Procurement professionals should pay more attention to the payment methods their organisations use in order to make savings, improve compliance and mitigate supplier risk.
That’s according to the latest AirPlus Advises white paper, published in conjunction with Supply Management, which is now available to download.
Why procurement should care about payment highlights the sole motivation for choosing a payment provider is frequently the largest rebate offered. But the white paper warns this can ignore hidden costs such as additional foreign currency charges.
Selecting a payment method can have implications for managing cash-flow, negotiating improved payment terms from suppliers, increasing efficiency and raising compliance, the white paper counsels.
Telecoms business BT was able to save £400,000 a year by reassessing its own payment provider, a case study highlights.
☛ The white paper, AirPlus Advises: Why procurement should care about payment, can be downloaded here