Basware has launched Basware Discount, a new solution within its Financing Services portfolio, that allows buyers and vendors to optimise invoice payment terms for better working capital management. As a service on the Basware Commerce Network, more than one million businesses will be able to benefit from early payment terms, managed online in real time. The service is dynamic in that it offers payment terms on a sliding scale: the earlier the buyer makes a payment, the bigger the discount.
“When we launched Basware Financing Services in September of 2014, we knew we had a real opportunity to provide measurable value. We now combine invoice automation with innovative, new financing services to businesses of all sizes that trade across the Basware Commerce Network. Our customers were asking for e-payment and early payment services. With over one million buyers and suppliers exchanging more than 80 million e-invoices and other electronic business documents we shouldn’t be surprised they want these services delivered via the network. The launch of Basware Discount is closely in line with this customer demand for new, innovative real-time payment and financing services which help companies of all sizes optimise working capital management,” said Ad van der Poel, SVP, Basware Financing Services.
"Last year we conducted a comprehensive Creating Payment Energy research with over 1,000 strategic decision makers covering North America, Europe and APAC and we found out that 80 percent of vendors would readily exchange a discount if it meant an early payment. This isn’t entirely surprising considering that it currently takes businesses an average of 13.5 days to process an invoice and 55 days from receiving to paying an invoice. Interestingly, the research also told us that many organisations are ‘cash rich’. There seems to be an apparent and direct connection between the hoarding of cash and the extended payment terms experienced by vendors.”
Basware Discount is available globally via the Basware Commerce Network. It works to provide benefits for both buyers and their vendors by improving cashflow across the supply chain. Buyers can easily create an early payment programme with Basware Discount and invite their suppliers to sign up. The assurance of a quick payment as well as the visibility is a big win for vendors and this leads to fewer supplier inquiries for buyers, which frees accounts payables (AP) and improves productivity overall. For buyer organisations this means more discounts for bottom line savings translating into higher profit margins and top line growth.
Basware is the global leader in providing purchase-to-pay and e-invoicing solutions in the world of commerce. We empower companies to unlock value across their financial operations by simplifying and streamlining key financial processes. Our Basware Commerce Network, the largest open business network in the world, connects 1 million companies across 100 countries and enables easy collaboration between buyers and suppliers of all sizes. Through this network, leading companies around the world achieve new levels of spend control, efficiency and closer relations with their suppliers. With Basware, businesses can introduce completely new ways of buying and selling to achieve significant cost savings and boost their cash flow.
Find out how Basware helps money move more easily and lets commerce flow at www.basware.co.uk
Source - Company press release