Payment Strategy

Being strategic about which payment methods to use can really pay off. More broadly, your organization should consider the entire purchase-to-pay (P2P) process and determine the best (i.e., least expensive and most efficient) option for various types of purchases; for example:

  • Recurring bills

  • Frequent and infrequent purchases/suppliers

  • Low-value and high-dollar purchases

  • Contract and off-contract purchases

  • Purchases initiated through an eProcurement system

Because paper checks are costly, strive to reduce check usage within your organization and increase electronic payments. Implement a mix that best supports internal goals and then turn your strategy into a policy.  


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