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Most business spend management platforms tout a Procure-to-Pay solution that is often only a Procure-to-Invoice solution, leaving out the final, pivotal piece: pay. Coupa‘s rapidly evolving solution Coupa Pay targets this gap with a unique combination of 4 key concepts that extend past procurement and through AP functionality.
Coupa Pay allows for AP automation and many ways to ease payment friction by providing a host of options to their clients and supplier communities.
Your supplier is likely tired of hearing their check is “in the mail”. Coupa Pay allows customers to pay suppliers via digital check that can be sent directly to the supplier, printed, and manually deposited or scanned and virtually deposited to their bank.
For suppliers not stuck in 1994, one-time-use virtual cards can be issued in place of digital checks directly through Purchase Orders, allowing near real-time payment to approved supplier invoices.
Coupa Pay Virtual Cards can also address many of the issues that traditional PCard programs face. Most traditional PCard programs require manual coding at the end of the transaction cycle, which then need to be reconciled by accounting teams. This type of manual effort isn’t scalable and can lead to restricted usage, which stops an organization from collecting negotiated benefits and rebates of their card programs.
Wire transfers and cross-currency payments can lead to high FX costs. Virtual cards can replace these and allow payments to be made faster and without the extra fees.
As the world finally opens post COVID-19, employees will begin to travel again, which means they’ll be incurring expenses traveling, meeting with clients and customers. Coupa Pay’s expense reimbursement offering allows employees to be reimbursed for their travel with digital payments, rather than off payroll checks.
The best way to keep a strong relationship with your supplier is to pay them on time. Payment terms that are in favor of your organization may be tricky terms for your supplier, whereas early-payment discounts allow a supplier to negotiate more favorable payment terms in exchange for discounts. Coupa Pay allows for negotiated discounts to be embedded directly into supplier POs, removing the need for a supplier to reissue discounted invoices, and allowing business stakeholders to take advantage of the discounts automatically.
By leveraging Coupa Pay, businesses are streamlining existing payment processes and cutting down on costs to improving cash management and reducing exposure to payment risk. Those wins, coupled with the ability to earn rebates on your virtual spend will strengthen relationships with suppliers and positively affect your organization’s bottom line.
If you would like to learn more about how Coupa is changing the game for Procurement, Finance, and IT function, contact Meara Fallon at [email protected].
Spaulding Ridge is a global cloud advisory and implementation firm that helps leading companies deploy Best-in-Cloud solutions. Spaulding Ridge enables organizations to accelerate operational efficiency, drive digital transformation, and increase competitive advantage.
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