The smooth running of an operation involving many service providers or large volume of payments, such as refunds or payments to outsourcers, depends on several financial procedures. And if they are not well structured, they can be highly stressful for back-office departments, such as finance and customer service, and the beneficiaries of the payments.
In this post, we will discuss the importance of a complete and well-structured payment flow.
How important is a good payment flow?
The financial staff needs to monitor the entire payment flow, relying on different forms of payment and ensuring bank transfers are made on time.
Without a solution to manage all these activities, companies are vulnerable to the main errors that affect the payment process, such as incorrect, duplicate, or delayed transfers due to manual error.
The impact of payment failures
Flaws in the payment process trigger consequences that extend to the company's other internal operations and affect its reputation with suppliers, customers, and strategic partners. Find out more below.
Without a secure environment to handle payments, company and customer sensitive information is exposed to leakage, theft, and unauthorised access. The consequences of this vulnerability can lead to lawsuits against the company and damage to its reputation among competitors.
Increased back-office workload
A fragile payment flow demands considerable effort to make payments manually. And, furthermore, correct payment errors due to incorrect bank details of beneficiaries. Consequently, we see the back-office departments, such as finance and customer service, becoming overburdened to correct these errors.
Low conversion rate
In addition to the burden on the back office, manual payments also impact the low conversion rate. It is crucial to verify and validate this information to ensure a fast and efficient payment flow and reach the beneficiaries.
Failures and delays in payments can lead to breaches of contract and legal damages for a company. It is, therefore, decisive to have an improved and tailor-made payment system.
Why rely on the help of WePayOut?
WePayOut is a fintech created to optimize payment operations of companies with a large volume of payments to brazilian third parties, from suppliers, service providers, customers, and partners.
When hiring our solution, you make just one transfer for the total value of the commitments and leave all the operational part with us.
WePayOut offers a complete flow for bulk payments. Including bank information qualification to avoid bank transfer rejection and secure set ups to avoid problems like duplicity, which generates a conversion rate above 90%. Furthermore, our process also includes automatic retry payments and a complete communication flow with the beneficiary via e-mail, text and voice messages to collect the correct data.
As mentioned, a complete payment method is vital and goes beyond the payment itself. Rely on the solution of who is a reference on the subject. WePayOut will help you to rethink your business payment model, with solutions to streamline your operations, make more payments reach the beneficiaries and reduce the back-office workload.
Understand more about our complete payment flow with bank information collection and qualification.