A New Approach to Paying Your Suppliers

The way in which buyers pay their suppliers hasn't kept up with the times. The result: an unacceptable level of global supply-chain risk. Big companies today are demanding that their customers pay quickly and on time. Yet when it comes to paying their suppliers, it's a different story. Buying organizations are stretching out terms, to the point where a supplier might not get compensated for services for nearly two months. For smaller entities, that delay can threaten their very survival. So why, in a time of economic recovery, are buyers treating their suppliers in this manner? And what can be done to satisfy both sides? In other words, what constitutes fair financing? We get some answers in a conversation with Joe Hyland, chief marketing officer of Taulia, a provider of invoice, payment and discount-management services to buying organizations. Learn how companies can cure themselves of this ''epidemic'' of supply-chain risk, caused by the practice of slow-paying suppliers. As Hyland puts it: ''The Holy Grail of invoicing is getting paid.'' Which demands the question: How?