It is most times a tag of war to pay hundreds or even thousands of people at the same time, without an error. Whether it is salary, private contractors, apart from speedy payments without errors, companies and government find themselves making these payments every now and then.
In the face of the numerous solutions FinTech companies are providing to meet transaction needs, cash payments and checks have remained the preferred mode of payments whether debt financing or paying employees, vendors and contractors.
However, it is not a secret that cash or check payments are slow and expensive, given the fact that there are better payment options dominantly taking over the market. As we observe an increased demand for bulk payments, business owners incessantly explore real time payment options.
The emergence of FinTech is coercing companies to provide remitters with options of receiving payments.
The central bank is also playing a role in boosting electronic funds transfer. On January 15, 2022, Bank of Uganda lowered limits on the value of check payments to promote e-payments. The central bank urged the public to use alternative electronic payments options such as electronic funds transfer and mobile money among others.
It is precise that bulk payment solutions offer secure and fast payment options and reduce time consumption while paying large numbers of payees.
Benefits of bulk payment
Businesses or government have a lot of payments to make regularly, which can take up a lot of time and resources and, when done manually, can lead to errors and delays. Whether it’s paying invoices, payroll, bill payments or otherwise, payments can quickly add up and some businesses or even government may find themselves needing to make thousands of payments a day.
Cost effectiveness
There are a lot of costs accompanying transactions, especially cash payments, checks or card payments. And imagine making each payment one by one. This can definitely be time consuming. This is where bulk payments become useful because with it, comes reduced costs of making payments and less time.
Fast payments
Making hundreds or thousands of payments by cash or check is an expensive and time-consuming process. If the number is high, the business is certainly spending significant time and money in managing the process. Less time spent writing checks means more time focused on the actual work itself.
Business and Merchant Friendly
A business can use the dashboard to keep track of all transactions from the bulk payment batch. The systems for bulk payments have no cooling period and are compatible with all modern browsers. There is no requirement for any exclusive configurations.
High Scalability
As your businesses grows bigger, it will need to process larger transactions more frequently. Evidently, manual uploading of bulk transfer files cannot sustain in the long run. In fact, as the business grows, automatic reconciliation becomes necessary.
Now that we have covered the various benefits, you as a business owner, may need to think about investing in bulk payment services.