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
- 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.
- Not just that — only a limited amount can be transferred the first time. 🤦♀️ And yes, that amount varies from bank to bank.
- Writing cheques is subject to human errors — this is undeniable.
- Also, making vendor payments via cheques demand your physical presence to sign the cheque.
- 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
- Start using Open with ZERO tech bandwidth
- Add the vendor only once for all your future transactions
- Start transacting immediately — no cooling period involved
- Create & send bills, receipts & debit notes in a few steps
- Track & view all aged payables vendor-wise & bill-wise
- Connect existing bank accounts & make payouts directly from them
- Use APIs to automate bulk payouts for your business
- Schedule for post-dated payouts
- 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.
- 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?