New Age Vendor Payment Solutions- All That You Need to Know
Imagine a life where you don’t have to worry about vendors badgering you about payments.
The delays, the manual updates, nothing exists.
It’s a hassle-free business world where all you have to do is click once to know all about your vendor payments – The how, the what, the where…
It turns out you don’t just have to dream about living such a life.
You can make it your reality.
Any business should focus on customers but smarter businessmen place vendor retention on equal footing on their priority list.
This is where the Vendor payment solution comes into play. To increase supply chain efficiency, vendor payment solutions should be given top priority.
If you’re looking for ways to overturn your existing vendor payment solutions you have come to the right place.
Here are some things you must know about vendors payment solutions and some suggestions to go about it in the right way.
- What Is Vendor Payment Solutions
- Benefits of Vendor Payment Solutions
- How Easy Is It to Integrate the System presently?
- What Is the Error Rate in Automated Vendor Payment Solutions?
- How to Improve Vendor Satisfaction?
- Are There Different Levels of AP Automation Available?
- How Secure Is the Vendor Payment Solution?
- Karbon Payout
What Is Vendor Payment Solutions
Paying your vendors’ efficiently should be a core part of your business. Now, managing this vendor payment process in a procure-to-pay cycle efficiently comprises vendor payment management solutions.
Paying your vendors efficiently will help you grow, keep your customers happy and ensure cash flow keeps moving in the right direction. So a simple way is through vendor payment solutions.
There are two types of vendor payment solutions based on the size and nature of the company
- SAP, Oracle, and Concur: Used by large enterprises with hundreds of data points and variables. This makes the system difficult to use and takes months of training before full implementation.
- Karbon Payout and others: Automated vendor payment portals are best suited for startups & SMEs that focus on time optimization and easy usage.
Benefits of Vendor Payment Solutions
- Improved approval timelines with automation
- 24/7 accessible digital trail, fully audit-ready
- Cuts down on manual work
- Easy tracking of cash flows
How Easy Is It to Integrate the System presently?
Unfamiliar systems can be a pain to handle.
Your life will become even more complicated if you don’t understand how vendor payment solutions work.
So first and foremost, check with the vendor, if they can integrate their accounts with your portal.
Also, you must ask for references from other companies who have integrated their portals into the vendor payment solutions that you are considering.
If a company has no such references, then chances are the solution of your choice will also not provide relevant integration services.
What Is the Error Rate in Automated Vendor Payment Solutions?
Compared to the manual process, it is only logical that the vendor payment automation solution is more secure, faster, and cheaper.
It eliminates human error and reduces the costs of overall payment activities.
How to Improve Vendor Satisfaction?
When it comes to business, vendor and customer satisfaction is everything! This is because if you have a top vendor sourcing your “cash cow” products, it is important that your vendor stays satisfied with your vendor payment habits.
Here are some tips to improve vendor satisfaction with any payment solution:
- Make it easy to use
- Make it easy to integrate
- Provide a good user experience
- Provide a stable payment channel
- Provide error reporting via chatbot
- Provide good support (e.g., FAQs)
- Provide good training (e.g., webinars)
- Provide good documentation (e.g., release notes).
- Provide good vendor service (e.g., phone support).
Are There Different Levels of AP Automation Available?
AP (Accounts Payable) automation is defined as the usage of software to automate the entire vendor invoicing process. This helps create a fast, cost-effective, and intelligent workflow.
Start-ups and SMEs need a vendor payment portal that is completely automated. Making selective nodes in the workflow automated is only a requirement large enterprises need.
Over here the need is very simple – collect beneficiary details, transfer money to multiple vendors, generate invoices and send them automatically.
How Secure Is the Vendor Payment Solution?
It is not only secure but allows other activities that can make your life stree-free.
- Bulk payment
- Ability to pay in different currencies
- Payables can be made across different branches
- Helps in vendor consolidation to buy supplies from the same vendor.
One easy way for your vendor payments solution is to select the right portal for vendor management solutions.
You can start with Karbon Payout!
The following are the 7 features vendors are looking for in vendor payment solutions.
And what’s more!
Karbon Payout happens to provide these features and more, to manage vendor payments easily:-
Lean and Fast: Karbon Payout saves time and allows start-ups & SMEs to focus on what truly matters – survival.
Seamless Integration: You spend less time setting up and more time growing your business.
Zero % Error Rate: Beneficiary addition has never been so simple before. Payout links ensure that the beneficiary details are collected fast and accurately.
Stable Vendor Payment Solution: The best payment channel (NEFT, RTGS, IMPS) is selected based on intelligent algorithms making it simpler for you.
AP Automation: Allows you to automate your entire vendor invoicing process and reduce the costs of manual efforts. This allows you to have better control over your spending.
Secure Solution: Your data is yours and yours alone. We use the latest technology to ensure that our data always remains protected.
Payout Links: Enables you to send links to your vendors that let you capture the beneficiary details & auto-add them to our payment platform.
Having read and learned all about vendor payment solutions, there is no reason for you to look further.
The clock is ticking.
Your vendors are waiting.
It’s time to Payout your vendors!