Digital payments for SMEs: Payments and API banking company Cashfree Payments on Tuesday launched a Vendor Payments platform for businesses to manage their purchase-to-pay cycle in order to improve efficiency and reduce processing time. The solution also helps in managing other account payables including utility bill payments and other business expenses and due taxes. The purchase-to-pay process typically involves requisitioning, sourcing, purchasing, receiving, invoice approval, and payment.
Over 3 lakh merchants with Cashfee Payments can upload invoices received from suppliers and other account payables by either manually entering the details or importing them from accounting tools, the company said.
One can upload over 10,000 invoices to process simultaneously and add beneficiary details for payments and input invoice details. Once the invoices’ details are updated, single or bulk payouts for unpaid invoices can be initiated.
”Vendor Payments represents a significant step in revolutionising how businesses manage their accounts payable processes, empowering them with efficiency, accuracy, and control,” said Akash Sinha, CEO and Co-Founder, Cashfree Payments.
The solution supports payment modes including Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Interbank Funds Transfer (IFT), and Unified Payments Interface (UPI). It also integrates with different accounting tools such as Tally, Tally Prime, and other ERPs for seamless syncing of unpaid invoices and payment statuses.
Another feature ‘Maker Checker Flow’ offers “secure approval processes by defining access levels for stakeholders, reducing the risk of unauthorised payments. It provides detailed invoice reports that can be generated for internal audit purposes, providing comprehensive information on invoice numbers, dates, payment terms, beneficiaries, and transfer modes,” the company said.
Cashfree Payments provides full-stack payment solutions for businesses in India to collect payments and make payouts via all available methods with simple integration.
Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, the company processes transactions worth $40 billion annually and is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
