B2B Payments

SciQuest Nixes Supplier Price Negotiations


Supplier discounts are crucial for many corporations looking to manage spend, but the resources needed to negotiate those discounts aren’t always available, especially with smaller companies.

SciQuest, a spend management and eProcurement firm, is today (July 12) rolling out a tool that cuts out the need for businesses to spend resources on price negotiation.

According to the company, it is launching the SciQuest Edge program that enables procurement officials to tap into suppliers and pre-negotiated discounts.

“SciQuest has leveraged the collective buying power of our user community to provide discounts to customers quickly and easily,” stated the firm’s president and CEO, Stephen Wiehe. “With instant access to preferred suppliers in many critical categories, SciQuest customers can implement eProcurement solutions even faster without having to negotiate terms on their own.”

Users can choose from an array of suppliers offering discounts, while SciQuest vets those suppliers based on their past performance and integration into the SciQuest eProcurement platform, the company explained.

The firm added that, while the pre-negotiated prices certainly save companies money, its Edge program will also aim to strengthen the communication and relationship between buyer and supplier.

The rollout of SciQuest Edge comes just days after the company announced its PartnerSelect Program, an initiative that enables qualified eProcurement and spend management experts the ability to train and resell SciQuest services.

Supplier management can be a significant pain point for corporations of all sizes, industry players have said. According to one enterprise supplier company, Genpact, not only can adequate supplier management smooth out some of the friction associated with the procurement process, but it can also pave the way for faster payments to suppliers, making supplier management a win-win for both sides of the transactions.



The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

Click to comment