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.