Bulk multiple payment transactions are one of the many difficulties business entities face these days. Imagine a small manufacturing business with a staff strength of over 50 employees and chains of suppliers and vendors.
As a manufacturing company, making bulk and multiple payments in procurement and other supply chain activities are critical success factors in maintaining high level operations at all times; hence suppliers, vendors, and even employees must be paid for their supplies, services rendered and salaries timely.
Many times, it is hard to fulfill such bulk payments due to many factors. First, aggregating all payments for different suppliers, vendors, and employees, process each transaction for payment, double check for errors, double-payment, and more, before finally sending for approval. Next, once approved, payslips are sent to the bank to process payment. In the case of any error, everything goes back to square one. What if all these can be done differently through process automation? The good news is, with SoftPAY® you can.
SoftPAY® is an electronic courier system by SoftAlliance that rides on the secure electronic highways to deliver funds from multiple bank accounts to another set of multiple bank accounts and associated schedules in recipient-specified formats and can be integrated with third-party solutions. SoftPAY® is a Custom Web-Based Application developed to automate receiving and sending of funds to ease the process of executing bulk business transactions.
Put simply, with SoftPAY®; businesses can now pay their suppliers, vendors, and employees without hassle in a single run, be it single or bulk payment. It automates all approval processes from “initiator” to “authorizer,” debit source account(s) and credit destination account(s) of multiple recipients simultaneously, provide notification to all transactions to stakeholders for reporting, all at the click of a button. You do not have to run to the bank or be bothered about bank closure.
SoftPAY® is scalable, smart, and secure and can be deployed for organizations of any size. Payment reconciliation is automated with payroll and provide businesses with the opportunity to engage in payment data communication with gateways, processors, and banks. Please follow and like us: