Vendor Priority

Vendor priority payment is the practice of ranking suppliers based on factors such as reliability and importance to ensure timely payments and maintain a smooth supply chain.

Vendor priority payment is the process of assigning importance to vendors when making payments.

This prioritisation can be based on various factors, including ensuring timely payments to critical vendors, capitalising on early payment discounts, or prioritising vendors that offer essential services.

It involves ranking suppliers according to their reliability, quality, affordability, and alignment with the organisation's goals and values.

This approach helps companies manage their procurement effectively, maintain a smooth supply chain, and foster strong relationships with their preferred suppliers.