The Value Of Paying Our Partners Quickly
My name is Mark Campbell and I am proud to be the Accounting Manager here at Priority1, Inc.
I have worked for a number of companies since graduating from college over thirty years ago and I can honestly say that I have never worked for a company that pays its vendors and carriers as quickly as we do here at Priority1. I attribute this to three reasons: First of all, it is the right thing to do (see a previous blog by Troy Lampley our Financial Assurance Manager on Business Ethics). This is a motto that we work to live up to every day. Secondly, having stability and financial strength allows us the ability to pay our vendors and carriers lightening fast. It’s very interesting to me to see one of our telephone bills come in where this particular vendor has given us thirty day terms. In previous positions with other companies, it has always been those particular companies’ policy to pay on time, but to pay as late as possible. When that bill arrives in the mail, it is immediately approved and placed in our accounts payable system and payment is processed the next day that payments are mailed, which is typically each Friday. The same procedure holds true with all of our vendor and carrier invoices. We have a great team of employees, and believe me, it takes a team effort to process the volume of invoices that we receive each week and to pay these in such a timely fashion. We don’t have to wait for our customers to pay us before we can pay our vendors and carriers – From my experience, it is very common in a lot of industries to delay payment and this applies to the transportation industry in particular. And finally, we know that paying our vendors and carriers as quickly as possible will help them to be more successful as cash flow, or the lack there of, is the number one reason that businesses fail in today’s business economy. Just like saving our customers on their freight costs helps them to be more profitable and successful; paying our vendors and carriers as fast as we do helps them to be more successful and will only add to the long term business relationships that we strive to have with all our partners.
Consider doing business with Priority1 if you are looking for a company to partner with that has the stability and financial strength to pay you as quick, or quicker than any other company in the industry. We do all this because we want all of our partners to be successful, long term, and because paying you quickly is simply the right thing to do.
Mark Campbell, Accounting Manager