Happy partners = happy business. Today’s successful companies run lean and use a network of partners and suppliers at the ready to support their market innovations. To maintain a strong relationship and maximize the effort made by procurement teams to establish that relationship, streamlining supplier payment management services is key. But it’s an effort that is often neglected because of the old-world perception that paying vendors remain an afterthought.
When it does matter, however, companies often have to add staff to communicate with suppliers and partners. They email requests, collect tax forms, answer payment inquiries, and onboard payees with their banking information. Companies may build custom web portals to handle this process, but they’re often simplistic and don’t account for the nuances of each partner.
Let Tipalti Manage Your Supplier Payments
Tipalti has streamlined communications and interaction with the partners and suppliers of over 100 businesses and over 1,000,000 payees. Instead of ad hoc communications or only reaching out to payees when there’s an issue, Tipalti takes over the entire process of on-boarding, tax form collection, emailing payment status, and identifying payment issues. Data entry is done by the suppliers who are motivated to get paid and get the information right.
It’s a part of a comprehensive suite of features built into the Tipalti platform to streamline and automate the “last mile of ERP.” The result is greater payment services to into the entire partner and supplier community.
- Put the onus on payees to provide the right banking information (including local bank account information for global remittance)
- Collect W-9 forms, W-8 series forms, and VAT ID information digitally
- Automatically send templated emails to communicate virtually any issue or status update
- Provide a branded, secure web portal for partners to view payment history or update account information
- Offer payees freedom to choose from multiple payment methods (e.g. wire transfer, ACH, paper check, etc.), payment in local currency, and payment thresholds