Tag: B2B banking

UPI Transaction Status Check: Verify Your Payments

Post author By Surbhi Mehtani
Post date January 24, 2023

Businesses indulge in bulk payments and must submit the invoices for the record to ensure a smooth auditing process. However, maintaining such payment records can be challenging for the finance department as they need to keep track of approval to clear the invoices. This might be a challenge, especially for small or medium-sized businesses.

UPI payment tracking is crucial to maintain the records of the revenue stream and predict the cash flow and status of UPI payments to avoid any errors. And so, having a robust plan to track where the money is going is essential. Various platforms and software are available to help you keep records of all the data without extra manual effort. Learn how to conduct a UPI transaction status check and maintain a clear record here.

What is UPI?

Unified Payment Interface, also known as UPI, is a popular payment method that allows you to transfer money through bank accounts. It has been a game changer for bank account holders as sending money is free of charge. Each account holder gets an ID, such as abcdxyz@bankname, which is a unique identification of the account you use to send or receive payments. Payments can be made via third-party applications after linking them directly with a primary bank account or via a bank app. All this can be done simply by using your smartphone or laptop.

What is a UPI transaction status check?

UPI transaction status check showcases the status of the UPI payment. It shows whether the payment is successful, failed, or still in process. Once the payment is completed, it will show the account holder’s number, name, and UPI ID with payment status. You can use the reference number for UPI payment tracking.

Steps for UPI transaction status check

In case you want to conduct a UPI transaction status check, here are the steps to follow:

Open your bank’s mobile app or log in to your online banking account to initiate a UPI transaction check
Look for a section or tab related to UPI transactions, which may be labelled’ UPI, ‘Payments,’ or similar to conduct a UPI payment status check
Select the UPI transaction for which you want to conduct a UPI payment status check. For this, you may need to provide the UPI transaction ID or reference number
Look for the status of the transaction. It should be displayed on the screen. This is the final step of a UPI transaction status check

Benefits of checking the UPI transaction status

If you need help finding the status of your UPI transaction or have any difficulty doing UPI transaction status check, you can contact your bank for assistance. They will help you with UPI payment tracking.

Why do businesses need to maintain the UPI transaction status?

As mentioned earlier, conducting a UPI transaction status check for businesses is mandatory to avoid auditing errors. Here are several reasons why companies should do UPI payment tracking.

Avoid legal troubles
A transaction proof serves as legal proof of the purchase or the payment. It also helps track the payment date, the supplier, and the item. For every company’s bookkeeping, the record of transactions is the foundation for proper accounting. Accounts can be prepared only with the help of invoices and payment proof.
Helps in tracking expenses through UPI payment tracking
If your profit is zero, having a payment record after conducting a UPI transaction status check will help track down the expenses. The company can create a budget management solution to avoid spending extra money and increase profit.
Helps in filing taxes
A company can pay the right amount of tax and file tax returns only if they have accurate records. If the tax authorities ask for the records to check whether the company has evaded tax or filled in the wrong information, showing the records will help. You can access the records after conducting a UPI transaction status check.
Helps fight missed payments accusations
Businesses often face accusations of not making payments to the merchants. Suppose you made the payment through UPI as maximum small businesses do; having the checked record will serve as proof of the transaction and help the company avoid any dispute.

How does EnKash help?

EnKash is a spend management platform that provides numerous features to businesses to streamline their finances. One such solution includes creating and maintaining a clear approval workflow.

With EnKash’s fintech solutions, you can make timely payments, meet audit compliance, and control expenses while having a complete record of transactions from the beginning with its unique features, such as the UPI payment status check. In addition, with the help of EnKash, you can set spending limits by opening a virtual account or providing a virtual credit card to different departments to make payments, check all the records, and avoid under or overpaying while archiving the records of payments. Stop waiting and connect with EnKash today to create a more robust and precise workflow for your organization!

Tags Payable and Expenses, B2B banking, B2B Payments, B2B Payment solution, B2B Payments India, B2B Finance

Payables

B2B Payments India- All You Need to Know

Post author By Surbhi Mehtani
Post date September 26, 2022
12 Comments on B2B Payments India- All You Need to Know

Payments are one of the most crucial aspects of any business. With a streamlined payment structure, the business could benefit a lot. While digitization in consumer payments is more widely accepted in India, the same is not the case for commercial payments. There is plenty of opportunity for a revolution in B2B payments.

