Pay Faster. Pay Smarter. Pay Less

How Free Supplier Card Tools Are Eliminating B2B Payment Waste 

There’s a reason the Wright Brothers were the among the first humans to achieve heavier-than-air flight. It’s because they were some of the first of their time to start thinking about the problem in the right way.

Many of the Wright Brothers’ contemporaries, such as Samuel Langley and Clément Ader, prioritized developing large and powerful engines to lift their aircrafts off the ground. However, their designs were bulky and lacked adequate control systems, making both sustained and controlled flight virtually impossible.

Meanwhile, the Wright Brothers went about things very differently. They worked extensively with gliders. They developed wind tunnels and produced a wing warping model that allowed for a smaller engine and a much more controlled aircraft. And ultimately, the Wright Brothers are who we talk about when we recount the greatest successes in aviation.

The B2B process is in desperate need of the same sort of thinking — thinking that doesn’t just rely on conventional wisdom, but rather finds a way of looking at the problem that gets to the heart of the issue. Payment systems, in particular, are ripe for rethinking. A suppliers’ payment methods significantly impact cash flow, procurement costs, and overall operational efficiency. Yet most organizations have no immediate and reliable way of knowing whether or not a supplier accepts card payments.

Unfortunately, this leaves cash on the table.

That said, there are free AI-enhanced tools, such as Cardready.io, that are capable of effortlessly identifying the blind spots in B2B payment systems and letting you know right away if a supplier accepts card payments. These platforms can unlock faster transactions, lower costs, and produce better overall liquidity in just seconds, and they are the perfect introduction to what AI can accomplish for forward-thinking organizations.

Don’t just pay less. Let’s talk about how to pay smarter.

Right now, your payment system is making you pay. 

Traditionally, B2B payment systems are far from optimized. For some large-scale organizations, they can be a downright mess. Without the ability to immediately assess the overall risk of each supplier, including whether or not they accept card payments, organizations open themselves up to a ripple effect of inefficiencies:

• Unoptimized tail spending cripples budgets from the very beginning. In fact, rogue spending accounts for a nearly 16% average loss in negotiated savings, which amounts to millions of dollars across every industry.
• New supplier onboarding eats away the established margins for each spend category. For some organizations, the onboarding process can take several months with unique expenses above-and-beyond typical supplier management.
• A lack of foresight regarding suppliers can create serious challenges to cash flow. If your organization doesn’t have complete visibility of its B2B relationships, this can result in extended processing time, longer payment cycles, and missed early-payment opportunities.

What exactly is making all the mess? Out-of-date systems and out-of-pace capabilities. Supplier networks are exponentially more complex than they were just a decade ago, but a large portion of companies haven’t evolved their B2B payment systems in response. In fact, over 40% of procurement professionals openly admit that manual or inefficient processes are preventing them from addressing the most pressing concerns of their payment systems.

AI tools offer free shortcuts to smarter spending.  

From invoice processing to reconciliation, B2B payments have never been a quick or efficient process. Between navigating spreadsheets and conducting follow-up communication, the area is a veritable minefield of potential inefficiencies. Conversely, AI-enhanced tools like Cardready.io eliminate bottlenecks by providing automated supplier insights, including instant visibility into whether or not a supplier accepts card payments.

With such game-changing possibilities, many corporations assume that AI tools are expensive and require a significant investment into overhauling an organization’s technology. These days, this couldn’t be farther from the truth.

There are a multitude of AI tools at your disposal that are both affordable and accessible, and gaining big efficiencies doesn’t require an equally big commitment. One single insight, such as complete card payment visibility, can inspire a wave of change throughout a supplier network. After all, AI tools don’t just tell you which suppliers accept card payments. They empower your teams to speed up processing times, reduce fees, and increase overall liquidity.

Your organization doesn’t need a new system. It just needs better data.

The B2B benefits — from insights to actual wins. 

Card payment foresight is a small slice of the payment system. However, the visibility afforded by the tools that you get here can create shockwaves of efficiency. Free AI tools like Cardready.io are the first step toward a more transparent payment system, and a more transparent payment system means a more healthy and consistent bottom line. It starts with one simple insight, but it can change the well-being of your entire payment system: Having visibility of card acceptance

• Optimizes working capital. Slow payments are essentially cash trapped in limbo. Card payments can significantly shorten the purchase cycle, which in turn frees up more money for reinvestment.
• Drastically cuts costs for onboarding and compliance. Without complete payment visibility, organizations are much more likely to switch suppliers without just cause or engage with suppliers who might be non-compliant. AI tools can pinpoint problems in an instant and fully optimize any and all processing costs.cut processing costs.
• Transforms tail spend and reduces P2P costs. Rogue spending is a big source of waste for organizations with unoptimized payment systems. Enhanced visibility can provide granular analysis that ensures high-volume or low-value purchases don’t slip through the cracks.
• Accelerates payments and strengthens supplier relationships. Delayed payments can strain supplier relationships and limit your organization’s power to negotiate terms in the future. Knowing which suppliers accept card payments enables you to pay immediately and consistently capture early payment discounts. What’s more, it means your supplier relationships are stronger than ever.

Get a fresh batch of insights into your payment system. 

You want to build a big engine, but you need to learn to fly.

Every slow, late, or outdated payment is stealing away revenue, and the only answer is to cut costs. That said, financially resilient businesses aren’t satisfied to simply trim the fat until it’s manageable. Instead, they find ways to optimize their spending and ensure future success. After all, they know that building a big engine isn’t the same thing as learning how to fly.

Start thinking about your payment systems the right way — with the most modern tools. Take your first step with the most accessible AI tools on the market, including the completely free services of Cardready.io.

Written by Julian Harris.
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