Once the suppliers are registered with AirPlus Invapay Settlement Solution, buyers can carry out the entire purchasing process through the Invapay Portal â from requesting estimates and confirming orders through to payment. The settlement platform accepts all methods of payments on behalf of suppliers and automatically transfers funds to the supplierâs bank account within five days from invoice submission.
With full cost coding incorporated into the invoice data, including purchase order numbers, complete audit control is enabled throughout the process. The customers are offered greater transparency through the delivery of Level 3 line item detail, including VAT, for every transaction. In addition, the solution offers seamless automatic integration of invoice data into any ERP system.
Sid Vasili, CEO, Invapay Payment Solutions explained: âThe AirPlus Invapay Settlement Solution was developed to help organisations manage the âlong tailâ of infrequent and one-time-only supplier spend through a simple and cost effective way. It is particularly helpful to UK organisations in meeting the Governmentâs promise of paying SME suppliers well within 10 days. By partnering with AirPlus International, we will able to offer more cost effective and innovative cash flow and liquidity solutions for our clients and their suppliers.â
Yael Klein, Managing Director, AirPlus International (UK), commented: "We are delighted to be introducing such an innovative product to our customers. The AirPlus Invapay Settlement Solution will help simplify the way organisations trade, by offering improved control and visibility of spend, easy mechanism to drive purchase order compliance and an opportunity to make maximum use of credit linesâ.
âWhat is unique about this solution is the supplier coverage. We will be able to offer our customers 100% of supplier coverage, unlike competing Purchasing Card (P-Card) products that have to fall back on rebates to compensate for only 20% of supplier coverage. The solution, therefore, offers huge process and cost savings potential to the UKâs private and public sectorâ, added Klein.