In February we had a number of organisations recognising the value that bePayd could offer to both their organisation and their supply chain and were actively looking to deploy. Some even said, “lets aim to go live in March”. This is an incredible response and things were moving quickly. Everything was great.
Then we were hit by the Coronavirus pandemic. Those who wanted to deploy bePayd went into crisis mode. They understandably had to change their ways of working to ensure their organisations and their workforces could cope with the demands of a new world.
CFO’s were preparing for the potential impact of a reduction in income coupled with investment required to continue to operate safely. They were looking closely at their own cash positions and considering how they could protect their liquidity. For some, this included taking steps to extend payment terms to their suppliers. Something that could have a detrimental impact on their supply chains.
CTO’s were making sure that systems could run remotely and that teams were issued with appropriate equipment to work from home.
CPO’s were buying up protective equipment or new kit that would allow team members to operate safely or remotely.
We recognised all of these challenges and wanted to ensure that we were in a strong position to support them as we get through this crisis.
We could help the CFOs, drive income or cost savings, with virtually no effort from their organisations. And for those that were extending terms to suppliers we could soften the blow by delivering early payments to their supply chain in the simplest and swiftest way which also delivers increased supply chain sustainability. Inevitably this would also deliver much needed cash to those that were likely to be suffering in this terrible situation and therefore positive in terms of corporate social responsibility. It would also reduce the inbound activity faced by businesses chasing payments.
For the CTO’s we recognised the time and effort involved in an integration could take time and effort. So, we worked hard to simplify the process of implementing bePayd so it could be deployed remotely and in days, not weeks or months.
For CPOs, we wanted to help them with both delivery of cost savings but also by providing a solution that would protect their supply chain, by unlocking cash. bePayd can deliver on this too.
We even enhanced the product further enabling organisations to use their own funds to make the early payments and developed segmentation tools so they could support their suppliers in a way that worked for them. We also recognised flaws in other solutions that made us want to stand out by delivering something that could genuinely help.
We heard of early payment solutions that tied suppliers to accepting an early payment in exchanged for an undefined discount for a minimum of 2 years, with a 6 months’ notice period. We heard of solutions that requested that suppliers change the way that they invoice their customers in order to access payments. We heard that some suppliers were mandated to access yet another portal to get paid by their customers. We also heard of solutions that don’t effectively communicate with the suppliers. We felt that all of this was wrong. It removes choice, control, clarity and ultimately trust.
bePayd is completely optional for the supplier. We don’t ask them to change their processes. We don’t ask them to access a portal or download an app. We clearly communicate with the supplier in a way that they prefer (mobile (SMS), email or portal). There are no hidden costs. It is truly simple, swift and convenient.
bePayd also allows a buyer to control the offer of an early payment to their supplier and the discounts that can be applied, if any. We reduce the amount of effort involved with the management of suppliers chasing payments. We deliver a raft of tangible financial benefits to a buyer. We support the creation of a healthier and happier supply chain who have access to much needed cash. We are even working with an independent organisation to create measures that will evidence the social value creation delivered by deploying bePayd for a given buyer. It seems like an absolute no brainer.
So why hasn’t everyone taken it up?
Well, the primary stakeholders are all working in unprecedented times and under severe pressure with huge volumes of work. Therefore, an unsolicited mail, even from a trusted source, may be difficult to get to. Taking calls or arranging meetings to consider the benefits of a new concept when your day is already full managing crisis activity is also difficult to justify. In addition, delivery of a solution such as bePayd often needs consideration from a number of stakeholders and with remote working this is not simple or quick to coordinate.
As you would imagine, the frustration of not being able to help everyone was significant. We had a product that could genuinely help both the buyer and their supply chain, with limited effort required to get it moving very quickly. We believe that this isn’t a “nice to have”, but a necessity at a time of crisis. However, we are making some real headway and working with some great organisations that are keen to support their supply chain by deploying bePayd. We are also capturing the attention of major industry bodies and public sector organisations who recognise the benefits of this incredible facility.
However, we want to help much more. Therefore, we are making an appeal to people that can help us cut through the noise and get bePayd on the agenda of even more organisations. Please feel free to share the detail of bePayd. The concept is simple, help suppliers in getting paid sooner, whilst delivering to your own organisation.
If you want to know more or if you want to support your supply chain, create financial benefits and operational efficiencies, without much effort let us know at hello@bepayd.com or contact one of our team. We want to help.