How Efficient Payments Can Improve Supplier Relationships

Successful business leaders recognize the importance of strong supplier relationships for building and growing their organizations. Even so, the payments processing component is often overlooked, potentially due to legacy systems. These dated processes require unnecessary manual labor and, worse, cause neglected relationships.

“Automated payments present an opportunity for growth. Automation can help companies reduce the risk of payment delays and overall fraud risk, which builds solid working relationships with suppliers. It even enables companies to negotiate better pricing or more favorable terms,” says Steve Buchberger, Executive Director of Payables Product Management at Deluxe.

As B2B suppliers have become more comfortable using instant, self-service payment platforms in their personal lives via apps like Venmo and PayPal, their expectations (and demands) for receiving business payments have also evolved. In addition to secure, frictionless payments, suppliers want options to receive payments via the method that works best for them.

In this eBook, you’ll learn:

• The benefits of automation for AP teams
• 3 ways efficient AP processes impact supplier relationships
• The features of a best-in-class automated AP system