At Maple Street, one of our key goals is to change vendor management from an expense to an expense reduction program. We don’t just do this for big institutions. Helping community banks and credit unions to thrive makes our hearts beat faster.
As the only complete vendor management solution and robust software platform combined, we are the experts in providing Next Level Vendor Management that will improve vendor performance, manage risk, and save you money. With love in the air this season, we wanted to share three examples of how we can help you stop wasting money and save big.
Stopping rollovers that can cost you million.
One of the easiest and most costly errors you can make is failure to keep up with your contracts’ due dates. Vendors know how frequently institutions lose track of their action dates and make sure to sneak in an automatic rollover clause. Once the contract rolls over, you are stuck paying the contracted rate, even if rates have changed in your favor. Plus, if you never revisit your contracts, you are also stuck with any other hidden fees and clauses written in that help the vendor. Allowing contracts to rollover not only costs your members/customers money, but it can seriously damage your reputation.
This won’t happen with Maple Street on your team. Our experts will keep track of all your contracts’ rollover dates and will make sure the right action is taken. Whether it is a rollover, renegotiation, or termination, you will come out on top and save thousands to millions you would have lost.
Bringing expert negotiators to the table.
You may think you have an expert in-house negotiation team, and you may have come away from your last negotiation pleased that you saved your members/customers thousands on that contract. We at Maple Street would love to invite you to show us your negotiation, and we will compare it to similar contracts we negotiated for our clients. When we do, you will most likely discover that compared to what we saved our clients, you left thousands to millions of dollars on the table.
It takes a world-class negotiation expert to go up against the big vendors. At Maple Street we know what you don’t. For example, planning for negotiation can take years, including time to vet a backup vendor in order to make your current vendor believe it can be replaced if it does not agree to your terms. Maple Street experts know the best prices and terms, based not only on the vendor’s usefulness today, but on its lifecycle for your future growth. We know where the hidden fees and traps are in contracts that can waste millions of your members’/customers’ money. And we specialize in relationship contracting so you and the vendor are on the same page, with the same goals, and with measures in place to score and improve performance.
Freeing your team up from chasing compliance.
How many hours does your team spend on the paper chase to prepare for your exam? With all the changes in rules and regulations, are you sure their results are accurate? How certain are you that you will pass? Outsource compliance to Maple Street and let your team get to work doing what they do best—exceeding customer/member expectations.
Let Maple Street experts take over compliance services including vendor management policy and procedure development, risk assessments, risk ranking, due diligence collection, due diligence summaries via our SSVRK—Street Smart Vendor Review Kits—and SOC Report Deep-Dive reviews. We will also handle policy and procedures and provide free unlimited user training and full vendor reporting. Maple Street guarantees you will save more money than you spend, and we guarantee you will pass your exam with flying colors.
Maple Street’s Next Level Vendor Management is powered by our exclusive Vendor Advantage System®, the only complete, outsourced, interrelated system that has helped credit unions and community banks get fair, risk-balanced vendor performance to achieve the results they expect from their vendors. Using the Vendor Advantage System®, Maple Street professionals have saved our clients over $350 million to date and counting. Give us a call at 800-513-6839 and let’s start a relationship you’ll love every day of the year.