A Closer Look at Business Payments Stats

In a recent report, Credit Suisse estimated that digital payments in India would reach $1 trillion in FY23 with mobile payments accounting for $190 billion, the estimate for 2018 is $10 billion (Credit Suisse Equity Research, “The WhatsApp Moment in Payments”, February 5, 2018).

The report states that “digital payments in India are soaring on the back of global tech giants entering the market as aggregators for retail transactions”. In the same vein, another report estimates that e-commerce transactions will grow to $64 billion in 2020 from $38.5 billion in 2017 (India Brand Equity Foundation, Report on E-commerce, April 2018). Finally, McKinsey estimates that net new payment revenues in India will increase by 13% on an annual basis (McKinsey, “Global Payments Map 2017”).

While these figures show a promising picture for the future of digital payments, let’s first understand in depth what B2B payments are.

B2B Payments – At a Glance

B2B payments are transactions processed between two businesses for exchanged products or services. B2B payments tend to be for much higher sums and are often split across months or quarters. Simply put, B2B payments are payments made between companies.

B2B payments are either received at the point of sale or an invoice is sent to the buyer at a later date. Most B2B businesses send invoices monthly and require payment in 30 days. The method and terms of payment vary from business to business.

The transaction can involve anything- right from office supplies to manufacturing parts and units. Services like accounting tools, email tools, etc also come under B2B transactions.

Due to the current pandemic situation and the restrictions and reforms put in place by the government, there has been a rapid growth in B2B Payment solutions, in both consumer and commercial payments. Although, offline methods of payments are still the go-to method for most businesses.

Types of Payment Methods (Traditional) followed by Businesses

Cash

Cash is still used in some old-school businesses to settle bills, although it is gradually becoming obsolete. Paying your suppliers with a suitcase filled with notes seems odd in this age of digital transactions. Ever since demonetization, cash is not the preferred method of payment anymore.

Cheques

Cheque payments are one of the types of payment methods that are widely used by most businesses. A Cheque is a document that orders a bank to pay a particular amount of money from a person’s or company’s account to another individual’s or company’s account in whose name the cheque has been made or issued. The person who issues the cheque has a bank account for carrying out transactions.

Demand Drafts

Demand draft is a prepaid mechanism, where you pay the bank and get a demand draft for the amount you paid to the bank. The bank provides the demand draft with the details of whom the amount has to be paid.

The payee can take the demand draft, and give it to his bank and get the money deposited to their bank account. In cheques, as there is a disadvantage of bouncing, organizations stick to demand draft for business payments.

Bank Transfers

The payee includes his bank account number and IFSC code in the invoice and the payer either transfers the money from his bank with a transfer challan or just pays through online banking with NEFT or IMPS or RTGS. Online banking transactions happen in real-time which makes them faster, more efficient, and instantaneous.

Payment Gateways

An online payment gateway (PG) is a tunnel that connects your bank account to the platform where you need to transfer your money. Payment Gateway is software that authorizes you to conduct an online transaction through different payment modes like net banking, credit card, debit card, UPI, or the many online wallets that are available these days.

Payment Gateway is the finest traditional B2B payment solution that securely transfers your money from the bank account to the merchant’s payment portal.

If Traditional B2B Payment Solution Fails? What Next!

Due to the inefficiency of these existing payment methods, businesses are on the lookout for a smarter yet convenient mode of making B2B payments. There has been a massive increase in B2B payments solutions in the market to meet the increasing demands of businesses.

Commercial payments are made simpler and more sophisticated by these payment platforms like EnKash, which provides a one-stop solution for all your commercial expenses. From an intuitive spend management platform to a variety of commercial expense cards that ease the payments process, EnKash has all the tools you need to make your business payments quicker and more cost-effective.

Benefits of a commercial payment platform

Speed
Compliance
Cost-Effective
Paperless
Improved Cash Flow
More Secure
High ROI
Fraud Detection
Remote Payments
Enhanced Visibility
Time-Saving
Error Free
Convenience
Simpler Reporting
Easy Integration
Customizable
Reliable Customer Service

To make B2B payments more robust, buyers and sellers must keep in mind the best practices to follow before choosing a payments platform.

