The growth of any enterprise depends on automation of key business processes of which, Account Payables & Receivables play a key role. While, timely payment from customers ensures continuous cash flow into the organization, quick payments to vendors and suppliers speeds-up business, builds trust and reputation.
Manufacturing and distribution enterprises have to frequently fulfil large volumes of payments to their vendors and suppliers. When it comes to multiple vendor payments, methods such as, paper checks, wire transfers, credit/debit card payments and cash deposits in addition to payment reconciliation, consumes time and manpower. What they need is an automated, digital payment system with an ERP software that lets them quickly conduct payments against invoices to multiple vendors at a single instance.
Online ACH Payments from within OmegaCube ERP
OmegaCube ERP has an in-built Automated Clearing House (ACH) capability that allows manufacturing and distribution enterprises to quickly, seamlessly, and securely perform automated money transfers to their vendors’ and suppliers’ bank accounts.
With a few clicks, they can initiate multiple payments to one or multiple vendors under a single Bank/Checking Account Number. All they have to do is, select multiple open invoices addressed to each vendor or various vendors and initiate ACH payments to them simultaneously.
Once the payments are dispatched, enterprises can schedule automated emails to vendors with respective ACH payment details such as, invoice number, invoice date, amount etc. They also have an option to add/edit/delete vendor email ID and then proceed to schedule the emails.
Enterprises need to export an encrypted NACHA file that meets their bank’s template requirement and send it directly from OmegaCube ERP. The bank then processes the transaction and sends a payment confirmation email. On updating the confirmation date within OmegaCube ERP, enterprises can email final payment details to each vendor from within OmegaCube ERP.
How does ACH Payments benefit Manufacturing and Distribution enterprises?
With online ACH Payments from within OmegaCube ERP, enterprises can automate payment workflows and conduct seamless, secure, speedy online payments to their vendors and suppliers. By making payments against multiple invoices for each or multiple vendors at a single point of time, they considerably reduce time, manpower and associated costs. Moreover, timely payments ensure improved trust and reputation amongst vendors and suppliers.
Sending an encrypted NACHA file to banks as per their pre-approved format brings more payment security to both enterprises and their vendors. Automatic email payment notifications to vendors improves payment-related communications and eliminates miscommunication and confusion. Overall, it improves speed of doing business leading to timely order-fulfilment and delivery to customers.
Contact us for a detailed demo on Online ACH Payments within OmegaCube ERP.
