Cashfree Payments, a fintech startup that provides payments and API banking solutions, today announced the launch of ‘Vendor Payments’, a platform that is aimed to empower businesses to streamline and manage their purchase-to-pay cycle.
The fintech startup said the new platform enables users to effortlessly upload invoices received from suppliers and other account payables by either manually entering the details or importing them from accounting tools.
This also supports bulk invoice uploads, enabling businesses to process multiple invoices simultaneously for improved efficiency. Similarly, businesses will have the flexibility to add beneficiary details for payments and easily input invoice details. Once the invoice details are updated, businesses can initiate single or bulk payouts for the unpaid invoices, the startup said.
The startup further said the Vendor Payments support various payment modes, including Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT), Interbank Funds Transfer (IFT), and Unified Payments Interface (UPI), ensuring flexibility. ‘Vendor Payments’ seamlessly integrates with popular accounting tools like Tally, Tally Prime, and other ERPs for seamless syncing of unpaid invoices and payment statuses, it said.
Akash Sinha, CEO and Co-Founder of Cashfree Payments, said, ”We are excited to announce the launch of ‘Vendor Payments’, a solution designed to simplify the vendor payment process for businesses. With this new product, our goal is to provide businesses with a comprehensive platform to manage the purchase-to-pay cycle, and other account payables and tax payments, streamlining processes and improving efficiency. ‘Vendor Payments’ represents a significant step in revolutionising how businesses manage their accounts payable processes, empowering them with efficiency, accuracy, and control. Cashfree Payments remains committed to innovation and enhancing our offerings to meet the evolving needs of businesses.”
Notably, The platform offers a ‘Maker Checker Flow’ feature that ensures secure approval processes by defining access levels for stakeholders, reducing the risk of unauthorised payments. It provides detailed invoice reports that can be generated for internal audit purposes, providing comprehensive information on invoice numbers, dates, payment terms, beneficiaries, and transfer modes.
Founded in 2015, Cashfree Payments is integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments operates in eight other countries, including the USA, Canada, and UAE.