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PNet Takes Leadership Position in Opt-in Early Payment Discount Management Red Bank, NJ May 7, 2006. Following PurchasingNet's Best Practice Award from the Aberdeen Group for Countrywide?s Accounts Payable success story, PurchasingNet has been identified by analysts as one of the first Procure-to-Pay software providers to offer a supplier Opt-in Early Payment Discount solution. Joe Monahan, Group Director of Finance and Procurement at Liz Claiborne is implementing PNet's Opt-in Early Payment Discount Management software. "Once fully deployed, the ROI will be in excess of our Return on Invested Capital (ROIC). The Opt-In Early Payment Discount opportunities can be seen by authorized suppliers thru the PNet Supplier Invoice Portal. We will be interfacing PNet EPDM with our JDE Accounts Payable System". "CFO's will find the use of dynamic early-payment discounts to be an attractive proposition. The scanty interest rates available on cash deposits means that money in the bank is dead weight, so it is better to put it to use to help drive down costs. Paying invoices earlier than the standard trading terms can be a profitable use of cash," according to a leading industry analyst. "Early Payment Discounts represent the next frontier for significant cost savings in the Procure-to-Pay process. Suppliers are now offering up to 4% discounts in return for early payment of Invoices," states Tim McEneny, CEO of PurchasingNet, Inc. "Properly implemented, EPD programs can generate up to a 36% annual ROI." "Moving to electronic invoice processing is a mandatory first step," according to McEneny. PurchasingNet's Supplier Invoice Portal streamlines PO and Non-PO Invoice Processing. The PNet Opt-in Early Payment Discount feature can be accessed by authorized suppliers thru the PNet Supplier Invoice Portal. "The PNet ePayables suite reduces the cost of processing invoices, improves internal controls, enhances spend visibility, and ultimately will lead to Early Payment Discount offers from suppliers," states McEneny. The PNet Early Payment Discount Software is currently available. It can be used in conjunction with any ERP or Procure-to-Pay system. About PurchasingNet, Inc. PurchasingNet, Inc. is a leading provider of Web-based eProcurement and ePayables software to mid- and large-sized companies. The company has over 1,400 customers in Financial Services, Retail/Consumer Products, Professional Services, Media/Publishing and a variety of other industries. Founded in 1983, PurchasingNet has focused exclusively on the development and implementation of Procurement and Payables applications since inception. In addition to building an extensive, blue-chip client base, PurchasingNet possesses deep domain expertise in Purchasing and Payables business processes. The average length of service at PurchasingNet is 8 years per employee. PurchasingNet’s customers include Countrywide Financial, US Bank, Navy Federal Credit Union, American Financial Group, Liz Claiborne, HBO, EarthLink, Black & Decker, Kroger, and General Mills.
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