Inflation is high, interest rates are rising, and budgets may need to be tightened to stay afloat. Because of these abundant factors, many businesses are looking for ways to generate more income to help negate these negative effects. Although it would be ideal to simply sell more and create more clients, that is not something businesses can directly control.
This is where Singe Payables comes in - we can help you become more efficient while creating extra income at no cost to you. We work to bring technology and services that traditionally were only available to the largest of businesses, but are now available to any size organization. Small and mid sized businesses can greatly benefit from the cost effective technology of automating their Accounts Payable processes and turn their cost center into a revenue center.
How to Generate Additional Income
The process is simple with Singe Payables. Your vendors are uploaded and integrated into our platform, enabling you to pay them with a click of a button.
This is a unique 16 digit virtual card that is created for the specific payment amount and sent to only be received by your vendor. When the payment is accepted, a percentage of that payment is credited to you as a monthly rebate..
Where does the rebate come from?
The rebate comes from the card interchange fees that all card payments processors generate, but at Singe, we want to share that with you.
By doing what you already do, paying your vendors, you now have a new revenue stream at no additional cost to you. Not only do virtual cards have the ability to create a new revenue stream through the monthly rebate, they also alleviate pain points. The payment process is faster, more efficient with employee time, and more secure than traditional check payments. The overhead cost for checks, envelopes, and stamps are eliminated and replaced with more control over your payments. You can schedule the payments to send and you know exactly when the vendor accepts the payment, creating a seamless communication system between you and your vendors.
I Have a Good Relationship with my Vendors, Won’t this interrupt their process?
Without getting into too much of the weeds, in short, no. (If you want all the details go to this article written by our COO on Why Your Suppliers Should Accept Card Payments).
Many vendors are already accepting payment from virtual cards from their other customers, so this is nothing new to them. Our supplier enrollment process is very unique to Singe and particularly why our enrollment success is an industry leading high, with 42% of suppliers accepting card payments when our supplier enrollment team is put to the test.
Supplier enrollment is simple. We call your vendors on your behalf, asking them their preferred payment method and offer all solutions. Even if they choose to not accept virtual card payment, we can still pay 100% of your vendors! If you are curious about how this could look for your business, book a supplier analysis meeting with us as we analyze your vendor list to see who already is accepting cards, and how much rebate you could potentially generate.
Still Unsure what a virtual card, integrated payable, or automated payment system means? Check out our article going into detail to help clear up any confusion on integrated payables here. We want to help your AP team be successful and turn your cost center into a revenue generator for your business.
Business is Personal with Singe.
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