Cashfree Payments, India’s leading provider of payments and API banking solutions, introduced ‘Vendor Payments,’ a comprehensive platform that enables businesses to optimise and manage their purchase-to-pay cycle, increasing efficiency and lowering processing time. ‘Vendor Payments’ streamlines not only vendor payments, but also other account payables such as utility bill payments, other business expenses, and tax payments.
‘Vendor Payments’ allows users to easily input invoices received from suppliers and other account payables, either manually or by importing them from accounting software. Bulk invoice uploads are also supported, allowing businesses to process several invoices at the same time for increased efficiency. Similarly, businesses will be able to add beneficiary information for payments and conveniently submit invoice information. Businesses can start single or batch reimbursements for unpaid invoices once the invoice details have been updated.
It also accepts a variety of payment methods, including Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Interbank Funds Transfer (IFT), and Unified Payments Interface (UPI), for maximum flexibility. For smooth syncing of outstanding invoices and payment statuses, ‘Vendor Payments’ connects with common accounting programmes such as Tally, Tally Prime, and other ERPs. Payment data may be easily exported and reconciled thanks to integration with accounting software.
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. Cashfree Payments remains committed to innovation and enhancing our offerings to meet the evolving needs of businesses.”
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The ‘Maker Checker Flow’ feature in ‘Vendor Payments’ guarantees secure approval procedures by setting access levels for stakeholders, lowering the risk of illegal payments. It generates complete invoice reports for internal audit purposes, with detailed information on invoice numbers, dates, payment conditions, beneficiaries, and transfer options.
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