U.S. Bank Corporate Payment Systems

U.S. Bank helps food and agribusinesses streamline payment programs to lower costs and boost efficiency

Profit margins in the food and agribusiness sector continue to get squeezed due to commodity price increases, transportation expenses and revenue shortfalls. As a result, organizations have redoubled their efforts to improve efficiency and eliminate costs—seeking to maximize the value chain from the very earliest stages of production through processing, packaging, distribution and consumption.

For instance, by moving small dollar indirect spend out of the payment process and into a less expensive purchasing card program, General Mills saved an estimated $2.10 per transaction. Multiply that by the thousands of small dollar transactions that occur across the organization every year and the savings is significant and permanent. Moreover, General Mills increased the efficiency of their A/P department allowing the organization to reallocate scarce resources to more strategic tasks.

Likewise, ConAgra Foods grew its purchasing card program 58% in a single year thereby eliminating thousands of invoices, consolidating suppliers and streamlining their A/P department.

Contact your U.S. Bank representative for a payment program audit and more information about U.S. Bank commercial solutions.