Capitalise on supply chain continuity, process efficiencies and working capital gains by eliminating payment friction
In research conducted by Basware and MasterCard it was found that 84% of companies pay their suppliers late. Interestingly, most of the time this is not because the funds aren’t there, it’s because the funds don’t make it through all of the processes in time, with an opportunity cost of time, money and early payment discounts.
In other words, payment friction has a high price tag. Companies that are able to eliminate payment friction in the supply chain and streamline payment processes are more agile and better able to optimize working capital.
We have pulled together this handy graphic to highlight the top four reasons why buyers and suppliers should be looking to eliminate payment friction from their supply chains.
If you’re interested in identifying how your business can capitalise on the benefits from eliminating payment friction, then contact us for a free Payment Innovation Workshop.