{"id":1412,"date":"2021-03-05T18:03:56","date_gmt":"2021-03-05T12:33:56","guid":{"rendered":"https:\/\/open.money\/blog\/?p=1412"},"modified":"2023-07-05T13:06:14","modified_gmt":"2023-07-05T07:36:14","slug":"how-to-make-instant-vendor-payments-on-open","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/how-to-make-instant-vendor-payments-on-open\/","title":{"rendered":"How to make instant vendor payments on Open"},"content":{"rendered":"Vendor payments<\/a> are crucial to every business \u2014 whether they\u2019re for office amenities, SAAS subscriptions, or products & services specific to an organization.<\/span>\r\n\r\nConsider this \u2014 if you\u2019re 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.<\/span>\r\n\r\n \r\n

The current challenges with vendor payments\u00a0\u00a0<\/b><\/h3>\r\n \r\n\r\nNet banking<\/strong>\u00a0<\/span>\r\n
    \r\n \t
  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.\u00a0<\/span><\/li>\r\n \t
  2. Not just that \u2014 only a limited amount can be transferred the first time. \ud83e\udd26\u200d\u2640\ufe0f\u00a0 And yes, that amount varies from bank to bank.<\/span><\/li>\r\n<\/ol>\r\n\"Surprised\r\n\r\nCheque<\/strong>\r\n
      \r\n \t
    1. Writing cheques is subject to human errors \u2014 this is undeniable<\/span>.<\/span><\/li>\r\n \t
    2. Also, making vendor payments via cheques demand your physical presence to sign the cheque.\u00a0<\/span><\/li>\r\n<\/ol>\r\nReconciliation<\/strong>\u00a0<\/span>\r\n
        \r\n \t
      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. \ud83d\ude29<\/span><\/li>\r\n<\/ol>\r\n \r\n

        Automating vendor payments (The way forward!)<\/b><\/h3>\r\n
        <\/div>\r\n
        \r\n\r\nWhat if you automate vendor payments<\/strong> for your business?\r\n\r\nSounds doable? Well, to a great extent, yes! But the real question is what exactly are you achieving for your business by doing so. Or rather, what exactly do you want to achieve?\r\n\r\n\ud83d\udc49\ud83c\udffc Do you want to save countless hours spent on manual reconciliation?\r\n\r\n\ud83d\udc49\ud83c\udffc Or do\u00a0you want to simply make & track vendor payments<\/strong> in the most simple manner possible?\r\n\r\nIf your answer is ‘both’, then listen up because we’ve got some good news\u00a0to break. \ud83d\udce2\r\n\r\nWith Open, you can save tons of precious hours spent on tedious manual reconciliation. And at the same time, you can make & automatically track vendor payments, just like that.\r\n\r\nLearn all about it in the below video.\r\n\r\n \r\n\r\n<\/div>\r\n

        How to make instant vendor payments on Open<\/b><\/h3>\r\n \r\n\r\n