How to Convince Your Suppliers to Accept E-Payment

How to Convince Your Suppliers to Accept E-Payment

Delay in payment — no one likes that! But when manual processing of invoices takes place, that does happen. And quite often. Unfortunately, despite the obvious advantages of e-payments, many suppliers refuse to adopt it. The real frustration creeps in when your business has already integrated AP automation into your system, but the suppliers prefer clinging to the age-old process of sending and receiving invoices and payments. The only way out is to convince them to open up to e-payments. Following are a few tips that you can use:

Highlight Faster Payment

Since your suppliers hate the idea of waiting for their payment, you should inform them that e-payment can make the process fast. Usually, if the invoices of the suppliers have already been approved in the system, then clearing the dues doesn’t take too much time. It is transferred directly to the supplier’s bank account.

Tell Them About Remittance Data

Another reason to switch to e-payment is getting a detailed document of the payment made. The suppliers get the list of items they have delivered, which they can even use to crosscheck with the payment they receive. From the date of delivery to the date of the payment, everything is clearly mentioned; in case the supplier has any confusion, the remittance data can clarify it.

Address Fraud Issues

One of the biggest reasons to convince them to accept e-payment is the error-free process. Since it is an electronic payment technology, fraud concerning manual action can totally be curtailed. Suppliers can be assured of no intermediary fraudulent actions.

Security and faster payment are reasons enough to convince your suppliers to accept AP automation. The cash flow too would be more consistent, thus increasing the overall working capital for suppliers. To learn more about this e-payment process, please visit our website or contact us right away.