Payment management has become a critical area for businesses, especially in a context where operational efficiency and security are paramount. In this way, digital solutions have become key to managing payments more efficiently, reducing errors and processing times. So much so, that it is estimated that the adoption of automation technologies can increase minimum productivity by 30% or more, by eliminating manual errors.
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This is how companies in Latin America are rapidly migrating towards digital solutions to manage supplier payments and payroll, seeking greater efficiency and error reduction. As demonstrated by ePayco Payouts, a comprehensive solution designed to facilitate payments to suppliers and payroll management in an efficient and secure manner, even allowing companies to manage their payments in a centralized manner, optimizing both time and resources, generating cost savings of 44.61% in this process.
Juan David Rúa, CEO of ePayco, a fintech considered one of the largest digital payment and collection ecosystems and solutions in Colombia, explains that This tool allows you to make mass payments to suppliers and employees, simplifying the administrative process, automating transfers, reducing the risk of errors and delays in payments..
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For her part, Daniela Jaramillo, Product Owner of this solution, says that the tool is very efficient because it allows you to separate payroll and supplier pockets, divide the funds, facilitating clear and organized administration. “Each pocket can be managed independently, allowing for more precise control of financial resources”.
It should be noted, explains Jaramillo, that one of the advantages of this tool is the direct integration with multiple banking entities, such as, Davivienda Bank, Daviplata, Bank of Bogota, Bank of the West, Av Villas, Popular Bank, Bancolombia, Nequi, Colpatria and BBVA.
Additionally, you have the option to make payments directly from the available balance in your ePayco account from the proceeds collected from your other payment solutions, such as subscriptions and collections, eliminating the need for additional bank transfers.
A study carried out by Finexio in partnership with PAYMENTS, states that late payments to suppliers have consequences for companies, with one of the main causes of late payments being manual work (human errors) and the lack of tools from virtual bank branches, among others.
The frustration of dealing with these errors is leading to record adoption of payment automation. Nearly 90% of businesses in a recent survey said that automating their systems can improve payment visibility and transparency and therefore reduce errors, while 98% said automation could improve the speed of their overall payments.
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The same is true for payroll, a process that involves a lot of repetitive and error-prone tasks, such as data entry, calculating hours worked, discounts and withholdings, and generating pay stubs. This consumes valuable time and resources that could be spent on more strategic activities. And, incorrect payment can lead to fines, legal penalties, and even affect team morale.
Upgrading to these automated solutions can help businesses save approximately 11% of their wasted spending, which currently amount to between 4.1% and 4.4% of all spending, depending on the severity of current errors.
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