Making sure that all your payables are settled on time is vital in keeping your business in good standing with vendors and suppliers. That being said, running a business—especially if you only have a small team—can get incredibly hectic at times. This can cause instances where you end up overlooking some outstanding invoices or payment deadlines, which could lead to late payments.
One way to make sure you’re always able to settle invoices on time is by adopting a fund disbursement system to facilitate payments efficiently to your vendors and suppliers. Maya Disbursements, for instance, is a reliable fund disbursal tool that helps you stay on top of your payables through your Maya Business Manager dashboard. From there, you can conveniently schedule, approve, or automate payments, ensuring that all your outstanding financial obligations are paid on time.
With its large file size uploads and fast transaction processing, Maya Disbursements is fully capable of managing payments for multiple parties at the same time while making sure none of your disbursements will be delayed. What’s more, it can also be used as a payroll management system for your business so that your employees can receive their salaries, including allowances and bonuses, right on schedule.
In addition to having settled the bill, paying your vendors and suppliers on time also has additional benefits for your small business. The following are some of them:
1. Build Strong Relationships with Your Suppliers and Vendors
Paying on time conveys to your suppliers and vendors that your business can be trusted to prioritize its financial obligations. Timely payments also build your reputation as a trustworthy business partner. This goodwill can be incredibly helpful during times when an essential supply or item is low on stock, as businesses with good standing such as yours will most likely be on the top of your supplier’s waiting list. Your good reputation can also make it easier to connect with new vendors within the industry as your business would already come highly recommended by other vendors for being hassle-free to deal with.
2. Avoid Extra Costs
Late payments usually come with penalty fees or interest charges that you have to legally settle, which would then add to your business’s expenses. Making your payments on time ensures that you won’t have to pay those additional costs. In addition, if you have the means to pay ahead of time, you may even qualify for an early payment discount for more savings.
3. Eliminate Supply Chain or Workflow Disruptions
Remember that your suppliers and vendors need cash flow as well to keep their operations running. Therefore, if you haven’t made your payments yet, then they’re more likely to prioritize delivering materials or services to other businesses that regularly settle their bills early. This could then cause major delays in your production. By making timely payments, you can eliminate such disruptions in your supply chain or workflow, and guarantee that you’ll have all the materials or services you need to stay on track of your own production schedule. This also gives you the assurance that you wouldn’t have to delay the delivery of your products or services to your customers, thus keeping the credibility of your business intact.
4. Negotiate Better Deals
Having an excellent track record of paying on time puts your business in a favorable position of being able to negotiate better deals with your suppliers and vendors. For instance, you may be able to ask for a discount on your next contract or better quality of supplies without raising the prices too much. This doesn’t only net your business additional savings; the increased supply quantity and quality can also help you deliver better products or services to your own customers.
You may be able to use your good standing to negotiate payment terms as well. For instance, if you find yourself needing to wait for some receivables first before you can settle your invoice, then your supplier might be more willing to give you a payment extension given your good track record with them.
5. Reduce Employee Burnout
It can be highly stressful dealing with calls from suppliers and vendors who are asking for payment updates. This could lead to employee fatigue or even burnout, which only serves to lower the morale of your team. Scheduling payments on time reduces the stress that your team has to deal with and allows them to speak to suppliers or vendors with full confidence, knowing your business doesn’t have any outstanding bills. Maya Disbursements can further help in this regard as it helps reduce paperwork needed for fund disbursement while streamlining the process, making the task much more stress-free for your employees.
Ensure Your Invoices Are Paid on Time with Maya Disbursements
To maintain an amicable relationship with your suppliers and vendors, it’s crucial that you always settle your invoices on time. Maya Disbursements provides your small business with the tools needed to monitor invoices, approve payments, and release funds so you don’t miss those payment deadlines. Sign up for Maya Business to take advantage of the convenience that Maya Disbursements offers as well as our other business solutions.
Having a Maya Business account lets you open a Maya Business Deposit account, which you can use as a settlement account for your payables. Enjoy our market-leading 2.5% per annum interest rate and have your PHP 1 million deposit earn PHP 25,000 in interest per year. You’ll also be able to send money for free to your vendors and suppliers via InstaPay and PESONet, bringing in more savings for your business.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months. You can then utilize the loan funds to pay for financial obligations or invest in your business’s growth. What’s more, using Maya as your primary processor for all wallet and card payments lets you gain access to better loan offers in the future.
Sign up for Maya Business today to enjoy all the benefits our Maya Business solutions can provide for your small business.