For Sellers

Send an invoice as soon as possible
Send follow up reminders when the payment deadline is near
Offer early payment discount and charge overdue payment penalties
Consider card payments

For Buyers

Do not settle your invoices before the due date
Use commercial cards for payments if you still need time for reconciling the cost
Inform the vendor if you miss a payment deadline
Negotiate with your vendor for more favorable terms of B2B payments.
Try to pay via electronic platforms instead of traditional manual payments modes

Didn’t you see the Power of EnKash so far? Let’s have a look now!

Final Thought

Business payments are not what they were a decade ago. Today, transactions are much more complicated which requires smarter solutions. Hence, it is crucial to choose a payments platform that works the best for your business. EnKash is a commercial payments platform that offers not just commercial cards but also a spend management platform, ready-to-plugin APIs, accounting tools, and the works. Upgrade your business experience with EnKash!

Tags Payable and Expenses, B2B banking, B2B Payment solution, B2B Payments India, B2B Finance

Growth Guide

Digital B2B Payments: FinTech versus Banks

Post author By Surbhi Mehtani
Post date September 26, 2022
2 Comments on Digital B2B Payments: FinTech versus Banks

Automation is the new normal and digital B2B payments are here to stay. With the digital wave encompassing the world in its grasp, no industry can afford to lag in terms of automated operability. No matter what kind of business- big or small, automation helps unlock greater insights into the business model. Thus, allowing scope for further enhancement to optimize workflow and make it the most efficient. FinTech is the leading source of change with its sophisticated B2B payment solution that makes commercial payments much easier.

While many businesses still function with legacy tools, many small and medium-sized businesses are looking to upgrade to newer technologies early on in the life cycle so that they can stay the latest in the industry with higher throughput than their contemporaries.

With consumer trends shifting from cash to plastic to digital platforms, automating your business payments can benefit you in multiple ways. Let’s take a look at some of the benefits that you can enjoy by automating your Accounts Payable and Accounts Receivable by investing in digital B2B payments methods.

8 Quick Benefits Of Using EnKash Digital Payment System

Time-Saving

Automation saves time. Most of the AP processes take days because of cumbersome middle processes like generating quotations, purchase orders, invoices, getting approvals from the various departments, getting bank guarantees and sanctions.

To top it off, cheque payments take days, sometimes even weeks, to clear the transaction. The same process is repeated in AR, where the client takes the same amount of time to process your payments. With an automated B2B payments solution, a lot of time can be saved by simply getting approvals digitally in a matter of seconds. These platforms also come with the functionality of digital B2B payments. Using the EnKash digital payment system, you can make and receive payments from a single platform with complete visibility.

No Manual Errors

With an automated B2B payments platform, you not only save a lot of time in processes but also in correcting mistakes that are made when payments are handled manually. Paperwork is seldom immune to errors. With a digital b2b payments platform, you bypass human intervention, which not only just speeds up the process but also makes it fail-proof.

Eco-Friendly

Sustainability is the mantra of the world that’s inching towards eco-friendly practices day by day. No matter what the nature of the business, leaving behind a large paper trail does not look good on your ethical chart. Reducing carbon footprint is one of the key goals of industries worldwide, and Business-to-business payment automation helps you achieve that.

By automating your AR and AP, a lot of redundant manual paperwork is completely skipped as everything happens digitally.

Compliance

For a business to grow, compliance is key. Staying compliant with the ever-changing legislation and laws of RBI is crucial. It is necessary to regularly audit and goes over your business books with a fine-tooth comb to ensure no loopholes are being exploited and money goes where it is supposed to and comes from where it is supposed to.

Auditing a digital database is much easier than auditing a 1000-page bookbinder that is prone to manual calculation errors and incorrect data entry. To get out of such difficulties, EnKash B2B digital payment system or business-to-business commercial payments platform comes studded with state-of-the-art compliance capabilities that can alert the user when things seem out of line.

Customizable

One of the advantages of going for an automated B2B payments platform is that it can be altered to suit your every business needs. The EnKash software can be tweaked to include tailor-made solutions for all your commercial payment woes.

