Enhancing your Payments Process with Same Day Reimbursement
In today's fast-paced business world, the last thing employees want is delayed expense claim reimbursements. Claims which can take up to a month to repay can lead to frustrated employees which in turn impacts a company’s overall productivity. Fortunately, payment solutions can streamline this process allowing employees to be paid back on the same day as they submit their expense claim, providing swift reimbursements. In this blog, we will explore how a payment solution can accelerate the payment process and benefit both your employees and your business.
The need for a payments solution
Having to wait weeks for employers to reimburse expense claims can put a financial burden on employees, as well as a loss in trust in the employer, which may cause claimants not to submit their claims promptly and truthfully.
An automated payments system can help improve a business in the following ways:
1. Save time and minimise errors with Webexpenses Payments
Traditionally, processing employee reimbursements can be tedious and time-consuming, involving manual paperwork and multiple approval stages. With Webexpenses Payments, the entire process is digitised and automated, eliminating paperwork and reducing processing times. Adopting a payment solution allows companies to reduce paperwork, eliminating the need for physical receipts, and minimising the risk of errors, ultimately saving money and resources. This means finance teams are spending less time managing expenses and more time on important tasks in their role.
2. Empowering employees through instant reimbursements
When employees are reimbursed promptly, they feel valued and respected by their employers, empowering them to make necessary business-related purchases without the worry of financial burden. Knowing that they will be reimbursed on the same day. This can lead to an overall productivity increase, as well as claimants submitting their claims promptly.
3. Enhanced financial visibility for reimbursements
Payments systems should also provide real-time tracking and reporting capabilities, offering finance teams and management better visibility into expenses. These services help with budgeting and forecasting, allowing organisations to make informed decisions based on accurate data. With a full audit trail of each payment with authorisation stages, your finance team can know where each transaction is at any time.
How Webexpenses Payments works
You can leave clunky processes in the past, save time and easily pay business expenses in as little as a day. With 60% of payments being completed instantly and 94% within 24 hours, ensure that your employees aren't out of pocket for an extended period.
Eliminate the need to transfer information between systems by making payments directly within the Webexpenses software. Group multiple expenses into a single payment and keep track of payments to make sure your employees are paid on time.
Webexpenses new payments service revolutionises the expense reimbursement process with its seamless and automated workflow. Here’s a high-level overview of how it works:
- Process Claims with Ease: Employees can submit their expense claims directly through the Webexpenses platform, simplifying the submission process and reducing administrative overhead.
- Quote Generation: The platform batches multiple claims together and generates a comprehensive quote for the set of payments. This quote includes a breakdown of expenses as well as any additional fees, such as exchange rates fees for cross-currency payments.
- Effortless Approval: Once the quote is generated, it's submitted to the client for approval. With a single click, the client can give the green light for payment processing.
- Secure Payments with Wise Platform: Payments are processed securely through Wise Platform, a globally trusted payment provider. This ensures that funds are transferred efficiently and securely.
- Automated Matching and Reimbursing: Matching payments to the corresponding batch and initiation payments to individual claimants. The entire process from payment to matching to reimbursement is automated and nearly instantaneous.
Key benefits of Webexpenses Payments
The introduction of Webexpenses' new payments service brings an array of benefits that significantly enhance expense management for businesses of all sizes:
- Single Application Convenience: With the new service, approving and paying expenses can be done seamlessly within a single application. This streamlined process eliminates the need to switch between multiple platforms, saving time and reducing complexity.
- Faster Reimbursements: By automating the reimbursement process, companies can expedite the payout to claimants. This not only boosts employee satisfaction but also strengthens the organisation's financial agility.
- Trusted Global Payment Provider: Partnering with Wise Platform ensures that payments are processed securely and efficiently, with built-in mechanisms to handle cross-currency transactions and minimise fees.
- Eliminate Manual Errors: Bid farewell to the days of manually extracting data and entering it into banking apps. With the new payments service, the risk of manual data entry errors is greatly reduced.
- Enhanced Efficiency: The automation of the entire payment process enhances operational efficiency, freeing up valuable resources that can be redirected towards more strategic tasks.
- Calculate Exchange Rates Effortlessly: With the ability to make payments to over 70 countries and handy automatic conversions, all the hard work is done for you.
Webexpenses' new payments service is a game-changer for businesses seeking to optimise their expense management processes. With its streamlined workflow, secure payments, and an array of benefits, companies can reimagine how they handle expense reimbursements.