Vendor payments are crucial to every business — whether they’re for office amenities, SAAS subscriptions, or products & services specific to an organization.

Consider this — if you’re an IT service provider, you might have a subscription to the Jira software; in the case of a digital marketing agency, it could be Adobe Photoshop or even Shutterstock.

 

Challenges of making vendor payments the traditional way 

 

Net banking 

  1. Once a new beneficiary (your vendor) is added for bank transfer, the cooling period takes anywhere between 30 minutes – 24 hours (or more), depending on the bank. 
  2. Not just that — only a limited amount can be transferred the first time. 🤦‍♀️  And yes, that amount varies from bank to bank.

Surprised Shocked GIF - Surprised Shocked OhMyGod GIFs

Cheque

  1. Writing cheques is subject to human errors — this is undeniable.
  2. Also, making vendor payments via cheques demand your physical presence to sign the cheque. 

Reconciliation 

  1. Tracking which payment was made to which vendor on which day, or in other words, tracking every vendor transaction via UTR is highly tedious & time-consuming. 😩

 

How to make instant vendor payments on Open

 

Why make vendor payments via Open

 

  1. Start using Open with ZERO tech bandwidth 
  2. Add the vendor only once for all your future transactions 
  3. Start transacting immediately — no cooling period involved
  4. Create & send bills, receipts & debit notes in a few steps
  5. Track & view all aged payables vendor-wise & bill-wise
  6. Connect existing bank accounts & make payouts directly from them
  7. Use APIs to automate bulk payouts for your business 
  8. Schedule for post-dated payouts
  9. Track vendor payments – bank-wise, account no. wise, payment status wise, date wise – so on & so forth

 

How to automate TDS payments for your business

 

Calculation of TDS on bill amount is a cakewalk with Open. Same goes with making TDS payments. Watch the flow here👇🏼

 

Why manage your TDS payments via Open 

 

  • Get all TDS-related info in ONE place — that too based on categories. How to make instant TDS payments
  • Make TDS payments directly from Open.
  • Avail TDS challan on the spot — like this.👇
  • View TDS challan anytime, anywhere. No need to download & save it for tax filing purposes.
  • Automated accounting of TDS liability. No more worrying about tracking & updating TDS info in your books of accounts.

 

Pay your vendors instantly (Just the way they like it!)

 

Is making vendor payments an uphill battle for you? 

Then, wait no more! You can now make instant vendor payments & send timely TDS payments with Open.  This way, you can stay on top of your expenses all the time.

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Categories: Payments

Ria Mariam Thomas

Minimalist | Linguaphile | Content Marketer at Open