2 reasons to change how you pay your suppliers

If you’re a CFO, there’s a good chance that business transformation is one of your top priorities for the foreseeable future.

But for your business transformation efforts to be a success, there’s a powerful idea you have to ignore—the idea that if something isn’t broken, it doesn’t need to be fixed.

Innovation isn’t just about fixing broken things.

Think about smartphones.

The first iPhone came out in 2007. That was only 14 years ago. And at the time, most of us would have said the world was running along just fine. It’s only with hindsight that we wonder how we could have lived for thousands of years without a little computer in our pockets. And it all started with innovative people identifying how something—in this case, the common cellphone—could be improved.

When it comes to how you pay your supplier invoices, change starts with recognizing that what works today isn’t necessarily the best solution for tomorrow, especially when tomorrow can be so unpredictable.

Embracing electronic payment solutions like ACH and Single-Use Account (SUA) credit cards comes with two benefits—one for your suppliers and one for your business.

On the supplier’s side, they receive their payments faster. Checks come with a waiting period, but payment methods like ACH and SUA credit cards significantly reduce this waiting period, resulting in faster payments. And for you, that can translate into a better relationship with your suppliers.

Even better for your company is the fact that your accounting team can become something it’s never been before—a source of profit for your business thanks to the six-figure annual rebates that are only possible with SUA credit card payments.

But before you can enjoy these benefits, you have to learn how to replace one idea—if it isn’t broken, don’t fix it—with another.