These days, payment flexibility isn’t a nice-to-have – it’s a must-have. Providing your vendors with fast and tailored payment options is essential for vendor management, business relationships, and scaling your finance department.
As a business grows, so does the number of vendors it needs to service. With more vendors come more requirements as each business relationship will require a tailored payment delivery agreement. For businesses who need to manage hundreds or thousands of vendor payments this can quickly become a daunting task.
Our team researched and documented the challenges of scaling payments across different vendor categories, especially in the gig economy, real estate and manufacturing industries.
Designed specifically to help companies scale, we’ve launched three important payment options to expedite payments and get vendors paid faster — all without losing transparency into the transaction.
What’s new with ACH payments?
When sending an ACH (direct-to-bank deposit) payment, Routable customers now have the option to select from:
- NextDay transfers
- SameDay transfers
A NextDay transfer will take 1 business day to process if sent to your vendor before 2:00pm PT / 5:00pm ET.
The promotional cost per NextDay ACH transfer is $1.00.
With a SameDay transfer, funds will arrive by the end of business day if sent to your vendor before 10:00am PT / 1:00pm ET.
The promotional cost per NextDay ACH transfer is $2.00.
What’s new with Check payments?
You now have the option to rush a check payment over one-business day.
A NextDay Check will take 1 business day to process if sent to your vendor before 7:00am PT / 10:00am ET.
The promotional cost per NextDay Check is $30.00.
Are more options on the way?
Our team is always working on adding new payment speeds and methods to the Routable Payables product. Our next journey will be adding functionality around sending cross-border payments (initiating from the United States).
If your business is growing, the burden of vendor management and payments will grow, whether or not you intend it to. The question for your finance department is how to plan and manage your growth.
With the right mix of fast (and standard) payment methods, you and your team will be able to deliver the best-in-class vendor payment experience.
To get started with expedited payments to vendors, learn more about our Payables product.