LSQ announced the launch of payments management as part of its LSQ FastTrack® platform for corporate buyers.

With these new FastTrack payment features, businesses on the platform can fully automate their payments processes across all payment methods while giving suppliers payment certainty whether they are paid early or at terms.

LSQ FastTrack payments management routes funds to suppliers based on when payment is made. The platform sends supplier payments from LSQ for early-paid invoices as part of a supply chain finance program. For invoices that are not selected for early payment and have reached maturity, LSQ enables routing of funds directly to the supplier from a for-benefit-of (FBO) account.

All without day-to-day input from the buyer or commitment 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 greatly reduce the burden on accounts payable and procurement teams and can increase the efficacy of a supply chain finance or dynamic discounting program at scale with all suppliers globally.

“For most companies, resources are constrained,” said Shah, “and that impacts the ability to ensure payment certainty for their suppliers, which puts a strain on the business relationship. LSQ FastTrack can provide same-day payments to keep suppliers happy and financially viable.

“In addition to that, buyers can greatly reduce costs and free up valuable resources to focus on more strategic initiatives.”

To help companies better understand the working capital finance and payments options available through FastTrack, LSQ has launched a new web experience with expanded use cases, capabilities and relevant resources.