What you need to know about Payment Automation by SAP HANA

SAP HANA Vendor Payment Automation: Just what you had been looking for!

If you are looking for a way to manage vendors automatically and electronically, then Vendor Payment Automation by SAP HANA is the best choice!

SAP HANA Vendor Payment Automation reduces human intervention and eliminates error-prone tasks from trade and accounts processes.

Vendor invoice bills can be done in a simpler way with SAP HANA, and once the due bill has been permitted by the applicable party, a payment request is automatically sent securely to the bank server. The banking server will later complete the payment in RTGS or NEFT mode, and the system will create a UTR number to indicate an effective transaction.

Benefits of Vendor Payment Automation

Quicker Processing and Cycle Times

The objective of an organization’s accounts payable department is to develop payment procedures as commendably as possible in order to cut down on needless expenses. When vendors are paid quickly, time wastage is avoided to a great extent. One more advantage of on-time payments is the frequent incentives offered by vendors. This is effectively made possible with Vendor Payment Automation.

Payment Automation

Payment automation has an extensive range of benefits, from logistical gains to improved payment security, in addition to enhanced vendor relationships. Accounts Payable departments and vendors progressively need real-time analytics and visibility, permitting them to create reports and make appropriate decisions that support the business priorities. Vendor Payment Automation by SAP HANA offers access to real-time dashboards that envision KPIs such as payment mix, and such.

Fraud Prevention

Industries worldwide are looking for ways to reduce the possibility of scams without deterring or negotiating with the efficiency of their payment process as a result of the increasing frequency of payment fraud.

Over here, Vendor Payment Automation plays a key role in assisting in reducing fraud. The abolition of paper checks is one of the simplest solutions because check fraud is nearly three times more likely than transfer fraud to happen.

Reduced Cost of Transaction

Costs can be considerably reduced by using an automated payment system like the one offered by SAP HANA, which accepts digital payments rather than cash or paper checks.

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