Candex charges transaction fees

Companies struggle to pay their high volume and irregular vendors. Candex gives them a better way by invoicing as a master vendor on behalf of their intended vendors. It avoids complex setup process and miscommunication - often months.

First, a buyer releases an order and PO to Candex for an authorized amount. The seller will invoice Candex any number of times up to that amount, Candex will then invoice the buyer on the seller’s behalf. When the Buyer pays Candex, then Candex will forward the funds to the seller within 3 business days.

Candex integrates seamlessly with the industry’s most popular eProcurement systems through a simple punchout methodology. Employees channel their tail spend through the Candex punchout, tied into existing approval workflows. Because Candex adapts to existing approval methodologies, codes and standards, everything is compliant and under control.

Yes! Everything purchased on Candex has a PO authorization and is transparent and easy to track. Candex visibility drives down maverick spending with increased compliance to established processes and systems.

Companies can specify the terms governing their engagements. Candex is the 3rd party beneficiary of any agreement between the Buyer and Seller and both parties agree to let Candex complete the payments.

The Candex commission can vary but is usually 3%. The amount is clearly labeled when accepting an order.

Business engagement is complicated involving significant resource for setup, tax, finance, and legal. Companies that use Candex can sell goods or services immediately and without friction. It also makes things easier for their buyers.

In all cases, Candex invoices the Buyer with all the taxes due in that jurisdiction. The seller invoices Candex with all taxes due in that jurisdiction.

Candex works best for "no PO/no pay" policies. Since the PO is always against Candex for the high volume or irregular spend, it remains nicely hidden in the background. Every single purchase carries a PO authorization and any spend would require approval to issue an invoice.

The short answer? Yes. Candex is highly configurable to suit the needs of large, complex organizations that operate in many regions of the world.

The most common cause of late payments is vendors being set up incorrectly in the payment system, followed by missing, ‘fat fingered’ or miscategorized information on forms and invoices - Candex significantly reduces these most common causes of late payments. Because Buyers can configure their invoicing process on Candex, they are able to process the payments on time and without error. Unless part of a financing program, Candex will never make a payment to a Seller before receiving the funds from the Buyer. Candex keeps all parties updated with invoicing correspondence, and we recommend Sellers reach out to their Buyers if there is delay in payment.