by Kevin Phalen, Card and Comprehensive Payables Executive, Bank of America Merrill Lynch
A resurgent economy promises increased purchasing activity and new suppliers entering the marketplace. Both developments add to the benefits — and urgency — of buyers moving to electronic payables solutions.
A growing economy magnifies the value a company can gain by adopting electronic payables tools. Expansion leads to more purchasing and more payment activity, so the benefits of migrating to a more efficient payment mechanism multiply. New suppliers emerge in a strengthening economy, and it behoves buyers to introduce efficient payment practices from the start when initiating new supplier relationships.
For buyers, one electronic payables alternative, commercial card payments, offers a range of clear advantages related to efficiency, control and cash flow. On the other hand, suppliers traditionally bear additional costs to accept cards, and the benefits of migrating to card payments aren’t always as apparent to them.