What is the one resource that no matter how much you plead, you can never buy more? Time. Now, Singe Payables can provide you with more of this resource you have been searching for.
Time is what advertisers drool over, as it is our most precious resource. So to better preserve our time as people and employees, let’s take a look at how time is wasted in the AP department. Your day is slowed down every time you have to wait for checks to be cut, signatures from coworkers out of the office, and even more time waiting for mandatory processing from banks! Not only processing time, but if your department is using the mail system to send checks out for payment, checks with your bank account information can be lost and stolen… talk about unreliable. With all these issues, this is just another facet that technology enables more success and less time wasted for you and your employees.
Interested in no longer wasting time for yourself, your employees, and your suppliers? There is no faster payment in the market than a virtual card. Its approval time is in your complete control, and as soon as you release the payment, it is readily available for the vendor to access and accept however fast or slow they need to within 90 days. These electric cards are powered by a click of the button, removing the need to chase down coworkers for signatures and asking where the postage stamps are at because “Didn’t Sally have them the last time you checked?”
These virtual payments are more secure, more environmentally friendly, and save you time throughout every payment. Suppliers love it too as it opens up communication to a more transparent level for receiving payment when they need it most. With more traditional payment methods, there are more barriers for sending the payment, which can result in a late payment being sent. Late payments are the last experience you want between your business and your supplier. In one survey, 39% of respondents revealed that making late payments reduced or stopped discounts with suppliers. Keep your discounts and ensure you never have a late payment by switching to virtual cards today.
Your suppliers are already accepting virtual cards from their other clients, why shouldn’t you be reaping the same benefits as others? Switching to virtual payments places more value on your employees’ time, also meaning office boosts in productivity and employee morale. It also saves employee time because virtual payments can be completed from anywhere, meaning your accounting department is not obligated to go into the office to send payments. All you need is an internet connection (and we recommend a VPN for any off-site work) to send payments on time to your suppliers.
Virtual payments also respect your vendors’ time. By respecting their time, you are creating a more meaningful relationship with them, giving you potential good fortune down the line. Should a situation arise where your cash flow is short or the vendor has to pick between dispersing limited supplies due to supply chain issues, the clients with the best relationship to the vendor may have a better opportunity to plead their case for favoritism.
Speaking of time being of value, Singe’s client’s time is of high importance to us. We provide a white glove treatment to all of our clients because there is no cookie cutter approach to dealing with vendors for various businesses. The onboarding process and implementation is meant to be quick and painless, knowing that your time is valuable.
To start saving money and time today, contact us here so that we may set up a supplier analysis presentation to see just how many of your current suppliers are already accepting virtual payments. You will be able to see the time, money, and effort you can save as soon as possible. Reach out to us today, we take business personally.
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