A large majority of education, healthcare, government and non-profit buyers experience the following challenges that exacerbate costs, inefficiencies and negative social and environmental impact:
- Failure to take advantage of available purchasing and funded early pay discounts, and no cost delayed payment programs;
- Rising financial and environmental impact costs of manual paper based transaction processing, settlement and reconciliation;
- Lack of procure-through-pay insight necessary to maximize savings and incentives;
- Inability to ensure integrity in procure-through-pay processes and relationships from a legal, moral, diversity, cultural, social and environmental perspective.
Despite some ad-hoc investing in procurement and payment related technologies, formalizing discount supplier contracts and acquiring purchasing cards, the vast majority of buying organizations possess unmet needs for:
- Accessibility of discount contracts and catalogs within a cohesive and compliant purchasing environment;
- An improved buying interface (i.e. single purchasing experience vs. visiting multiple vendor websites);
- Procure-Through-Pay automation including last mile implementation and integration at a reasonable cost;
- Reporting, analytics, and real time dashboards giving them visibility into purchasing and payment inefficiencies and integrity levels across all related dimensions.
VISION For Buyers
With a mission of helping education, healthcare, government and non-profit buying organizations to turn their procure-through-pay functions profitable as a way to further their greater purpose, The PayBack Platform delivers superior Automation, Financing & Payments, Insight and Enablement to meet the needs above. The PayBack Platform difference lies in its:
- Ability to meet the distinct needs of each buying organization by delivering superior capabilities (see below), imbedded procure-through-pay best practices, and the option of either integrating with existing or 3rd party cooperative, automation, and financing programs and/or implementing some or all capabilities on a turnkey basis;
- Relationship with buying organizations rooted in true partnership requiring no investment while yielding immediate discounts, incentives and cost reduction for buyers and their suppliers;
- Turnkey execution, change management and training strategy rooted in best practices to ensure satisfaction of all buying organizations’ stakeholders, and maximum fulfillment of objectives.
The PayBack Platform provides the following capabilities in delivering the vision above:
- Workflow and processing Automation through best of breed Procure-Through-Pay™, Catalog Provisioning, and Transaction Data Integration;
- Enhanced Financing & Payments through Funded EarlyPay™, Special Project Financing, and Unified Payment Processing;
- Insight through Spend Intelligence, Supply Chain Integrity, and Sourcing Optimization;
- Enablement through Process Improvement, Last Mile Onboarding, and Training Program.
Buyers using the PayBack Platform enjoy preferred supplier contract discounts (ranging from 6% to 25%), Funded Earlypay™ discounts (ranging from 1.5% to over 2%), improved supply-chain intelligence, integrity and optimization, and reductions in transaction and overhead costs, risk and fraud.