Transitioning to a New Payment System
If you’ve decided to switch to using a new payout platform or method for making payments to suppliers, you will need to follow through on a few steps to ensure the transition is a smooth, simple process. Handling everything with a mass payment system is one of the easiest ways for busness owners to sign up and track payments, but you’ll need to keep your suppliers up-to-speed before you fully make the transition.
For some suppliers, their preferred payment methods will match up perfectly with what the payout platform offers. For others, you will have to figure out a new method to save you both time and energy. An excellent platform supports multiple types of payments, so you should never have to force a suppliers into a certain payment method. If you want to switch to handling all payments online, you will have to persuade your suppliers who prefer paper checks that online payments are faster and save money.
You should always inform your suppliers when you get a new payment platform because some might want to try using a different payment method that is more efficient for both of you. For example, if you have suppliers who use PayPal, but they want to try to use a different method, you can show them their new options so that they are completely satisfied with their choices. Informing your suppliers about a new platform also gives them necessary information about the companies who handle their money and the peace of mind that it is secure and confidential.