For companies and businesses, it is important to have a platform that allows them to make payments to their suppliers quickly, accurately, and above all, in compliance with the different standards and regulations of the sector, especially when handling a high number of transactions or supplier payments.
Processing SEPA and stablecoin payments (such as USDC) to over 100 contractors in less than 10 minutes can be a challenge for many companies and businesses, but with the right platform, it’s possible to do so quickly and efficiently. Below, we share some tips for choosing the best platform to meet these requirements.
Batch payments
It is important that the platform has the function of Batch payments, since this tool allows you to make several transactions or payments ( to different recipients) in a single operation, thus reducing execution times, operating costs, and errors associated with manual work.
The batch payment feature automates all supplier and contractor payment processes, increasing the financial and operational efficiency of the entire organization. Importantly, batch payments are a scalable financial solution, allowing the company to continue operating and meet its payment commitments, regardless of significant transaction volume increases.
SEPA and stablecoin support
It is critical that the platform supports both SEPA transfers and stablecoin payments (such as USDT), as this enables integration with various European banks to process SEPA payments instantly or in less than one business day, as well as enabling automatic conversion between FIAT currencies (euros) and stablecoins (USDT), with competitive and transparent rates.
Although stablecoins are characterized by having a backing or equivalence with other FIAT currencies, we must bear in mind that not all stablecoins have the same level of reliability and transparency, because of this, it is important to verify that the platform works only with reputable stablecoins, such as USD Coin (USDC), which has a 1 to 1 equivalence with the US dollar and has a good regulatory history, in addition to going through constant audits, being compatible with various blockchains and being adopted by many financial institutions.
Regulatory and normative compliance
It is important that the provider’s platform complies with the various industry standards and regulations. This not only reflects a high standard of quality and security in the services offered, but also prevents issues with local or regulatory authorities, avoiding legal sanctions or fines for non-compliance. Having a provider that operates under strict regulatory standards strengthens the trust of all stakeholders involved: employees, suppliers, partners, auditors, and the general public, consolidating the reputation and operational security of the entire organization.
Intuitive platform
It’s recommended that the chosen platform be intuitive and easy to use, as this reduces the time it takes for users to understand and use the system, streamlining various tasks and processes, such as uploading files, setting up payments, and tracking transactions.
Another point to consider is that an intuitive platform improves user satisfaction and minimizes the rate of human errors, such as entering incorrect data or incorrectly configuring payments. This improves process efficiency and contributes to saving the organization time and resources.
Level of integration with pre-existing systems
It’s advisable to evaluate the level of integration with the payment platform, as this will allow you to leverage the accounting systems or software already used in the company, in addition to enabling a faster and more efficient implementation process. Another advantage of integrating with pre-existing systems is that it reduces the need to manually enter information or data, which helps reduce manual errors and shorten implementation time.
Customer service and support
It’s advisable to evaluate the platform’s level of customer service and support quality, as this will give us an idea of the provider’s level of experience and ability to resolve any situations or problems that may arise in the future.
To assess this point, we can look at the app’s customer service reviews. We can also ask questions on the platform provider’s various official channels and evaluate the timeliness and quality of the respoçnses received. For example, after receiving a response, we can ask ourselves the following questions:
How long did it take to get a response? Did they answer our question? Were we redirected to another online channel? Did the response meet our expectations? Did we receive a response from a person or a bot/AI program?
Collaborative economy
It’s important to note that platforms that process SEPA payments, stablecoin payments, and group payments allow the collaborative economy to evolve, as these payment systems provide greater speed, scalability, stability, and trust to all involved users.
By processing SEPA and stablecoin group payments, the challenges of the sharing economy can be mitigated, as these systems enable near-instant settlement of different products or services using the supplier or contractor’s preferred asset (whether euro or stablecoin), in addition to complying with the various regulatory requirements across multiple jurisdictions. It’s worth noting that these payment systems generate easily traceable records and help automatically reconcile payments with invoices, improving fund management and facilitating audit processes, which provides greater flexibility and transparency to the sector.
What do you think about this topic? Would you like to learn more about Pilsenga’s batch payment service?
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