Prompt Pay Discounts

Departments that are now negotiating new contracts should take advantage of the MMARS feature of automatically calculating prompt pay discounts. This valuable cost-saving enhancement in MMARS stores the vendor's discount terms on the encumbrance document, which will copy forward to the payment document and automate the calculation and payment process. This feature provides the departments the means to monitor their bill-paying practices and take full advantage of discount opportunities. The Commonwealth's goal of consistent timely bill paying via Electronic Funds Transfer (EFT) should give you leverage in negotiating discounts.

MMARS gives departments the ability to enter discount-pricing terms (percentages) that will automatically calculate discounted payment programs. The system also maintains discount history, and can identify missed discount opportunities. Please review your existing policies and procedures doc format of po_ap_commonwealth_bill_paying.doc
related to vendor discounts, and look for ways to leverage the MMARS functionality. For more information on Prompt Pay Discounts, please consult the Applying Discounts Job Aid for how to set this up in MMARS.

Please also see the Prompt Payment Discounts Policy doc format of po_ap_prompt_payment_discounts.doc
for more information.

Active MAs Offering Discounts xls format of Active MAs Offering Discounts
 Prompt Pay Policy doc format of po_ap_prompt_payment_discounts.doc
 Department Discount Starter Queries doc format of dept_discount_starter_qry.doc