Have you ever had to pay back hundreds of people at the same time, without an error? It is a daunting job, yet in order to conduct efficiently, companies/governments must make such payments time and again. Whether it is payroll, contractors, or commissions, when it comes to people’s money, such payments cannot be delayed or have errors.
Despite the advancements in the fintech industry, paper checks are still a preference for not only the payment of personal debts but also for businesses in their payments to employees, vendors, and customers. Making payments through paper checks or even cash is an expensive and a slow process, especially when there are better ways of payments available in the market today. With increased demand for bulk payment system, the stakeholders of businesses relentlessly seek out real-time payments.
The prevalence of faster payment methods is forcing brands to provide payees the ability to choose how they will be paid and when they will be paid through digital modes of payment. In 2018 transactions conducted through e-Wallets alone were estimated to be a close to 41.8 billion globally. With this shift, frictionless bulk payment methods are quickly becoming more of an expectation than a luxury. Bulk payment solutions deliver fast and secure payment delivery options and simplify the time-consuming task of paying large numbers of consumers or employees.
4 Key Benefits of Bulk Payment Solutions
A digital approach, perfected with real-time reconciliation and tracking, allows all factions to monitor payment status during each step of the process. Bulk payments are incredibly useful for financial processes like salary payment, dividends, direct debits, contractors, freelancers and contests. This method reduces operational overhead and improves satisfaction. Businesses need not continue investing time and money in issuing paper checks or managing cash when there is a more cost-effective and secured bulk payment solution. Businesses that use smart operational advantages can scale faster and respond to unpredictable changes in the market or customer preferences with more agility.
Here are 4 key advantages of switching to bulk payment solutions.
It is a Cost-Effective Method
The Bulk payment solution allows businesses to reduce the cost of sending checks or issuing physical prepaid cards. Moreover, a flexible solution that allows businesses to mix and match pay-out options depending on different needs and use cases can help in striking a balance between managing costs, optimizing customer and employee satisfaction.
Faster Disbursements Reduce Dependence on Paper Checks
Bear in mind the number of checks your business issues on a monthly basis. If the number is high, the business is certainly spending significant time and money in managing the process. Bulk payment services can help your business move away from the arduous process of issuing paper checks and replace it with a more efficient digital workflow.
Stakeholders Get their Money Faster
When a stakeholder is owed money, they would like it in their accounts as soon as possible. This is especially true in circumstances like insurance claims pay-outs and salary disbursements where the need is most likely to be urgent. Regardless of the situation, faster money assures a better customer experience and employee satisfaction. Bulk payment solution can reduce the lag time associated with paper checks or managing cash and transfer money faster than ever before.
Bulk payment systems reduce errors
Managing high number of outgoing payments can be prone to errors. However, this is an unavoidable task for most businesses and governments. Through a bulk payment solution, a business/government can execute payments to a pre-specified list of beneficiaries from one single account at the same time without any errors.
Payments that can be made with the help of a bulk payment solution
- Loan disbursement
- Insurance claims settlement
- Employee payment
- Promotional payments
- Payment to suppliers
- Disbursement of various project funds
- Dividend payments
Future of Bulk Payment Services
Evolution in the market and technology has brought this payment method to the forefront of businesses. Marketplaces now have complex payment needs that require collecting and sending money in mass amounts. Bulk payment services deliver both ease and speed. The rise of the gig economy has contributed towards the payment for independent contractors and that number continues to grow.
MobiFin Elite Bulk Payment Solution allows corporate customers and government agencies to make payments to masses. With its unique department, employee and service management, it implements a strong workflow and distributes services like airtime, bill payments, salary disbursements and e-vouchers. MobiFin’s Bulk Payment system simplifies the disbursement process and delivers an end-to-end solution for payment lifecycle, with security and risk management.
Get in touch with our experts by scheduling a free demo session to know more about our service.
Related BlogsPayment Banks: Challenging the Norms Mobile Wallet: The Buzz Word of Payment Options