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5 Innovative Ways Warehouses Can Save Time & Money

5 Innovative Ways Warehouses Can Save Time & Money

2/26/2020


The way your warehouse is making vendor payments may be slowing your business down. There are opportunities to create operational efficiencies and to facilitate payments better and faster. Organizations across the country are adopting new electronic payables programs. Learn about five ways your warehouse can save time and resources with an electronic payables program. 
 

1) Uncover Operational Efficiencies ​

     Use electronic payments for vendor payments.

  • Save time through automated payments

  • Perform perfect reconciliation through tools like ExactPay

  • Decrease procurement costs to save money
     

2) Throttle Down on Cash Discharge

     Regulate the speed at which money leaves your business.

  • Selectively paying mature invoices

  • Negotiate payment terms and pay less for operating costs

  • Take advantage of float time and pay later for goods/services
     

3) Implement Payment Security

     Prevent loss, theft and headaches down the road.​

  • Use virtual cards

  • Try a card randomizer vs. shuffler

  • Take advantage of payment integrity through tools like ExactPay
     

4) Leverage Smart Analytics

     Understand where your money is going—knowledge is power.

  • Leverage annual spend to negotiate with vendors

  • Confirm payments and gain a clear understanding of when money goes out the door

  • Make smarter decisions to achieve a better business position
     

5) Increase Cash Flow

     Earn rebates through your card provider.

  • Get rebates/rewards in place

  • Increase spend to maximize rebates/rewards

  • Use on-demand virtual cards to leverage additional cost centers
     

If your business is looking for ways to cut costs, consider using smart accounts payables tools to create operational efficiencies that result in savings.

To learn more about First American's ePayables program, watch our recent Webinar on Innovative Ways Warehouses Can Save Time & Money.

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First American Commercial Bancorp, Inc. is a wholly-owned subsidiary of City National Bank. Deposit products and services are offered by City National Bank Member FDIC. City National Bank is a subsidiary of Royal Bank of Canada. “First American Equipment Finance” is the trade name for certain equipment leasing and finance businesses of First American Commercial Bancorp, Inc. and its subsidiaries. Equipment financing transactions are provided in Canada by FA Equipment Finance, Inc. For California clients: Loans made or arranged pursuant to a California Finance Lenders Law license. All transactions are subject to credit approval. Some restrictions may apply. All trademarks are the property of their respective owners.

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