Our priority account service
The Priority Account Service enables invoices to be paid ahead of contractual payment terms in exchange for a pre-agreed rebate. The rebate is applied dynamically as the invoice is paid and is proportionate to how many days we accelerate the payment by.
To calculate the invoice acceleration, we use the number of days between invoice received date and invoice remittance date. The rebate is only applied if invoice acceleration is achieved.
As soon as the invoice is authorised we issue a debit note to the value of the deducted rebate. The debit note quotes the original invoice reference to enable easier account reconciliation.
The benefits of the service are:
- Predictable and reliable payment that is targeted at day 10 in exchange for a small, pre-agreed rebate. No chasing and no delays.
- Fast-tracked invoice processing and dedicated contacts for query resolution.
- Easy sign-up process with no changes needed to systems.
Why we have introduced the service
Play
Watch Daniel Cameron, SVP Global Procurement at Pearson, talk about the Priority Account Service and the benefits it delivers.
Who provides the service?
Oxygen Finance is supporting us in delivering this programme. Oxygen Finance is a specialist provider of payment solutions and the leading provider of early payment programmes.
How to join the Priority Account Service
If you want to join the Priority Account Service, or are interested to learn more, please send an email to Priorityaccountservice@Pearson.com
Senior endorsements
“Our new programme for suppliers will deliver multiple benefits, from enabling us to digitise back-office functions and optimise our P2P processes to helping us to forge stronger, long-term relationships with our supply base and support our wider SRM strategy.”
- Coram Williams, Chief financial officer
“The Priority Account Service is part of a wider efficiency drive to help us deliver improved financial performance year on year. With savings targets of £300 million per annum, it is vital for us to change working practices and embed new technology into our business.”
- Daniel Cameron, SVP global procurement
Questions?
Email us at coupasupplier@pearson.com