Well, not really. While, ultimately, the end result is similar, here are three main reasons for an INNBATE versus a discount.
A discount is often given in advance of receiving an agreed volume of sales, an INNBATE is triggered by the actual volume of sales.
Procurement is a cost centre in all companies. Many view them as a necessary overhead cost. It is always hard to prove their true benefit. With a monthly INNBATE arriving on your CFO’s desk, no need to prove yourself anymore.
Control. It is not a matter of the Supplier adding the discount to the invoice or you remembering what was the discount you agreed. INNOVO ensures that everything is kept open and fair. You notify INNOVO of your invoices from your suppliers, and INNOVO arranges the payment of the INNBATE. No hassles.
The Gross INNBATE amount is shared 70% to the buyer’s company (not the buyer personally), 4% to Good Causes and 26% to INNOVO. The INNBATE is collected and directly paid by one of the ‘Big 4’ accountancy firms.
In a short, yes. INNOVO itself is the best example of this…
INNOVO has been built with $30 million of resources and input from 300+ very senior executives (Chairs, CEOs, VPs and Directors) from almost every industry and partner firms but with hardly any cash only about £230,000. INNOVO’s unique contingent funding model enabled them to each invest their time, experience and resources for deferred payment.
Yes. Say you have a Volume INNBATE that ends at the end of the calendar year, but you finally attract that big client in December and agree that their Customer INNBATE lasts for 6 months (or until May 31st). The big client would enjoy both INNBATEs until December 31, and then only the Customer INNBATE until May 31st.
Only those that you offer the INNBATEs. You will see various Buyer requests on the INNOVO platform. You can pick and choose who you respond to and what Customer INNBATE you offer (if any). The Volume INNBATE is given since it relates to overall company wide sales. No one will know you even are a member of INNOVO, if you never respond or you do not communicate to them this fact in some other way.
You are in control of the INNBATE. You decided who you offer it to and when you offer it. IF you have already concluded an agreement with a client regarding any INNBATE, you will need to either let that existing agreement run out, or specifically negotiate with the client that you wish to cancel the terms of the agreement as you would in any other procurement agreement.
Yes and No. This would be like canceling an INNBATE and would require negotiations with the client, so there is no automatic way to cancel through the Member platform, but in extreme cases, you could negotiate with the client to reduce the INNBATE.
Yes. INNBATEs are all about how you increase your sales either companywide (Volume INNBATE) or to a specific client (Customer INNBATE). You have costs related to growing your business whether this is product based or service based. INNOVO reduces or eliminates these costs so that you can share with your client(s).