Yak Pay is committed to offering the best payments platform available in the world. To help extend the value our platform generates for your business through making payments, we are proud to announce a new feature called Negotiator.
What is Negotiator
Negotiator is an exciting new feature that lets you optimise your cash flow by offering “pay early” and/or “pay late” terms directly with your suppliers.
Negotiator manages the offer and acceptance of your payment terms and then automatically schedules payment so that your supplier receives funds on the agreed date.
Activate Negotiator by using the New Negotiator Settings page available in the Account menu.
To activate Negotiator, you need to specify a default set of Payment Terms that you would like to offer your payees for each invoice.
If you would like extra time to pay your invoice, you might offer an additional amount(s) to pay that invoice late.
– e.g. 14 days late – additional 1%
– e.g. 30 days late – additional 2%
If you would like to use the interest free period offered by your credit card and pay your invoice early, you might request an early payment discount.
– e.g. 7 days early – 1% early payment discount
– e.g. 14 days early – 2% early payment discount
Once Negotiator is activated, you need to provide the system with the Invoice Due Date so that the system can automatically charge your card to have funds arrive on the correct date.
After you authorise and submit your payment, Negotiator automatically contacts your payee via email to let them know about your offer for early and/or late payment terms. The email contains a link for your payee to review and accept their preferred payment date/amount.
Payment Term Offer
Both you and your payee receive an email confirming the payment instructions once they have selected a payment option. If your payee doesn’t respond to any of the invoice offers, the payment will be scheduled to ensure they receive funds on the due date.
Negotiator works best when you submit payment well in advance of the earliest payment term timeframe. For example, if you want to offer a 14 day early payment term, you need to allow the payee time to accept your offer so you may want to authorise the payment at least 17 days before the invoice due date.
We have added a new Invoice Offers page to our portal (left menu). This page shows you all offers sent to your payees and the status of each offer.
Payment Term Acceptance
In addition, a copy of all emails sent to your payee are also sent to you so you know when your card will be charged.
What does it cost?
Nothing! Negotiator is available to all of our customers at no additional cost.
Frequently Asked Questions
Can I turn Negotiator off for a specific payment?
Yes. Negotiator is defaulted for all payments however you can still choose immediate or scheduled payments if required.
What happens if my Payee deletes or ignores the payment terms offer?
No problem. If your payee doesn’t respond to any of the invoice offers, the payment will be scheduled so that they receive the invoice amount on the due date.
For further details, please Email Us