One of the financial tools most used by medium-sized companies is batch payment, which allows making multiple payments with a single operation, improving the company’s operational and financial efficiency and leading to time and resource savings. However, even though this tool offers multiple benefits for companies, some myths still need to be solved by a lack of knowledge on the subject. Here are some of the myths about this financial tool:
Expensive Service
Some people and companies think that batch payment is an expensive service, and therefore, causes additional and unnecessary expenses in the company that uses it. The truth is that, by having the batch payment function, companies can save hours of work and reduce the percentage of manual errors, which allows their operating costs (associated with each of their payments) to decrease considerably since these can be grouped into a single transaction and carried out more efficiently.
High probability of payment errors
There is a belief that making group payments in a single transaction may increase the error rate when processing payments. However, the truth is that companies that hold this feature can significantly reduce their manual error rate in their payments since the batch payment feature effectively reduces the number of individual transactions, in addition to automating many operational tasks and functions.
Only for supplier invoice payments
Some people and companies believe that batch payments are exclusively suitable for making group payments of invoices to a single supplier. However, the truth is that through batch payment, you can even pay different suppliers (simultaneously), pay multiple workers (payroll), schedule payments, and make payments in various currencies.
Programming invoices with financing is not feasible
Some suppliers provide companies with facilities to make partial payments of their invoices (through financing plans); however, many people and companies believe that this type of payment cannot be programmed since they think that this function is only valid for the total value of each invoice, thus losing the financing benefit offered by the supplier.
Batch payments allow companies to make partial invoice payments through an appropriate schedule (multiple payments), which will take time until the invoice total amount is fulfilled.
Makes accounting reconciliation a more complex process
Some people and companies think that using the batch payment tool will make it more difficult to find, identify, and reconcile their invoices, which could cause problems when contrasting this information with the company’s accounting department. However, the truth is that by using batch payments, the company has access to all its data (e.g., all the data they have entered or programmed to make multiple payments), which they can easily identify and export/print quickly and easily, which will help the company to have more transparency in its processes, in addition to having better management and accounting reconciliation.
What do you think about this topic? Would you like to learn more about our batch payment services for companies?
If you are interested in Pilsenga’s products or services (including batch payment for companies), you can visit our website and register on our platform by visiting the following link.
