Avoiding late payments is a tough proposition since AP teams are running lean with every person stretched to the limit. It’s time for AP to hit back. Here are seven ways AP can deflate ballooning inflation.

  1. Engage in day-to-day active management Calculate receivables, payables, interest, and other factors on a daily basis to optimize cash flow and maximize interest income.
  2. Utilize digital payment methods Eliminate check costs by adopting digital payment options (e.g., ACH, purchasing card, virtual card) that let you choose when and how to make your payments to your greatest advantage.
  3. Offset rising costs through rebates Partner with an AP automation solution provider that offers cash-back rebates on ACH and virtual card payments so you can make money on the money you spend.
  4. Negotiate optimal payment terms with suppliers Negotiate with your suppliers to optimize your payment periods, payment terms, extended payments, and discount percentage scale for making early payments.
  5. Nurture supplier relationships Understand and meet your suppliers’ payment-related needs for remittance data, contract transparency, and fraud prevention.
  6. Automate manual processes Leverage automation to accelerate workflows, save money, make payments strategically, strengthen supplier relationships, and allocate resources more effectively.
  7. Employ robust security measures Work with a payment vendor who will perform bank information validation, hold sensitive supplier bank account information in an encrypted and secure network, and provide anomaly detection so you can avoid fraudulent invoices and payments.

Don’t just let inflation impact you. Take a stand and confront it with the full force of everything your AP department has to offer!


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