Accounts payable automation can definitely help an organization's bottom line - but only if suppliers buy into it.
You’ve made the important and transformative decision to implement AP automation to save time, cut costs and reduce fraud risk. There’s just one catch. The success of your payment program initiative will be directly tied to supplier participation.
Unfortunately, all too often this proves to be an obstacle, resulting in an only partially realized return on investment. A major reason for this issue is that some AP automation solution providers try to force suppliers into a mold that doesn’t fit them, making more work for those businesses or even alienating them through strong-arm tactics.
In other words, your return on investment (ROI) is only possible if your suppliers buy in and get on board with electronic payments. However, it’s not uncommon for AP departments to find that their suppliers resist enrolling in these payment programs.
“There are simple reasons for this,” notes Royce Grayson Morse, IOFM’s Managing Editor. “A big one is that a lot of AR pros feel as though their customers are trying to shift some of their workload onto them. The signup process for electronic payments can be lengthy and complicated. Plus, when each supplier has hundreds — if not thousands — of customers signing up for portals and electronic payments, the supplier can have a difficult time managing it all.”
The key is to select a solution provider that has a proven track record of removing those obstacles. “Signing up for a supplier portal should take only minutes,” says Bill Davis, VP of Supplier Enablement of Paymode, Bottomline’s B2B payment network. “The objective is to make getting paid easier, not harder.”
Download the whitepaper to learn more about how to increase supplier buyer-in through the following topics:
- How to ensure a positive enrollment process for you and your suppliers
- Why your solution provider should do most of the heavy lifting of supplier onboarding
- How a solution should accommodate a supplier’s preferred payment method Keeping your suppliers’ needs top of mind ensures you maintain good business relationships with them
- Why a true payment system doesn’t just pay the bills — it provides real business intelligence
