Nowadays, medium-sized companies use different products and financial services that allow them to manage their resources more efficiently and grow sustainably. One of the most widely used financial services is batch payments; however, this payment tool has caused some myths about this tool. Here are some of the most common myths associated with batch payments for medium-sized companies.
Possible errors in payment processing
Because group payments execute several transactions simultaneously, the belief is that this system is highly prone to errors when processing multiple payments in a single transaction. However, the truth is that the providers of this service can significantly reduce the rate of manual errors due to the accuracy of its automated system.
For example, the automation of group payments reduces the possibility of workers making manual errors (which are frequent when processing individual transactions). All this can help to avoid different problems such as errors in transaction amounts, duplicate payments, late payments due to date errors, and interest on late payments, among others.
Another point to consider in this regard is that group payment systems usually have the support of modern technological tools or platforms, which allows them to process large volumes of transactions efficiently and quickly, which is highly valued by many companies that handle large numbers of daily transactions.
Unsecured payment method
One of the myths surrounding group payments for companies is that the system lacks safety. However, many Fintech and financial institutions that provide this service use different security protocols to protect the financial information of medium-sized companies and users. Another point to consider is that these platforms use several security measures, such as transaction approval, identity verification, integration of security controls, and custody of multiple assets, among others.
Expensive payment method
Some companies think that group payments for medium-sized companies are an expensive service. However, the truth is that companies that use this type of service have seen a significant reduction in their operating costs since, by grouping several payments in a single transaction, they can reduce costs associated with each payment, such as administrative expenses, the number of hours spent by each worker to perform this task, payment tracking tasks, energy costs, processing fees, etc., which can mean significant savings of resources for the medium-sized company.
Payment method without scalability
Several people and companies have come to believe that the group payment service is a method without scalability or has only been designed for large companies. However, the truth is that the group payment service is a scalable financial solution since, having a modern and efficient technological platform, it can adapt to the needs, size, and level of growth of each company.
Slow payments
The belief is that because group payments process multiple payments simultaneously, this slows down the system, making it a slow payment method. However, the companies that provide this service generally have advanced technological platforms that allow the system to process additional simultaneous transactions without problems.
Another point to consider is that many group payments are “scheduled” to be executed at a specific time, thus allowing the system not to consume many resources simultaneously.
Only for supplier invoice payments
Many people think that group payments are designed exclusively for payments to suppliers. However, this type of service can group several payments in a single transaction, no matter who the beneficiaries are, which allows the use of the platform for different purposes: payroll payments, payments to suppliers, payments in distinct currencies, requesting payments by the creation of long-term invoices, among others.
Only for lump-sum payments
Some companies believe that, by using the group payment feature, they lose the benefit of financing on scheduled invoices, as they think they can only schedule payment transactions for the “total amounts” indicated on the invoices. However, several providers of this service allow the possibility of making partial payments; an example is Pilsenga, which offers medium-sized companies the possibility of scheduling partial payments of invoices and take advantage of the financing plans purchased, which allows the company to organize and make payments in particular periods (until the total amount reflected in the invoice is fulfilled).
What do you think about this topic? Would you like to learn more about our group payments service for medium-sized companies?
If you are interested in Pilsenga’s products or services (including group payments for medium-sized companies), you can visit our website and register on our platform by visiting the following link.
