MineralTree Raises the Bar with Automatic Application of Discounts
Say goodbye to juggling deadlines. Say hello to more early-pay discounts.
What would your business do with 2% cash back on vendor spend? It’s time to start seriously considering your answer.
Everybody knows about the benefits of early-pay discounts. But up until now, few have managed to actually enjoy them.
If an accounts payable team has been really determined to make the most of these discounts, it has required a herculean effort that looks something like a juggling act with spreadsheets, calendar apps, and discount calculations performed manually at the time of payments.
While many accounts payable teams are currently struggling to simply pay their bills on time, early-pay discounts have assumed status as a “nice-to-have.”
This is no longer the case for MineralTree customers thanks to MineralTree’s new Automatic Application of Discounts feature.
What is Automatic Application of Discounts?
Automatic Application of Discounts is a feature in Mineraltree Invoice-to-Pay that simplifies the process of capitalizing on the early-pay discounts that vendors offer.
The feature works by syncing with your accounting system to ensure the amount due on an invoice that is displayed in MineralTree reflects the early-pay discount for which you are eligible, along with the due date for that payment in order to receive the discount. After the discount deadline passes, the amount displayed updates automatically to reflect the amount due without the discount.
With this feature, tracking your early-pay discounts requires no additional effort, and will enable you to get rid of any manual, ad-hoc procedures previously set up to manage this process.
It’s easy to reap the benefits of early-pay discounts, which now look more like low-hanging fruit that drops right to your bottom line.
How do I start using Automatic Application of Discounts?
This feature can be enabled at either a company-wide level or at the vendor level. To set the company-level default, go to the Customer Admin Application | Settings tab.
You can override the company-level default per vendor. To do this, go to the Vendor Details page under the Payment Preferences section. By default, the vendor will be set to use the company default, but you can select whether discounts should always or never be automatically applied for a specific vendor.