Is Capturing Vendor Discounts Your Priority?

When AP departments are able to process payments quickly and accurately, they not only keep management and vendors happy, they can also garner valuable discounts from their vendors by paying early. At its most basic level, an early payment discount is a set of payment terms that suppliers offer to buyers for paying invoices within a specified time frame that’s shorter than the agreed-upon standard payment terms. Discounts are offered as a percentage deduction for payment within a specified…