The economy is slowing down. As a result, companies everywhere are tightening their belts and looking for ways to preserve cash. It’s no wonder why. When we look across the broadest measures of consumer spending on goods and services, we see that inflation is widespread.
McKinsey tells us that over the past 12 months, prices have increased in more than 90 percent of categories, a rate of diffusion not seen since the 1970s. While we regularly see headlines about the price of eggs or infant formula, inflation has also affected the price of commercial fleet vehicles, furniture, electronics, electric bills, warehouse space, and countless other goods that companies cannot do without.
Enterprises are looking for a way to build resilience and thrive in the next cycle. They’re also increasingly looking towards their IT and Finance departments to help make this plausible.
For enterprises across the globe, a sizable chunk of IT budget is earmarked for telecom and transitioning to and managing the cloud, and that number is only growing. For organizations who spend several million dollars on IT expenses each year, even the average 30% set aside for telecom can account for millions of dollars.
What if this spend area also represented an innovative way for your organization to save millions in cash, making it available to put towards other business services or products instead?
This isn’t a pipedream. Here at Sakon, we’ve listened to our customers, and developed a way.
We’re now happy to be able to facilitate your ability to hold onto cash earmarked for Telecom payments, without changing your established vendor payment terms. FlexPay is the way.
What Is FlexPay?
FlexPay enables our managed pay customers to hold onto telecom and cloud payments for another 15 to 25 days. Your providers get paid on time from Sakon, it just requires a short guarantee to repay agreement, no separate financing agreement required.
Think of this as a “buy now, pay later” option – but for enterprise technology payments.
How exactly does it work?
We get invoices from telecom and cloud service vendors, then we check for erroneous charges and validate what is good to pay. We leverage industry-leading tech to validate all line items on telecom invoices, which improves accuracy and reduces disputes. Then, the client approves to pay the validated amount, and we do so on their behalf. Network providers get paid on time, so they’re happy too. Then, within 25 days or so, you send us the money to cover that bill.
We pay the providers, you pay us back. It really is that simple!
How Will FlexPay Help You?
If you’re still paying telecom and cloud bills the way you always have, you’re likely experiencing costly service interruptions, high processing overhead and late fees. Sakon provides a simple global solution that pays providers on your behalf removing these headaches. This tech enabled service advancement is a fantastic way to help you in a tight economy or in any economy for that matter!
More than likely, you have other expenses that comes first – including, but not limited to, payroll or business credit card payments. If you have trouble getting funds free on time to pay telecom bills, and this is causing you late fees or disconnects, we can guarantee this hassle goes away. One of our clients incurred an astounding $600,000 in late fees last year before moving to us. This accumulation came from a shortage of working capital, combined with a challenging PO process, that resulted in late internal fund transfers to telecom providers. Imagine saving hundreds of thousands just in late fees!
Contact Sakon to Learn More About FlexPay and Enroll
FlexPay is available to our Telecom Expense Management customers, some limitations may apply. There are no caps or limits on how much we can extend monthly, so you can use FlexPay to cover your tech bills — no matter how high they are.
Sakon is constantly working on solutions to better support our enterprise customers. FlexPay is just one of the many ground-breaking ways we take your company’s expense management efforts to another level. Allow us to help you drive strategic growth while you cut costs!