11 ways to streamline your supplier payments process

Running a successful business can be challenging. The amount of things you need to focus on—from optimising your cash flow to maintaining good client relations—is endless. Not to mention ensuring timely payments for your suppliers. This brings us to today’s topic: 11 ways to to streamline your supplier payments process.

Some of the many benefits of streamlining your supplier payments process include minimised errors, enhanced transparency and significant time-saving. Here, we look at some of the ways you can streamline your supplier payments process. We’ll also explore the TransferGo Business Account to see how this one simple-to-use, multi-currency account opens up a world of possibilities.

Here are 11 ways to streamline your supplier payment process.

1. Automate your payment workflow

Manual inputs can be complex and time-consuming. Plus, they increase the chances of making errors. Instead, seek out accounts payable automation systems where you can schedule your suppliers’ payments, create invoices and track your receipts. 

Many business bank accounts provide invoicing and accounting tools, enabling account holders to create invoices and schedule payments in advance, which can really aid with automating supplier payments.

2. Set up recurring payments for regular suppliers

Do you pay the same amount to the same suppliers regularly? Consider tools that allow you to set up recurring payments at regular intervals. This will ensure smoother processes and timely payments. Plus, since you won’t have to make individual transactions each time, you’ll save both time and effort. 

It’s also a good idea to make sure your supplier payments system is centralised so you can track and manage all payments for suppliers in one place. This will give you better visibility of your entire payment process.

3. Maintain clear communication with suppliers

Check in with your suppliers regularly to discuss and negotiate your payment terms. Where possible, ask your suppliers for extended payment terms to reduce payment processing fees and improve payment efficiency. 

Negotiations are also important for fostering better relationships, building trust and increasing transparency. When suppliers understand your payment schedules, it can lead to better services and sometimes, more favourable pricing (more on this below). It also ensures timely payments and cash flow efficiency, which is good for long-term business stability.

4. Choose the right payment platform for your business

In the world of digitalisation, there’s an increasing amount of payment platforms available for online and international payments. Choose one that offers several features such as a multi-currency account, robust security and multiple payment methods.

The TransferGo Business Account is a single, simple-to-use multi-currency account that lets you send, receive and manage money all around the world. With a 97%+ faster-than-promised delivery rate, it lets you hold balances in GBP, EUR, RON, PLN and more and maximises your value by allowing you to lock in industry-leading rates. Plus, its high-grade security protocols protect your money and data for total peace of mind.

5. Simplify currency conversions for international payments

Currency conversion can be a challenging part of the process when paying international suppliers. Choose payment platforms that simplify international payments and provide favourable currency conversion rates so that paid amounts aren’t majorly impacted.

The TransferGo Business Account lets you hold and exchange multiple currencies, allowing you to capitalise on favourable foreign exchange rates by converting the currencies held in your account. You can also maximise your value by locking in TransferGo’s industry-leading rates.

6. Integrate your accounting software with payment systems

Many payment systems and business bank accounts allow you to integrate your accounting software. Doing so will help you syncronise your payments, saving you time and effort since you don’t need to do manual entries each time.

At the moment, the TransferGo Business Account doesn’t offer accounting software integration but many of our customers use our multi-currency account alongside their regular business banking account to enjoy the best of both worlds. 

7. Track and reconcile payments in real-time

Another important way to streamline the supplier payments process is to track and reconcile your payments. This will give you instant visibility over your payments, helping you to reduce the risk of errors and fraud, improve efficiency and take advantage of better finance forecasting.

With the TransferGo Business Account, you can view clear payment histories and tracking all in one place, meaning you’ll have full visibility and control over your finances.

8. Adopt early payment discounts to reduce costs

Some suppliers may offer you early payment discounts if you commit to paying them early. Not only will this payment process potentially reduce supplier payment amounts but it might also help you negotiate better payment terms and conditions. 

On that note, it’s important to regularly review your supplier payment policies, making sure you adjust them according to your supplier relationships and industry regulations.

9. Ensure compliance with local and international payment regulations

Speaking of regulations, make sure you comply with both legal and international payment regulations to avoid any legal issues and penalties.

As part of this process, make sure you keep your team and yourself updated on the tax regulations, anti-money laundering (AML) processes and know your customer (KYC) requirements of both locations involved in each payment.

10. Leverage digital payment solutions for faster transactions

It goes without saying that digital supplier payment solutions enable faster transactions with transfers executed by certain payment platforms (like TransferGo, for example) taking seconds to reach their destination.

Digital payment solutions also often mean enhanced security and reduced transaction costs. What’s more, digital payment solutions are ultra-accessible and convenient, saving you both time and money.

11. Sign up for a TransferGo Business Account

With the above information in mind, one of the best ways to streamline your supplier payments process is to sign up for a TransferGo Business Account.

Not only will signing up for this simple-to-use, multi-currency account allow you to send low-cost international payments to businesses quickly and affordably but it will enable payment workflow automation and make your global cash flow management effortless.

You’ll be able to send, receive and manage money from around the world to over 60 countries in 35+ currencies. Plus, it’s free to sign up and subscribe to and its friendly top-notch customer support team is on hand whenever you need help, addressing 80% of enquiries within just 2 hours. It’s no wonder we have an average customer rating of 4.7/5 on Trustpilot and 40% of customers come to our platform due to word-of-mouth recommendations.

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Are you ready to streamline your supplier payments with a TransferGo Business Account? Sign up for TransferGo today!