Cashfree Payments supports SMEs with the launch of Vendor Payments
By Gloria Mathias
Cashfree Payments, India’s payments and API banking solutions company has launched ‘Vendor Payments’, a comprehensive platform that empowers businesses to streamline and manage their purchase-to-pay cycle.
‘Vendor Payments’ simplifies vendor payments and account payables, including utility bill payments, other business expenses and due taxes.
The new platform enables users to effortlessly upload invoices received from suppliers and other account payables by either manually entering the details or importing them from accounting tools.
The solution supports bulk invoice uploads, enabling businesses to process multiple invoices simultaneously for improved efficiency. Similarly, businesses can add beneficiary details for payments and easily input invoice details. Once the invoice details are updated, businesses can initiate single or bulk payouts for unpaid invoices.
‘Vendor Payments’ supports various payment modes, including Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Interbank Funds Transfer (IFT), and Unified Payments Interface (UPI).
The solution seamlessly integrates with popular accounting tools like Tally, Tally Prime, and other ERPs to sync unpaid invoices and payment statuses seamlessly. Integration with accounting tools allows for easy export and reconciliation of payment data.
Akash Sinha, CEO and Co-Founder, Cashfree Payments said,” We are excited to announce the launch of ‘Vendor Payments’, a solution designed to simplify the vendor payment process for businesses. With this new product, our goal is to provide businesses with a comprehensive platform to manage the purchase-to-pay cycle and other account payables and tax payments, streamlining processes and improving efficiency. ‘Vendor Payments’ represents a significant step in revolutionising how businesses manage their accounts payable processes, empowering them with efficiency, accuracy, and control.”
‘Vendor Payments’ offers a ‘Maker Checker Flow’ feature that ensures secure approval processes by defining access levels for stakeholders, reducing the risk of unauthorised payments. It provides detailed invoice reports that can be generated for internal audit purposes, providing comprehensive information on invoice numbers, dates, payment terms, beneficiaries, and transfer modes.
IBSi Daily News Analysis
September 26, 2023
and Unified Payments Interface (UPI).
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