Organisations must make several payments to vendor partners, employees, and other businesses every single day. Oftentimes it becomes impossible to comprehend processing such a large amount of online payments.
This seems like a daunting task for every business. However, current bank accounts are specially made for tasks like this. They offer a limitless amount of transactions and process them with ease.
If you are required to pay hundreds of suppliers or parties without any glitch, then you can make use of your current account. Whether you’re paying contractors, payroll or commissions, you must be extra careful with the payments and money.
Current accounts help you with that! What’s even better? You can now open an online current account with ease!
Even if it seems daunting to pay hundreds of people, there is a system that automates this process. It is called bulk payments. It is also called mass payments or batch payments.
What is a bulk payment facility?
A bulk payment facility is offered by banks to allow the account holder to make several payments to a bulk list. The best example will be the salaries of employees.
Basically, it’s a list of beneficiaries or credit accounts you are planning on paying. The best part is that these transactions look like a single debit for overall spending in the bank statements. To make use of this bulk payment, you must send money in the following ways:
- Bank transfers (ACH)
- Financial institutions
- Credit card and debit card
Bulk payments are processed rapidly and are very efficient. Also, with this mode of transfer, you don’t miss out on anyone and make no mistakes whatsoever.
Advantages of bulk payments
There are several advantages and benefits of bulk payments. Bulk payments save a lot of time, energy, and hassles. As it is automated, it avoids a lot of mistakes. It also allows you to focus on your daily tasks and not on payments and transactions.
Here are other reasons why you should consider bulk payments:
Bulk payments offer the quickest way to transfer money to hundreds of people. This is crucial in terms of payroll and salaries. All the paycheques and online transfers should be accurate and on time, every single time.
Save On Cost
If you want to make individual transfers and payments, then the processing fees are going to rake up. Bulk payments will most certainly cost you lesser than that. The bulk payments are efficient, look cleaner on accounting books and certainly avoid all the confusion.
Paying in bulk is as secure as every transaction done with your bank. Bulk payments come with tech like SSL encryption – Secure Sockets Layers encryption.
No one can hack into it and read the script during processing. Bulk payments get rid of any discrepancies and come with fantastic fraud detection.
It saves you several hours of calculations and processing. If you must streamline your finances, then all you will have to do is create a bulk list. Whenever you need to give out bonuses and appraisals, you can tweak the list accordingly and continue giving out paycheques without any issues.