Supplier payments are integral to the success of organizations but they may not know where to begin when analyzing how they’re working (or not). What questions can businesses ask to know if their payments are performing optimally?
- Do our payments provide flexibility and convenience? A perfect payment can be scheduled to be processed automatically, eliminating manual issuance and needing to be tethered to an office for processing.
- Is the payment dependable and secure? A perfect payment is much less susceptible to fraud and raises no doubts that it will reach its intended recipient reliably, seamlessly, and exactly as stipulated.
- Does it guarantee on time payment and allow for the optimization of discounts? A perfect payment happens more expediently and doesn’t place supplier partnerships at risk with late disbursements. In addition, the speed of the perfect payment ensures organizations can capitalize on early payment deals.
- Does the payment further the objective of moving from manual to automated processes? A perfect payment exists digitally in a unified system of record and doesn’t add to the piles of paper that plague many businesses.
- Does it facilitate the suppliers’ side of things? A perfect payment can be settled easily by the supplier, as it will contain all the information they need to process immediately. Furthermore, they will be able to access important information about the payment online instead of consulting with the buying organization.
- Is the payment process repeatable? A perfect payment can be replicated across growing numbers of invoices and vendors.
- Does the payment assist with compliance? The perfect payment is trackable at all stages and comes replete with coherent and comprehensive data so businesses can easily meet complex financial regulations.
If your current payment processes are far from perfect, Nexus can help. Contact us to learn more.