Thanks to the constant evolution of technology and the various solutions offered by Fintech, many everyday processes (e.g., financial transactions) have been optimized and sped up, improving the life quality of many people and companies.
Among the different tools developed, “batch payments” stand out, a function that helps companies automate their payment processes, allowing them to make payments to other beneficiaries automatically. The following are the main advantages of “batch payments” for companies.
Multiple payments
Batch payments allow payments of various invoices or accounts payable and payments of multiple employees or suppliers in one process. This way, companies can schedule payroll or supplier payments by simply uploading a payment request or invoice into the system.
Helps control expenses
By using the “batch payment,” the company can access (at all times) data scheduled to make multiple payments, so the company will print or export such data to have control of its expenses and thus reconcile these supports in its accounting records.
After uploading the payment requests, the “batch payment” system has the advantage of not requiring the reuse of addresses since a new address is created for each invoice or accounts payable registered in the payment system, thus making it easier to identify each payment, especially when reconciling these payments in the company’s accounting system.
Reduced manual error rate
By reducing the number of individual transactions, the percentage of manual errors during the payment process is significantly reduced, which means considerable savings in time and resources for the company, besides a more efficient and effective payment process.
Creation of long-term invoices
Through the batch payment system, companies can request payments by creating long-term invoices, which allows the company to order and plan its processes and operations, besides having the ability to have the funds paid to a payment request using the exchange rate in effect at the time the payment is executed, so that each payment is made at the customer’s convenience without negotiate or verify exchange rates with the supplier at the time of payment.
Make partial payments
Companies can make batch payments of multiple invoices or even pay an invoice in part payments; thus, the payment schedule will be valid as “multiple payments” until the entire amount scheduled according to the invoice is fulfilled. It is important to note that partial payments can be designed according to the due date established by the supplier, which gives great flexibility to the system’s users.
Reduce operating costs
By grouping several payments into a single transaction, it is possible to reduce operating costs associated with each single payment, such as labor hours of the person executing the task, administrative expenses, follow-up tasks for each payment, processing fees, etc., which can generate significant savings in resources for the company.
Improve customer and supplier relationship
Batch payment improves the relationship between the company and its customers, employees, and suppliers since everyone receives their payments on time, which creates a positive and proactive work environment, besides greater loyalty to the company, which will be reflected in higher productivity and strong relationships in the future.
What do you think about this topic? Do you want to know more about corporate batch payments?
If you are interested in Pilsenga’s products or services (which include corporate batch payments), you can visit our website and register on our platform by visiting the following link.
