How Do I Offer Discounts?


Have excess cash? Generate risk free returns and improve your supplier relationships. 

'Discounting'  refers to paying an invoice early for a small percentage discount.

With Discount Strategies you can advertise your willingness to pay early by creating a preferred discount table and tailoring terms.

To get started offering early payments set up a Discount Strategy by following the steps below:

  1. Select your Company Name
  2. Select Discount Strategies

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On Discount Strategies you will see:

  • Tables (option to set defaults and add more tables) 
  • Vendor List
  1. To set terms and turn on a table choose 'Standard Discount' table to edit (will be marked as default) 

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2. Select Edit to create the terms you wishVPX_Customer_3.jpg

    • First Discount Table (Chose a strategy name) 
      • Choose preferred Target Return
        • Select a Rate per terms (Ex. A rate of 3% for 30 days would decrease as the due date approaches, as exemplified in the graph)
      • Set Blackout Window (day after which you no longer want to offer a discount)
      • Set Minimum Return
      • Save

After you have created a Strategy, assign vendors to that group.

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4. When a customer has requested early payment, you can view the bills and discounts here. 

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5. Check the bills you want to pay early, and choose 'Pay & Save' 

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6. Once selected, you will be directed to the payment queue, to complete the payment.

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7. Review all information before submitting payment

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For vendor instructions on requesting early payment click here.

 


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