Using the EnKash digital b2b payments solution, you can add and remove functionalities on a need-be basis through the lifecycle of your usage. So that you always stay up-to-date with additions in the field of digitization.

Cost-Effective

Investing in an automated payments platform like EnKash digital payment system may seem expensive at first. But you will reap its benefits for years to come.

For a business that is in either the inception or initial growth stage, such expenses might seem unnecessary. But it is always better to embrace digitization early on in the business lifecycle rather than incorporating it after you have become comfortable with legacy solutions.

These digital b2b payment solutions come with no added cost and are extremely easy to use with their plug & play feature.

Cash Flow Monitoring

Visibility is necessary for the financial chain of events. To understand how much working capital is available in the

An automated AR and AP system allows easy visibility in the finances. So, you have all the information on a single screen that answers all your questions about all incoming, outgoing, and balance payments.

Keeping track of AR and AP puts you in a powerful position to make important business decisions. And using the state-of-the-art EnKash expense and spend management tools is the right solution to never let your business run out of cash.

Remote Working

In this new normal way of working, the post-pandemic hit us all. Remote working has been gaining massive popularity nowadays. Executive decisions are being made sitting at home. From sales to marketing, and from purchases to payments, everything is being handled by people placed at remote locations.

In such a scenario, legacy payment methods would fail. A digital AR and AP platform can help process payments faster and make collections much easier.

If an employee can work from home from a single touch-point which gives them access to centralized data and get sanctions digitally, it boosts morale and builds faith in the company’s work culture. Remote working is all the rage now.

Enabling your employees to make executive decisions from anywhere in the world through the EnKash digital payment system makes your business smarter, more efficient, and dependable.

How Can You Opt For B2B Payment Solution To Increase Productivity?

Make your commercial payments smarter and quicker with EnKash! EnKash is a corporate cards and payments platform that can completely revolutionize the way you pay! From expense cards to purchase cards, from digitized AR & AP to integrated accounting software, EnKash is a one-stop solution for all your commercial payment needs.

Predict cash flows and make insightful business decisions with EnKash. You can cut your business expenses by 60% with EnKash.

Do not believe us?

Call us right away for a free demo and sit back as EnKash makes life easier for you!

EnKash – Easy to empower your financial cash flow.

Tags Payable and Expenses, B2B banking, B2B Payment solution, B2B Payments India, B2B Finance

Payables

Top 5 Reasons to Adopt B2B Payment Automation

Post author By Surbhi Mehtani
Post date September 23, 2022
3 Comments on Top 5 Reasons to Adopt B2B Payment Automation

Digital is the new normal. This mantra of B2B payment automation has been ingrained in our post-pandemic world which is a big change in terms of how we used to function. The pandemic played an important role in familiarizing us with the world of digitalization and how dependency on manual or traditional processes is not an ideal way to survive in this evolved economy. Technology is slowly but surely changing the world as we know it and its Midas touch has been felt by businesses, big and small, worldwide.

The digital payment revolution has been on the top of the list of key FinTech players in the country who are rapidly evolving with the changing consumer demands. The sociocultural landscape in India has changed drastically over the past few decades and consumers are now hungry for newness. Gone are the days when people used to stick to the old ways of doing things purely out of comfort. Comfort zones are being escaped, barriers are being crossed and the appetite for innovation has increased substantially.

A snapshot of the digital payments ecosystem in India

KPMG Analysis in 2019 — KPMG Secondary Research, KPMG in India’s Analysis 2019

Automation has now diversified the B2B payment automation and payments infrastructure in India. Digital payments transaction value in India between 2019 and 2023 is expected to grow at a CAGR of 20.2 percent. By 2025, it is forecasted that the volume and value of digital transactions in India will reach INR 167 billion and INR 238 trillion respectively.

Digital Transactions in India — Volume of Digital transactions in India

New technologies are simplifying the way we look at finance. FinTech is making things simpler to understand and easier to execute. B2B payments remain a market with a huge untapped potential for growth.

Why is Automation Required in B2B Payments?

Lower Risk
Digital transactions happen in a secure environment through proper gateways. These gateways have multiple layers of security checks which almost nullify the chance of any fraud.

Faster TAT
Digital payments are processed and disbursed faster than non-digital modes of payments because they bypass human interference and paper checkpoints.

