In my last post, I introduced you to Kontrol's new dedicated supplier portal. We're excited to be offering this functionality to the vendors our clients pay via virtual card, and I want to share some of the highlights of the platform here.
What's so great about a supplier portal? Well, it:
- Gets suppliers and their buyers on the same page. While the portal is tailored to suppliers, the primary goal is getting suppliers and their buyers on the same page. And the key to that is data. As an online app, it allows suppliers to manage remittances and handle invoices, regardless of payment method — ACH, wire transfer or commercial cards.
- Identifies and solves for suppliers’ problems. The portal empowers suppliers to assess and address some of their own needs, including innovative ways to manage invoices, remittances, and the payment data around those transactions.
- Allows suppliers to access information that was previously unattainable. The portal automatically integrates data from invoices and attached documents into an AR platform, meaning suppliers can access information that was previously unattainable.
- Recognizes that payment data is key to streamlining Accounts Receivable processes. Many buying organizations are now developing their payment terms around payment technologies. For example, a buyer may offer to pay in 30 days if a supplier accepts card payments; if card payments aren’t accepted, then payment terms may increase. These new payment rules can lead to challenges for suppliers, but payment data (information that states how a payment was made and why it was made that way) can be key to streamlining AR — especially when suppliers are working with multiple buyers.
- Consolidates where suppliers go to view their data. Easy access to payment data can also help suppliers manage their operations more efficiently. The portal not only give suppliers a better view of their data, but also consolidates where suppliers go to get that
data, so they don't have to visit 50 different websites to receive payments from 50 different companies.”
- Strengthens business partnerships between buyers and suppliers. Not only does the portal help businesses effectively manage their cash flow; it’s also has the potential to ease tensions between the buyer/supplier relationship and strengthen business partnerships.
Looking for an easy way to streamline your accounts payable process while delivering added value to you AND your suppliers? We can help.