A buyer-initiated payment (“BIP”) is a type of business-to-business credit card transaction that requires no action by the supplier. No point of sale terminals, other hardware or software is required to receive payment. The supplier simply receives the payment as a direct deposit into its bank account along with an electronic notification of the deposit. BIPs offer the purchaser and the supplier the ability to receive enhanced data that can be automatically uploaded into their AR and AP systems as well as certain cost-saving, revenue-generating and security features not available with typical credit card payments.
The Benefits: Expanding Commercial Card Payments
Boost provides accounts payable and finance executives with cost-effective solutions that streamline payment processing and accounting with their suppliers.
- Transform AP from a cost center to a profit center with rebates
- Improve cash management with extended Days Payables Outstanding
- Eliminate costs of issuing, delivering and managing checks
- Increase efficiencies across procurement and AP activities
- Ability to negotiate supplier discounts with earlier payment terms
- Support sustainability initiatives and mandates