India-based payments and API banking solution company Cashfree Payments has announced the launch of Vendor Payments to help businesses simplify the purchase-to-pay cycle. 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.

The spokesperson added that Vendor Payments marks an important step in changing how businesses manage their accounts payable processes, providing them with efficiency, accuracy, and control, stating that the company is committed to innovation and bettering its offerings to meet the evolving needs of businesses. Cashfree Payments product offering A payment and API banking solutions company, Cashfree Payments provides full-stack payment solution enabling businesses in India to collect payments and make payouts through all available methods with simple integration. Its offerings include and advanced and simple method to integrate payment gateways, a split payment solution for marketplaces, bank account verification API, Lending disbursals solution and Auto Collect - a virtual account solution to match inbound payments to customers.

The company enables over 3,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards, with its products being leveraged in eight other countries, including the USA, Canada, and the UAE. .