Businesses are constantly looking for ways to streamline operations in today’s fast paced, increasingly automated world. A great way to achieve this in the accounts department, is to use BPAY Batch Payments.
Using Batch Payments you can quickly and easily pay multiple suppliers at the same time. It’s a fantastic tool for businesses that need to pay many accounts at once. It’s also great for organisations that pay bills on behalf of their clients, for instance payroll firms and property management businesses.
Batch Payments increase efficiencies in the finance function and reduce the risk of manual errors leading to incorrect payments. As an example, a Real Estate Agency could pay Council and Water Rates for several properties.
So how does it work? Your financial institution should be your first port of call. Check in to ensure it offers BPAY Batch Payments functionality. Then, register for the service and talk to your account manager about the best way to implement BPAY Batch Payments in your operations.
Once you are registered, you’ll need to set up a batch file. The file can contain as many payments and billers as you like. Your financial institution will be able to provide guidance about the format in which it requires the information to start making batch payments.
Once you’re all set up, upload the batch file to your financial institution. It will make the payments you request and provide evidence payments have been made by sending back a receipt.
It’s a simple process once you’re established, your staff will be freed up so they can spend time on value-added activities.
Batch payments are a great way to give your business more control because you have complete oversight over every payment. This control also helps to improve cash flow because the business decides the timing of each payment, as well as the account from which the payment is made.
It all adds up to increased security, accuracy and reliability for your accounts payable. To find out more, contact your financial institution.
This article represents the views and opinions of the author and do not necessarily reflect the opinions of BPAY.
Published by BPAY Pty Ltd. BPAY is offered by over 150 Financial Institutions. Contact your Financial Institution to see if it offers BPAY and to get the terms and conditions. This is general advice – before using BPAY please review the terms and conditions and consider whether BPAY is appropriate for your personal circumstances.