Early payment programmes can support social responsibility and sustainability goals, such as supporting small and diverse suppliers. In this blog, we’ll explore how early payments can drive social value creation, and how Saltare’s early payment platform can help buyers and suppliers achieve these goals.
In the simplest form early payments can support social responsibility and sustainability goals by helping small and diverse suppliers. Early payments can provide small suppliers with the working capital they need to grow their businesses, which can support job creation and economic development in local communities. They can also reduce anxiety associated with late payments. Additionally, early payments can help diverse suppliers gain access to capital, reducing barriers to entry and promoting greater diversity in supply chains.
Buyers with a focus on social value creation can also reward suppliers for positive social value impact by offering to pay them early which can be in exchange for a smaller or even a zero discount.
Saltare’s early payment platform makes this extremely simple. Buyers can segment supplier groups, applying flexible discount rules for paying differing supplier cohorts early. Suppliers can choose to take an early payment with complete choice. Regardless of whether they take the payment they can rest safe in the knowledge that their payment will be made and by when.
Saltare doesn’t discriminate by supplier size, industry, location or risk profile, resulting in everyone benefiting.
Early payments can support social responsibility and sustainability goals by helping small and diverse suppliers. By using Saltare’s early payment platform, buyers can support these businesses by providing them with the working capital they need to grow and thrive. This allows them to reinvest in communities, job creation, innovation and ultimately a better service provision to their customers.