Top 3 Key Takeaways

1. Dynamic Discounts Drive Efficiency: Unlike static programs that offer fixed discounts, Quickly adjusts discounts based on the time remaining before the payment due date, offering more fairness and flexibility to suppliers.
2. Frees Up Critical Resources: Static programs and one-off requests consume staff time and resources across departments, often requiring dedicated accounting personnel. Quickly eliminates this burden, allowing staff to focus on their core roles.
3. Higher Utilization and Unified Terms: Companies using Quickly see over 30% supplier adoption within weeks, compared to just 1-2% with static programs. Plus, Quickly helps unify payment terms across different trades, vendors, and regions, streamlining processes.

‍

For many companies, offering early payment programs has become a way to support their vendors while gaining some flexibility with discounts. However, traditional early payment solutions, which often rely on static discounts, can present more challenges than benefits. While these programs may seem helpful on the surface, many companies are discovering they’re not as efficient or fair as they could be.

Enter Quickly—a dynamic, streamlined solution that redefines early payment programs by addressing the key pain points of static systems. But what makes Quickly so different, and why are companies already offering early payments making the switch?

‍

Static Programs: A Flawed Experience

Many companies have early payment programs that offer fixed discounts, regardless of when the payment is requested. For example, a supplier may request payment two weeks before the due date, but the discount remains the same—perhaps 2% or even 5%—regardless of how close the payment is to being due. This is problematic for several reasons:

• Opt-In or Opt-Out Limitation: Many static programs force suppliers to make an all-or-nothing decision at the start of a contract. They must choose whether they want to be paid on the regular payment day (e.g., 30-day terms) or opt for early payment, such as 15 days earlier, in exchange for a fixed discount. These programs don’t allow suppliers the flexibility to request early payments dynamically throughout the contract. Suppliers are locked into the terms for the life of the agreement, often at a higher discount rate, with no ability to adjust based on their immediate cash flow needs.
• Approval Delays: In most static programs, invoices take time to approve. Suppliers may wait days or even weeks for their requests to be approved, all while knowing they’ll pay the same discount rate, regardless of the approval time. A delay of two weeks can mean paying a full 5% discount, even though they’re only two weeks away from receiving the full payment anyway.
• Stress and Frustration: The approval process in static programs puts unnecessary pressure on suppliers, who frequently check in, ask for status updates, and push for faster approvals. This creates friction between companies and vendors, making the entire process stressful on both sides.
• Resource Drain on Staff: One of the often-overlooked costs of static programs or even one-off requests is the time and effort required from internal staff. These programs often pull employees from their core responsibilities, spreading workload across multiple departments—from operations to accounting. In some companies, a dedicated accounting resource is needed to manage early payment requests. This becomes cumbersome and costly compared to the efficiency and simplicity of Quickly's free software solution.

‍

The One-Off Requests: A Common Issue

Another common scenario we see is companies that don’t have a formal early payment program at all but deal with one-off requests for early payments. These are usually from select trades or service providers asking for payments when they need cash flow, often at a discounted rate. While this approach might seem manageable, it creates inconsistent experiences for companies and suppliers alike. There’s no streamlined process, leading to delays, uncertainty, and, once again, pressure on the company to approve these requests quickly.

For businesses without formal early payment programs, this ad-hoc process can feel like a band-aid solution. The lack of structure often leads to inconsistent handling of requests and varying discount rates. The experience is rarely smooth for either side, as it lacks the efficiency and predictability that a dynamic program like Quickly offers.

‍

Quickly: A Dynamic Solution for Real-Time Needs

Quickly changes the game by offering a dynamic early payment solution that adjusts to the realities of business. Here’s how:

• Dynamic Discounts: Unlike static programs, Quickly’s discounts adjust based on the number of days remaining before the payment is due. For instance, if a supplier requests payment 15 days early, the discount could be 1.5%, rather than the full 3% or 5% discount seen in static programs. The discount reflects the actual time outstanding on the invoice, ensuring a fairer transaction for suppliers.
• Pre-Approved Invoices: Quickly only populates early payment opportunities for invoices that have already been approved for payment. As soon as a bill is entered and approved in the company’s accounting system, it’s mirrored in Quickly’s network for vendors to see. This means suppliers aren’t waiting around for approvals—they know the work is done, and they can get paid within hours, not weeks.
• Same Day Payments: With Quickly, the payment process is seamless. When a vendor requests an early payment, they receive their funds in hours. There’s no back-and-forth, no follow-ups, and no unnecessary delays. This creates a vastly better experience for suppliers, reducing the friction and stress associated with static programs or one-off requests.

‍

Higher Utilization and Broader Appeal

One of the biggest advantages of Quickly is the dramatic increase in supplier engagement. While static early payment programs often see just 1-2% of suppliers participating, companies that switch to Quickly experience over 30% supplier adoption within weeks of launching the program. This isn’t just a minor upgrade—it’s a transformation in how companies and their vendors manage cash flow.

Quickly appeals to a wide variety of businesses, especially those that are growing and want to reinvest their funds into future projects. These companies value the flexibility of choosing their payment dates and managing cash flow more effectively. Whether they need funds to manage a specific project or simply want to have control over their financial timelines, Quickly offers the solution they need without the frustration of static discount programs.

‍

Unifying Payment Terms Across Trades and Regions

Another challenge many companies face is the need to accommodate different payment terms for various vendors, trades, or even different regions. Certain service providers may have shorter payment terms than others, leading to a complicated mix of deadlines and payment expectations.

With Quickly’s dynamic discounting system, companies can unify their payment terms across all suppliers. Those vendors who prefer shorter payment terms can still get early payments without the company having to maintain different payment agreements for different trades, regions, or projects. Quickly offers a flexible solution that adapts to the needs of each supplier, simplifying the process for everyone involved.

‍

The Dynamic Advantage

For companies already offering early payments, switching to Quickly isn’t just about improving payment speed—it’s about transforming the entire payment experience. By eliminating the delays and stress of static programs, one-off requests, and unnecessary staff involvement, Quickly allows companies to focus on what matters: running their businesses effectively and maintaining strong relationships with vendors.

The difference between a static and dynamic early payment program is stark. With Quickly, companies can offer a fair, efficient, and scalable solution that benefits both them and their suppliers. It’s the next step in the evolution of early payments, and for many companies, it’s the right step.

‍

Conclusion

Static and one-off early payment programs are no longer sufficient to meet the growing

needs of businesses and their suppliers. These outdated systems not only place a burden on internal resources but also limit flexibility and cause frustration for both parties. Quickly offers a dynamic, real-time solution that not only improves the payment process but also drives higher supplier engagement, reduces friction, and allows companies to better manage their cash flow.

By adopting Quickly, companies can transition from rigid, static systems to a flexible, scalable solution that adapts to their specific needs. It’s time for businesses to evolve their payment programs and offer a fairer, more efficient experience for everyone involved. With Quickly, companies and their suppliers can move forward confidently, knowing they’re using a system built for growth and success.

‍

Get in Touch

Are you interested in learning how an Early Payment Program could benefit your company? Contact us at Quickly to discover how you can also achieve improved cash flow and operational efficiency.

‍

Kyle Friedman‍

Kyle is a seasoned entrepreneur with over a decade of experience leading innovative ventures. As co-founder and CEO of Quickly Technologies Inc., he's revolutionizing access to earned revenue for businesses, driving growth and efficiency.

‍

‍

‍

‍