LSQ allows cash to be sent straight to the supplier from a for-benefit-of (FBO) account.
Fremont, CA: The payments business has changed dramatically, particularly in providing customers with a more seamless checkout experience. A considerable movement toward Open Banking has also occurred, resulting in increased competition in the payment market, with businesses getting forced to adapt or risk being left behind.
LSQ, the largest leader in working capital finance & payments solutions, added the payments management to its corporate buyer platform, LSQ FastTrack®.
With these new FastTrack payment tools, businesses on the platform can fully automate their payment processes across all payment methods while also providing certainty to suppliers, whether they get paid early or on terms.
The LSQ FastTrack payments management system sends funds to vendors based on receiving payment. As part of a supply chain financing program, the platform provides supplier payments from LSQ for early-paid invoices. For invoices that have achieved maturity and have not got designated for early payment, LSQ allows cash to be sent straight to the supplier from a for-benefit-of (FBO) account.
All without the buyer's day-to-day involvement or the investment of technical resources.
"When we looked at the supply chain finance and payments solutions available, we realized the current offerings didn't address the last mile when solving for working capital," said LSQ Chief Revenue Officer Vikas Shah. "By combining the ease of our accounts payable finance options with the ability to simplify and automate all payments, buyers now have a comprehensive solution to offer early payments to all their suppliers so that they can retain competitive advantage and continue to strengthen their supplier relationships."
According to Shah, the new capabilities significantly minimize the load on accounts payable & procurement teams while also increasing the efficacy of a supply chain financing or dynamic discounting program at scale with worldwide suppliers.
