bzTrack allows suppliers to invite their buyers to enjoy invoice discounts for early payments to increase cash flow, a win-win for both parties. This process can be for individual buyers, for groups of buyers or across all buyers for that supplier.
By giving your buyers incentives to pay your invoices earlier, your organisation can increase their cashflow without involving third parties with factoring, or banks through overdrafts and lending. Suppliers are happy because they are paid earlier, and buyers are happy because they are paying less!
You can easily switch these invoice discounts on or off, or even put them in place for a specific timeframe (such as an End of Financial Year sale). Invoice discounting offers can be assigned to individual Buyers, or entire groups of Buyers.
For every invoice you send to a buyer, you can choose a percentage discount you want to apply for early payment of that invoice. Different discounts can be applied for different payment timeframes.
You can set up to 4 discounting timeframes. Choose 1, Choose 4 - the choice is yours! Typically, the longer the timeframe, the less discount is applied, but the Supplier chooses the terms.
bzTrack will then notify the respective Buyers about the potential savings available. The Buyer then chooses the discount option which suits them and pays their invoice when it's time.