Business Today, June 2019 | PwC analysis of RBI and NPCI India

Convenient & Accessible

Transacting huge amounts of money from anywhere in the world is the biggest plus that digital payments can provide to any user. The payment platforms can be made accessible to anyone with proper authorization which makes a business scalable and flexible.

Traceable Transactions

Maintaining a trail of digital transactions is much easier when you have B2B payment automation, as compared to traditional bookkeeping methods. This helps in easily accessing a specific transaction in real-time and tracing the payment status.

Saves Processing Costs

The traditional non-digital payment methods are laden with soft costs and processing fees of paper checks. A digital platform can help eliminate these costs and can be customized according to the business needs. EnKash is an all-in-one payment processing platform that can cut your business expenses by 60%.

While these are routine advantages that any business can enjoy upon adapting a digital payments platform, there are added advantages of involving FinTech as a backbone of finance in your business. FinTech offers SaaS-based payment solutions that work on a microscopic level to elevate your payment experience fundamentally.

5 reasons why FinTech is a must for B2B businesses

1. Blockchain Payments

Blockchain is a relatively new technology that is used for secure storage of data. Blockchain-enabled payments are highly secure and have inbuilt features like transparency, immutability, traceability, and auditability. Blockchain provides superlative security in exchange for money and sensitive information to thwart attacks and threats. Blockchain payments allow real-time verification of transactions while superseding the need for intermediaries like banks.

2. Commercial and Virtual Cards

Improved cash flow management, enhanced visibility, increased efficiency, and enhanced security are just a few of the benefits that businesses can enjoy by leveraging the power of commercial and virtual cards. These digital payment solutions offer centralized management, expense tracking, fraud protection, and customizable features, making them essential tools for streamlining operations, reducing costs, and improving overall financial performance.

3. Automation

FinTech is essentially the automation of payments. The amount of time that is wasted on issuing checks, PO, invoices, bank guarantees, and other documentation mounts up to a big number. This can be made time and cost-effective with the help of an automated payments platform that houses the digital onboarding of clients and suppliers, salary and reimbursement deductions, tax filings and rebates, and much more. Digitizing and automating your business’ Accounts Payables and Receivables can make your business a truly futuristic business.

4. Cloud Banking

Cloud computing has time and again proven why it is one of the best technologies to emerge in this decade. Cloud banking will drastically reduce the costs of transactions as it does not need any dedicated hardware to function. The cloud banking resources are scalable and integrate easily with existing platforms to work seamlessly.

5. Customizable Payment Platforms

Not all businesses are the same. A payment platform that provides the best results for one business might be totally wrong for you. This is where FinTech steps in with its diverse portfolio of feature-rich payment platforms and modes of payments that can be customized to craft a tailor-made solution for your business’ pain points. An intuitive and responsive platform for processing payments is much better than old-school methods that hinder the growth of your business.

As it is evident from this list of benefits, it comes as no surprise that more and more businesses are hopping on the FinTech trend to enable better B2B payments. EnKash aims to be a one-stop solution for all your business commerce needs so you don’t have to look any further.

From commercial cards to an all-inclusive payment platform, EnKash has all your business needs covered. With EnKash, you don’t have to work hard. Our payments platform will do it all for you! To find out if EnKash is what your business needs, book a free demo with us and we promise to deliver!

Tags Payable and Expenses, B2B banking, B2B Payments, B2B Payment solution, B2B Payments India, B2B Finance

Receivables

Why do Small Businesses need to Automate Business Accounting

Post author By Surbhi Mehtani
Post date September 23, 2022
2 Comments on Why do Small Businesses need to Automate Business Accounting

Multitasking is a skill that many small company entrepreneurs excel at. However, managing funds may quickly become burdensome – even the simplest financial record-keeping errors can be a headache. A professional or qualified accountant can help in the balancing of accounts and even assist you with tax preparation.

However, understanding whether you need an accountant or the insurgence of the omniscient AI can help you fare better.

Recognizing your business needs is a multi-step procedure that takes time and effort. However, before you begin your search, you must first grasp what an accountant performs and if your company genuinely needs automate business accounting.

