’s clear that a better way is needed. This is where Costpoint Payments: AP Automation comes in, offering a solution to simplify payment processes.
A Smarter Way to Pay
Costpoint Payments modernizes and automates Accounts Payable (AP), eliminating inefficiencies and ensuring secure, on-time payments. With this, businesses can move away from paper checks, speed up payments, and minimize human errors by:
- Automating payments directly within Costpoint
- Reduce processing fees while keeping cash moving
- Streamline approvals for faster, error-free transactions
Customers can easily pay their invoices with Costpoint Payments
With Costpoint you can streamline the entire AP process from invoice to payment. As invoices arrive, instead of typing them in by hand, Costpoint uses artificial intelligence (AI) and optical character recognition (OCR) technology to create an AP Voucher within Costpoint. Use Costpoint’s approval workflows for fully electronic approval workflows, built to your business’s specifications, which also lets you see where the AP Voucher is in the approval process at any point in time. Next, you approve and send payments through a normal AP run, but instead of printing checks or following up individual on multiple payment, payments go out electronically with Costpoint Payments, powered by a trusted and thoroughly vetted integration partner who takes on liability for the payment. Once the payment file is sent, AP vouchers are marked as paid in Costpoint instantly.
From invoice to payment, the entire process is seamless, digital and fully integrated within Costpoint.
Why Government Contractors Trust Costpoint Payments
Save Time, Cut Costs, and Boost Profits
With automated, electronic payments, contractors eliminate printing and processing fees while speeding up transactions. Some businesses can even turn AP into a profit center by earning rebates.
Manage Payments from One Place
No more bouncing between different systems or guessing where a payment is. Costpoint Payments provides full visibility into payment status, allowing businesses to track and manage all transactions from within Costpoint.
Maintain Security and Compliance
Government contractors face strict compliance and security requirements. Costpoint Payments provides:
- A fully auditable payment trail for compliance readiness
- Fraud protection & risk mitigation - the payment partner assumes liability
- Secure, automated workflows that reduce human error and unauthorized transactions
As the leading project-based ERP for government contractors, Deltek Costpoint offers a full Source-to-Pay solution helping businesses digitize procurement, streamline approvals, and meet government regulations. From selecting vendors and managing contract flow-downs to tracking time, materials, and payments, Costpoint keeps everything in one place. With built-in compliance reporting and real-time collaboration, payments can be processed smoothly while meeting strict regulations. Costpoint Payments adds another layer by ensuring secure, trackable transactions, making it easier for procurement teams to stay efficient and audit ready.
With Costpoint Payments: AP Automation, government contractors can simplify AP, improve efficiency, and gain full payment visibility - all while staying compliant. Are you ready to modernize your payment process?
Costpoint Payments: AP Automation
Learn more about how you can transform your AP process
