Supplier Relationship Management (SRM) refers to the value of and interactions with third-party vendors that provide goods and services to your business. While the concept of SRM may sound simple on the surface, it can be very complex.
To maximize your company’s potential, you want to work with effective, timely, and cost-efficient suppliers. To build a strong relationship with suppliers, you should discuss your company goals and challenges upfront, so they understand your business requirements. From there, you also need to do your part to keep them happy and maintain that successful business relationship.
Your supplier will be eager to meet your demands when they are sure of fast and regular payments. Prompt and reliable bill payment is essential to form a strong business relationship built on mutual trust. However, assuring your suppliers of consistent payment can be difficult or nearly impossible when paying them with traditional cheques.
Online payments have made business transactions easier for everybody. If you are still considering transitioning to online payments, learn how online bill payment can help you build a stronger relationship with your suppliers.
How does online bill payment build an excellent supplier relationship?
1. Faster bill payment
With online payments, you can pay your suppliers faster. You can pay your bills as soon as you receive each invoice, and your suppliers will love you for it. No more time wasted on printing, signing, and mailing cheques. Online bill payments also speed up payment processing time. While cheques can take anywhere between 2 and 10 business days, online payments take half the time at about 2-3 days on average.
Using MazumaGo, you can initiate no-limit business payments within minutes, and rest assured, the money will arrive in your supplier’s bank account within 2-3 business days.
2. Payment convenience
Do you remember the last time you had to arrange a meeting with your vendor to pay a bill? How about having a vendor physically come to an office just to pick up a cheque?
Online payments allow you to pay your bills from anywhere, anytime. Getting paid digitally also adds convenience for your suppliers, as they are not tied to a certain place and time to get paid.
With MazumaGo, you can send payment to your supplier via email. They can then deposit the funds right into their bank account without creating a MazumaGo account.
Transparency is essential to building supplier relationships based on trust, especially around payments. It is reassuring for both you and your suppliers to know where each payment is, when it was sent, and at what time it will be deposited. With cheques, this is not possible. Anyone can say “Your cheque is in the mail”, but that doesn’t give your supplier any assurance of when and if they will actually receive their payment.
Online payments enable your business to track the status of your payment and share this information with your supplier. With MazumaGo, you can track funds in real-time from the moment you click the pay button to the moment it arrives at your recipient’s account.
It gets better: You don’t have to worry about keeping your suppliers informed either. They receive automatic status updates and a real-time tracking link via email, so they know exactly what’s going on with their money every step of the way.
4. Simplified onboarding
With traditional payment methods, you have to exchange routing numbers, bank account numbers, etc. This process can be complicated and error-prone.
However, there are online payment providers that simplify this process. Using MazumaGo, all you need from your suppliers is their email address, and when you send a payment, they are prompted to connect to their bank account with their online banking information. This eliminates the need to exchange bank information and reduces the risk of making an error or putting that information at risk.
Cheque fraud is the primary type of payment fraud experienced by Canadians. If a cheque is stolen or lost, you cannot easily trace it because it lacks standard security features found in online payment tools such as credit cards and EFT payments.
Electronic payments are the safer alternative to paper cheques thanks to security features such as encryption of user data, multi-step verification and passwords.
MazumaGo is regulated and trusted by FINTRAC Canada and partnered with BMO. The MazumaGo software offers you a secure online login and transactions that are encrypted and not accessible to third parties so that you can carry out business transactions with peace of mind and complete confidence in security.
Getting started with online bill payments
Online payments allow you to pay your suppliers safer, faster, and easier. Make the switch today - your suppliers will love it, just as much as you.
Getting started with MazumaGo is easy. You simply sign up for a free account or request a demo, and you are well on your way to enjoying seamless online business payments.