Automate your business accounting process

Roles and responsibilities of an Accountant

When you own a business, you’re in charge of everything, from day-to-day operations to recruiting, drafting a business strategy, balancing cash flows and more. While the functions of an accountant are difficult, to say the least, they are extremely crucial for the proper functioning of a firm.

An accountant is a financial expert who may help with financial planning, tax guidance, and even tax returns.
Accountants and bookkeepers are frequently confused. While their area of action may look identical, there is a subtle difference.
Accountants are more likely to have the monetary understanding needed for bookkeeping, they can give a more strategic review of your company.

What is Business Accounting?

To run a business, large and small, require consistent accounts receivable and accounts payable flow. If a company’s cash flows are not carefully monitored, many choices may be impacted. These will eventually cascade down to the company’s revenue statements.

Maintaining a smooth financial flow is no easy task, but if you automate business accounting, it will become easier. It necessitates a well-thought-out strategy, as well as well-planned accounts payable and collections decisions. Finally, a solid commercial costs platform that can offer transparency into the budgetary structure is essential.

What are Accounts Payable and Accounts Receivable?

You may have a better understanding of your accounts payable using the EnKash automated transaction platform. “Accounts payable” (AP) is a general ledger account that shows a company’s commitment to repay a short-term debt to creditors or suppliers. Another typical sense of “AP” is the corporate department or division in charge of making payments to vendors and other creditors on behalf of the firm. The automated transaction platform of Enkash helps consumers grasp a clearer meaning of accounts payable. Automation with EnKash also includes the ability to send payments before the deadline.

Please check out the below URL to automate or digitize the accounts payables:

As a result, you will not miss any payments and will be able to pay before the deadline, allowing you to direct more of your cash flow into revenue-generating streams. Other noteworthy facilities include:

You can have centralized control while having decentralized spending using a virtual B2B payments platform.
The platform provides a comprehensive view of your company’s finances, including Accounts Receivable, Accounts Payable, Working Capital, Cashflow, and a variety of other payment options.
This aerial perspective of your company’s finances will assist you in making well-informed decisions about forthcoming purchases and payments.

For small businesses, the benefits increase when they automate business accounting. With its wide range of features, a system like EnKash can genuinely enhance your B2B payments experience. EnKash offers a broad array of business cards that allow users to make transactions on the move, allowing you to make payments without hesitation. With EnKash, you may achieve ultimate financial freedom!

Please check out the below URL to automate the business payments:

Accounting software for small businesses

Accounting software is one essential kind of computer software that is used by accountants to manage finances and execute accounting tasks. The systematic method, effort, or process of transmitting and documenting financial data is known as accounting. One such interface is provided by EnKash.

So why switch?

We have compiled a list of perks and benefits that come along with automating business accounting.

Benefits of business accounting automation

Quick payments: Speed is a benefit of automation. Reviewing pricing sheets, calculating the overall amount, and then incorporating any special customer-based criteria and their cost all take a long time when creating bills. When performed manually, this is a time-consuming task that is prone to human mistakes. Automating transactions can save time by reducing the amount of time spent on repetitive tasks and reducing the likelihood of invoice errors, which can contribute to distrust in long-term business relationships with clients.
Boosted Security: When it comes down to investing, safety should be a top priority. Traditional payment methods provide a significant level of danger, as data may fall into the wrong hands and funds can be laundered out. Multiple security measures may be implemented to access the database using a centralized automated payments system, rendering significant assaults worthless.

Benefits of Accounts Payable Automation

Error reduction: When manually processing payments, the risk of making a mistake is great. Switching from paper to electronic documents reduces the likelihood of calculating, filing, and processing mistakes. By eliminating superfluous manual operations, AP automation increases productivity and improves employee morale by involving them in productive work.
Spend Transparencies: Automation allows for a consolidated picture of a company’s spending patterns. Finance departments can maintain track of all incoming & outgoing cash flows from a single, real-time contact point. Senior management can keep a close eye on corporate money by confirming that they are used properly and following the firm’s policies. This provides finance teams an extra benefit of being able to map out outcomes to establish a spending limit or release funds after a certain period of time to optimize cash flow.

To know more, visit EnKash.com. You can also click below on Signup Now and we will reach out to you soon.

Tags B2B banking, Banking integration, Fintech solutions for banks, Fintech banking, Fintech and banking, Receivables, Connected banking ICICI

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