get paid FASTER with EARLY PAY DISCOUNTS
You can now offer discounts for early payment when you create invoices in Coupa!
Message from Kevin Malarkey, Vice President and Controller, Finance, MSKCC
We are pleased to announce we have partnered with Coupa to provide an Early Pay Discounts program that lets you receive early payment on your invoices with Memorial Sloan Kettering Cancer Center (MSKCC).
Using the Coupa Supplier Portal, you can easily offer a discount on your invoices for MSKCC. The program gives you complete flexibility so you can choose exactly which invoices to discount, or set up the same discount to be automatically applied to all your invoices. If your offer is accepted, you’ll receive early payment using your current payment method.
Our Early Pay Discounts program is best reviewed by your finance team. If you are not the person responsible for cash management please forward this information to your CFO, Controller, or Credit Manager.
We appreciate your partnership with MSKCC and look forward to you leveraging early payments for your continued success.
Get your invoices paid faster on your request.
Use when needed or automatically apply on all your invoices .
Discount requests go directly to your customer in Coupa. If accepted, get paid using the same method you are paid today.
How to use Early Pay Discounts
Access Early Pay Discounts
Action → Log into the Coupa Supplier Portal (CSP). Go to the Admin tab, choose “Payment Preferences”, and select “Static Discounting”.
Set payment terms
Action → Click on the Edit Preferences button in the top right corner of the Coupa Static Discounting Preferences page.
Action → Select your preferred terms for early payment based on your original payment term. Setting up your preferences here will apply these settings to all your customers using Static Discounting in Coupa. You can learn more about these settings in this Coupa Support Help Page. You must also add the name of the person at your company authorized to offer discounted payment terms.
Action → Select the “Apply to All Invoices” checkbox in the preferences section to have the discount automatically applied to all your invoices for your Static Discounting customer, even those submitted via cXML or csv.
How to accelerate your orders and invoices
Step 1: Open the order/invoice and click on the Accelerate Payment button next to the Payment Terms field.
Step 2: In the Static Discounts Payments dialog box, select a payment term from the available options and click Update. MSKCC may have assigned payment terms specific to you. Only those payment term options are visible that have the same net payment term MSKCC has set up for you.
Step 3: If you accept the terms, you are asked in a popup if you want to automatically update your default Coupa Static Discounting payment preferences on all future orders and invoices with MSKCC. If you decide to set this up, you are directed to the specific Coupa Static Discounting Preferences page for MSKCC. Here, you can choose to auto-apply your discount payment terms for all of your invoices with MSKCC only, or globally to all customers that may use Static Discounting in Coupa by selecting “Default Customer Preferences” in the dropdown.
Notification of new payment term and order acceleration
When an accelerated payment term is applied to an order or an invoice, that payment term is available on the order or the invoice and it has the Accelerated flag. You are notified of the action in the message bar and the change is recorded in the History section.
For a specific transaction, if one of the listings in your customer’s Payment Terms table matches your selected preferred discount, that invoice or order is automatically marked as “Accelerated”. If there is no match, you can see the Accelerate Payment button in the Payment Term field of the invoice. Clicking on it allows you to select from the list of your authorized payment terms.
Accelerate orders from PO emails
You can accelerate orders directly from PO emails if:
- Your customer enabled Coupa Static Discounting.
- You set Static Discounting preferences in CSP.
- POs have net terms that can be accelerated.
- Your customer set up matching payment terms.
Click on the Accelerate Payment button in the PO email. From the email, you are directed to the PO and the Accelerate Payment dialog box appears.