Top Market Drivers for Payment Automation

Driving Profitability in a Traditional Cost Center:
the AP Department

According to the Aberdeen Group report, “AP Automation and Strategic Vision,” financial services executives surveyed cited 2 of their top 5 drivers compelling them to undertake payment automation as:

Percentages

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capure early payment discounts and shorten the supplier payment ...

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Engaging Vendors in the Process

VisibilityMitigate Uncertainty On Both Sides

By providing this level of visibility into the AP process, organizations give their vendors the ability to confidently forecast the amount and timing of each payment they are expecting. Concurrently, the company’s AP department gains a consistent, predictable revenue stream from the money saved by capturing the vendor’s discount offers. There are no hidden fees or administration hassles, and ...

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Monetizing Payment Efficiency

HandsDrive Cost Savings with Automation

The statistics regarding return on capital alone certainly make a compelling case for dynamic discounting, but how do organizations effectively capitalize on this opportunity? Traditional paper-based payment methods make it extremely difficult to capture the best discount rates in a dynamic discount framework, which are the highest within the first few days the invoice is issued.

The time it takes ...

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The Relationship Value of Dynamic Discounts

The Importance of Strong Vendor Relationships

RelationshipStrong vendor partnerships are a critical component to business success, particularly in industries where frequent and regular delivery of inventory is needed to sustain optimal operations, such as retail and restaurant environments. Buyers and sellers must have mutual respect and confidence in each other that foods will be received and paid for in a consistent, timely manner.

Dynamic ...

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Dynamic Discounting

The Bottom Line Value of Dynamic Discounts

dynamic discounts

 

Dynamic Discounting is a no-risk, high-reward solution for buyers, providing them a way to increase their case returns in a low-interest environment, while keeping their vendor relationship strong with a payment method that also creates winning scenarios for the seller.

Traditional early payment discounts reward buyers with a percentage off their bill if paid in net 30, net 60, ...

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Managing Cash in a Dynamic Market

dollarsignTrends Driving Payments Today

Interest rates have remained near zero for the last five years, causing organizations to look to new and different opportunities. In response to these market trends, a new approach to early payment discounting – known as dynamic discounting has arisen. This challenge is paired with the opportunities that have arisen from the explosive growth of digital business networks, causing the pace ...

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Factors to Consider When Evaluating Automation Technology – Part 5 of 5

Make employee ramp up easy.Evaluation5

Once the product is implemented, you’ll need your staff trained on the automation tools. You will need to account for the skill levels of various personnel across many store locations, but on-site training becomes very cost-prohibitive. As such, the solution must be user friendly and intuitive, with minimal training requirement needed for any role.

 

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Factors to Consider When Evaluating Automation Technology – Part 4 of 5

Evaluation4How does your company assess costs and deployment time?

Cost is always a factor in assessing an automation solution, but your focus should be on time to value. If your prospective solution can be up and running and producing a return on investment rather quickly, then you‘ll have turned a cost center – your AP department – into a profit center in short order.

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Factors to Consider When Evaluating Automation Technology – Part 3 of 5

Evaluation3How does your company assess potential vendors?

Look for domain expertise when assessing products from potential vendors because relevant experience is key. Take into consideration the following questions: Do they understand the retail marketplace and the unique workflow challenges associated with it? Have they built their solution to meet those needs?

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