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Better Supplier Payments With Progressive’s XtraPayments

22.7.2022
2 minute read
xtrapayments

Your supplier relationships play an important role in the ultimate service and experience that you are able to provide to your customers. Delayed shipments, incorrect products, or sudden price hikes can all contribute to poor delivery of service and loss of customers.

One of the most contentious arguments between businesses and their suppliers is payments. Cheques are inconvenient and slow, and they do sometimes get lost in the mail. A better way is sorely needed, and now, with XtraPayments, it exists in Malta.

How is XtraPayments better than other payments?

XtraPayments automates your bank transfers and helps you avoid using cheques altogether. This speeds up the time it takes for a supplier to get paid, and reduces the risk of errors either directly on the cheque or on the remitting envelope.

Bank transfers were once slow and frustratingly inefficient, but today, this is changing. Thanks to agreements among SEPA members, bank transfers can be processed within minutes, rather than days. This means that once you send a bank transfer to your supplier, funds should be in the recipient account soon afterwards.

However, a traditional bank transfer requires you to enter the recipient’s details, IBAN, the reason for payment, and other time-consuming information. This is where the benefits of XtraPayments show their value.

By integrating directly with your supplier details on SAGE, XtraPayments will allow you to pay invoices, bills, or payroll with the click of a button. This means that you’ll avoid the need to enter the detailed information necessary each time you need to make a payment. Moreover, you don’t even need to log into your Internet or mobile banking system to make the payment.

Is XtraPayments compatible with Maltese banks?

Yes, we have teamed up with major banks in Malta, including Bank of Valletta, HSBC and APS, to ensure that XtraPayments runs smoothly.

Just as with other SAGE transactions and processes, you can keep track of payments made through user-friendly reports.

Are faster supplier payments worth the hassle?

In actual fact, there is no hassle involved with adding XtraPayments to your existing SAGE infrastructure. This is an integrated app so it can be installed and activated in just a couple of minutes.

As soon as you start using XtraPayments, you’ll reduce the likelihood of errors on cheques, since payment information is sourced directly from the invoice. Moreover, you’ll reduce the time wasted on preparing and writing cheques, sealing them in envelopes, and posting them. You’d be surprised just at how much time you can save with our automated payments system.

Get in touch with a Progressive team member today to find out more about how XtraPayments can improve both internal efficiency and external relationships.

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