What is it?
A discount is a reduction made from the gross amount or value of an item for sale or purchase. The form of discount most commonly seen at the University is an early payment discount in the payment terms of an invoice. Some businesses will offer a discount if payment is made in full prior to a specified deadline.
Why is this important?
When negotiating purchases, it is in the best interest of the University to obtain this type of discount. To ensure that the University can reduce the costs of operating, it is important that invoices with built in discount terms are delivered to Accounts Payable in a timely fashion. Where possible, notify Accounts Payable in advance of the terms.
Where do I find more information?
To discuss how to negotiate with your supplier for early payment discounts, contact Procurement Services.