Creating a Successful ePayables Program Through Maximizing Supplier Participation
Creating a successful ePayables program requires optimizing potential rebate revenue, cost savings, and process efficiency. The only way to achieve these goals is to maximize supplier participation in the program, an objective that only a program with multiple payment options can accomplish. Many ePayables programs are provided by banks that only offer one payment method to an organization’s suppliers. This one-size-fits-all method completely misses out on the point of an ePayables solution, and is incapable of maximizing supplier participation.
The ability to offer multiple payment methods, such as virtual credit card, ghost card, EFT and dynamic discounting, gives a program the power to easily pivot to a different payment offering based on the needs and feedback of a supplier. This flexibility not only finds the most profitable payment method for each supplier, but also achieves the inherent requirement of a successful ePayables program to maximize supplier participation.