Delayed payments pose a threat to both suppliers and the businesses that pay them. By paying late, companies endanger their supply chain partners and risk sullying their reputations.
The scale of the issue is daunting, but forward-looking procurement chiefs recognise that dealing effectively with late payments presents substantial opportunities. Addressing payment friction can help procurement teams to enhance their existing processes – generating financial benefits for the buying organisation and helping transform procurement into a proactive, strategic business partner.
Managing the transition from cumbersome business manual P2P processes to faster, smoother single-step digital processes is central to addressing the issues associated with payment friction. Savvy business leaders are looking to developments in payment technology that can be embedded directly into procurement solutions to speed up payments. These solutions, beyond addressing payment friction, can also help refine business controls and better manage payment risk.
Download Procurement Leaders’ partnered whitepaper to learn from experts and procurement professionals and discover:
- Why payment friction leading to late payments has serious consequences for enterprises.
- Ways to identify challenges that introduce complexity and, therefore, friction into the payments process.
- The most effective digital strategies procurement chiefs can adopt to minimise payment frication.
- The benefits of integrating faster payment processes into the function and the steps procurement teams should take to implement such systems within their existing infrastructure.