Payment Automation Is the New Cool: Grow Your Business from Zero To 100 With Automation
Automation has become a major terminology and reality of digital disruptions in a variety of industries. This innovative culture is here to stay and will define the nature of work in the future. Payment automation is a vital aspect of automation that has become a necessity due to the critical solution it creates.
Using payment automation software applications like XpressPayout improves your business, increases scalability, reduces fraud risk, provides accountability, and reduces human errors in any business or industry.
XpressPayout is a web-based multi-account, multi-bank solution capable of handling high single and large volume bulk payments to beneficiaries whilst providing a wide range of customizable and detailed reports. It is specifically designed to manage salary payments, pension payments, payments to vendors etc.
With XpressPayout, you can automate bulk or single payments on the go from multiple accounts and multiple banks transfer funds through the web securely with ease to vendors, contractors, staff, etc.
Here are some reasons why you should automate your payment process to accelerate your business growth.
Reinforces internal system and trust controls
Instead of a manual process that is vulnerable to fraud, human error, late or delayed payments, and missing invoices, an automated platform eliminates fraud, human error and optimizes security, improves data trust on every transaction and ensures a seamless payment process.
The ability to handle large numbers of payments is a barrier to business growth; however, with a payment process that enhances your internal system, you can easily handle payment volumes of any size.
Enhanced visibility and transparency
A major challenge is the lack of transparency and visibility caused by human error in manual processes, which leads to irregularities such as overstated expenses and income. This is what allows for fraudulent activities to take place. Automated payment, on the other hand, provides a complete audit of every transaction and allows you to track and resolve any potential issue before it escalates. You can quickly identify and correct any areas of irregularity with an automated payment system like XpressPayout.
Your customers are your top priority
A business idea, strategy, or process that prioritizes the needs of its customers will always remain top of mind for such customers. Payment automation is a process that benefits businesses and their customers.
Suppliers and vendors are attracted to the more efficient payment system which the automated system provides.
Payment automation provides a seamless and easy payment system that ensures your business grows from zero to 100 within the shortest time. Customers are turned off when they encounter difficult hurdles or any payment process that poses a burden on them, especially when it is a recurring transaction.
A business idea, strategy, or process that prioritizes the needs of its customers will always remain top of mind for such customers.
Improves the overall quality of your process
Identifying and correcting payment errors in a manual payment system can be a difficult task. Some errors cost businesses money, time, and the trust of their customers. Payment automation, on the other hand, allows you to track activities such as where, when, how, and why an error occurred.
Every detail added to your business process benefits your bottom line. Unlike the manual process, payment automation allows you to systematically address and eliminate errors while also improving quality.
Here are other unique features of XpressPayout to enhance your business payment process:
Single debit and multiple credits to beneficiaries.
Designed to be adaptable to the customer's internal approval flow process.
Bank account and transaction compartmentalization based on the transaction type.
Seamless integration with merchants' 3rd party platforms e.g., payroll system, ERP etc.
Pre beneficiary data validation to avoid wrong transaction posting.