Our research shows that it takes up to 15 minutes and 3 people on average to execute a single bank wire. The amount of the invoice is irrelevant, it could be for 5 or 50,000 EUR. The organizational effort remains the same. With this feature, we help businesses reduce this process to just 30 seconds. Here is how.
In general, transfers involve plenty of manual work and produce a lot of bottlenecks, primarily coming from:
Payhawk Bills gives companies the option to pay outstanding invoices directly from the product. That way the organisation has a holistic view of its payments as it combines card, cash, and bank payments in a single process.
Until now, if an employee had to pay an invoice via a bank transfer, a separate process was needed. Based on our previous findings, on average 3 other people would have to be involved, regardless of the fact that expense approval and allocation of funds have already happened.
With Payhawk, all stakeholders follow the standard procedure as with every other expense. The company reduces complexity and all process stakeholders save time and resources.
Payhawk Bills is now available for all of our Premium Spend and Scale customers with a standard SEPA or Faster Payments transfer fee of €1 or £1 depending on the transfer currency.
Here you can learn more about paying expenses via a bank wire with Payhawk.
It's time to leave your online banking and start paying your bills the smart way.
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Whether you have tens, hundreds, or thousands of employees, we’re making your business spend work for you, giving you control over spending at scale with a single solution. Say goodbye to tedious finance tasks, schedule a demo with us today.