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Finexio's Blog

Empower Your Suppliers With Flexible Payment Terms

While positive cash flow is a bottom line need for all companies, payment timing that works for one company may be a non-starter for another. That’s why adding dynamic discounting to your supplier payment options is a win-win for you and your suppliers. Dynamic discounting empowers both sides of the payment equation — you and your suppliers.

Catch Up To Your Customers

When it comes to splitting restaurant checks, financing your college student’s Friday night pizza runs or paying for your gym membership, all you need is your phone and a Venmo, PayPal or Apple/Android pay app.

When it comes to paying your suppliers? Not so much.

In this instance, consumers are way ahead of corporations because electronic payments are significantly more secure than checks and even ACH payments.

How to Convince Your Suppliers To Abandon Checks

You’re ready to dump paper checks.

But your suppliers aren’t.

What started out as a marriage of convenience — they invoice, you send a check — is rapidly descending into a nightmare of security risks, high costs and inconvenience.

Before you are tempted to divorce your suppliers over their love affair with paper checks, it’s worth investing some time and energy to understand how you can set your payments relationships back on the right track.