The only reason to not pay your suppliers on time and electronically, is there are none.
Today’s post is by Ronald D. Southard, CEO at SafeSourcing Inc.
Paying invoices electronically has been SOP (a thing given or done as a concession of no great value to appease someone whose main concerns or demands are not being met) for years, yet many companies continue to insist on paying their invoices with physical checks and snail mail trying to buy a few extra days of cash preservation. Often the response is that electronic payments are too expensive. Anyone with a browser can find out that this is malarky or meaningless talk or nonsense.
EIPP is short for Electronic Invoice Presentment and Payment. This is a B2B system of issuing invoices to customers over the internet and receiving payment on the invoices electronically. This can be accomplished in a Biller-Direct model, where payment is received directly via the biller’s website, or Bank-Aggregator, where a banking institution acts as the payment distributor to all of the receiving businesses.
Help your vendors by paying your bills electronically and on time.
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