Cashfree Payments launches Vendor Payments

Vendor Payments is a comprehensive platform that empowers businesses to streamline and manage their purchase-to-pay cycle, bettering efficiency and reducing processing time. In addition to simplifying vendor payments, it does so for other account payables including utility bill payments, other business expenses, and due taxes.

Cashfree’s Vendor Payments solution capabilities

As per the information detailed in the press release, Vendor Payments enables users to upload invoices received from suppliers and other account payables in an effortless manner, either by manually entering the details or by importing them from accounting tools. The solution also supports bulk invoice uploads, enabling business to simultaneously process multiple invoices for better efficiency. Similarly, businesses are to be provided with the flexibility to add beneficiary details for payments and easily input invoice details. Once the invoice details are updated, businesses have the option to initiate both single and bulk payouts for the unpaid invoices.

What is more, Vendor Payments supports multiple payment methods, including Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Interbank Funds Transfer (IFT), and Unified Payments Interface (UPI), thus looking to ensure flexibility. The solution also integrates easily with well-known accounting tools of the likes of Tally, Tally Prime, and other ERPs for simplified syncing of unpaid invoices and payment statuses. Such integration with accounting tools enables easy export and reconciliation of payment data.

Additionally, the service offers a ‘Maker Checker Flow’ feature that helps ensure secure approval processes by defining access levels for stakeholders, decreasing the risk of unauthorised payments. It provides detailed invoice reports that can be generated for internal audit purposes, offering extensive information on invoice numbers, dates, payment terms, beneficiaries, and transfer modes.

Akash Sinha, CEO and Co-Founder, Cashfree Payments expressed excitement about the launch of Vendor Payments, saying that it is a solution designed to simplify the vendor payment process for businesses. Per their statement, the goal is to provide businesses with an extensive platform to manage the purchase-to-pay cycle, and other account payables, and tax payments, streamlining processes and improving efficiency.

Cashfree Payments product offering