OB10 launches Express Payments
One of the leading e-invoicing networks, OB10 has launched OB10 Express Payments, a supply chain finance service that allows organisations to receive payment on approved invoices within three days.
OB10 is launching the early-payment service to meet the needs of companies – especially SMEs – facing cash-flow issues from extended payment terms and restricted lending from banks.
The service supports the agreement announced this week between Prime Minister David Cameron and large UK organisations to consider or continue helping their suppliers’ cash flow through supply chain finance.
Many companies, especially SMEs, are looking for faster payment of their invoices, especially as they face extended payment terms and restricted lending from banks. By building on the benefits delivered by electronic invoicing – including faster invoice delivery and approval, and full visibility of payment progress – OB10 Express Payments helps suppliers get paid within days of submitting an invoice.
Once an invoice has been approved, suppliers can choose to receive guaranteed early payment direct to their bank within three working days. Suppliers agree to a discount in return for more immediate payment. OB10 Express Payments not only improves cash flow but also eliminates the costs of chasing unpaid invoices, streamlines collections processes and strengthens relationships with customers.
“By listening to members on the OB10 network, we have created OB10 Express Payments to meet a critical need for businesses today,” said Luke McKeever, CEO at OB10. “Our solution offers companies greater liquidity and flexibility at a time when they need it most."
Unlike traditional supply chain financing, it is supplier led. A company can choose whether or not to take early payment, and can elect to apply it to one invoice, all invoices or a selection of transactions.The service is free to join, it is entirely optional and the payments are initiated by suppliers, not their customers.