In LSQ FastTrack®, suppliers have always had the option to login and request early payments for approved invoices on demand; it’s the basic premise of how our supply chain finance program works. While that functionality still exists – and always will – we now offer more convenience and value to our selling customers.
Early Payment Options provides suppliers with the opportunity to request and receive early payment on eligible invoices automatically without needing to login. This feature allows suppliers to receive payment immediately upon approval of an invoice or to set their own terms to meet working capital needs.
For example, a supplier wishing to receive early payment simply creates artificial 30 day terms for eligible invoices, even if the buyer moves payment terms to 45 or 60 days (or longer). When enabled, eligible invoices are paid automatically in 30 days from the invoice date with no additional effort required from the accounts payable department. Automatic Early Payment settings are located on the Payment Methods page under Settings.
Early Payment Options
By default, suppliers have their Early Payment Options set to Manual Selection. With this setting, suppliers will have to login and select which invoices they would like to request early payment on at the time they would like the early payment to be made.
With this setting, FastTrack automatically generates an early payment request, sent immediately when it receives an eligible invoice; all without any intervention.
With this setting, FastTrack automatically schedules an early payment request on a predefined number of days past the invoice date for eligible invoices. Selected invoices are still eligible for manual selection for early payments.
These Early Payment Options are available to all FastTrack suppliers. As an added benefit, suppliers may toggle between the various options, at any time, to optimize the program.