Kontrol Payables Journal

The Psychology of a Successful Vendor Enrollment Process

Posted on Oct 26, 2017 11:13:29 AM by Chad Clay
Kontrol Collaboration.pngA successful vendor enrollment process depends on a number of crucial factors. You will need to employ a well-planned strategy in order to reap the maximum advantage from this process. Put simply, the goal is to get all your vendors on the same payment software so that you can handle transactions in one place. Consolidating your transactions this way enables you to keep a close eye on your accounts. As a result, the entire process, from invoicing to transferring funds, runs in a smooth and efficient manner. 

Supplier Satisfaction Is the Goal of Your Vendor Enrollment Process

The main reason why you want to get your suppliers signed on to a single payment platform is so you can pay them securely and quickly. The psychology you employ in order to convince them of the benefits they will derive from signing on to your system should be based on these advantages.

What Are the Main Benefits That Are Associated With This Process?

Getting all your vendors on the same system has advantages for both you and your vendors. One unified system removes uncertainty about amount and frequency of the payments. Accounts payable has evolved from a primitive tallying process into fully comprehensive programs that can handle thousands of payments in a single day.

You and your vendors enjoy transparency about both payment amounts and the dates and timeframes to expect payment in. This offers a quick and factual resolution to any disputes or misunderstandings that may arise.

The Success of Your Enrollment Process Will Depend on Your Persuasiveness

Very few people will sign on during a new vendor enrollment campaign simply because someone assures them that it's the right thing to do. You will have to convince each of your vendors that getting on one payment platform or ERP offers them a host of benefits that they will not enjoy if they insist on staying on separate payment systems. Persuasion is easy if you know how to appeal directly to your vendor's bottom line. The more details you give them concerning the vendor enrollment process, the more likely they are to catch on to the advantages that come with signing on to it. Communication is key.

Adding Vendors to a Single Payment Platform Moves Them to the Front

Perhaps the most significant advantage that comes from signing onto a single payment platform is the ability for a vendor to move straight to the front of the process. For years, vendors have traditionally been the last link in the payment chain. This meant that the very people who supplied you with the goods you needed to stay in business were often the last ones to finally receive due payment for their services. Adding them to a modern, fully unified, virtual payments platform means that they will now receive their due payments in a prompt and timely manner. This is an advantage that is well worth noting during the vendor enrollment process.

Learn More About Vendor Enrollment

Getting vendors on a single payment platform need not be a drawn out process. If you have any questions, comments, or concerns about vendor enrollment, start with our white paper on the subject, or drop us a line

New Call-to-action

 

Topics: Vendor Enrollment