{"id":3974,"date":"2022-10-27T07:03:48","date_gmt":"2022-10-27T07:03:48","guid":{"rendered":"https:\/\/decentro.tech\/blog\/?p=3974"},"modified":"2024-10-17T07:00:27","modified_gmt":"2024-10-17T07:00:27","slug":"vendor-payments","status":"publish","type":"post","link":"https:\/\/decentro.tech\/blog\/vendor-payments\/","title":{"rendered":"Vendor Payments: All You Need To Know"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/decentro.tech\/blog\/vendor-payments\/#What_are_vendor_payments_and_who_needs_them\" title=\"What are vendor payments, and who needs them?\">What are vendor payments, and who needs them?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/decentro.tech\/blog\/vendor-payments\/#Why_are_Vendor_payments_important\" title=\"Why are Vendor payments important?&nbsp;\">Why are Vendor payments important?&nbsp;<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/decentro.tech\/blog\/vendor-payments\/#How_do_vendor_payments_work\" title=\"How do vendor payments work?&nbsp;\">How do vendor payments work?&nbsp;<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/decentro.tech\/blog\/vendor-payments\/#What_are_the_Challenges_with_Vendor_Payments\" title=\"What are the Challenges with Vendor Payments?\">What are the Challenges with Vendor Payments?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/decentro.tech\/blog\/vendor-payments\/#Vendor_Payments_A_Comparison\" title=\"Vendor Payments: A Comparison\">Vendor Payments: A Comparison<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/decentro.tech\/blog\/vendor-payments\/#How_to_make_vendor_payments_seamless\" title=\"How to make vendor payments seamless?&nbsp;\">How to make vendor payments seamless?&nbsp;<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/decentro.tech\/blog\/vendor-payments\/#Long-term_impact_on_businesses\" title=\"Long-term impact on businesses&nbsp;\">Long-term impact on businesses&nbsp;<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/decentro.tech\/blog\/vendor-payments\/#Enable_efficient_vendor_payments_for_your_product\" title=\"Enable efficient vendor payments for your product&nbsp;\">Enable efficient vendor payments for your product&nbsp;<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/decentro.tech\/blog\/vendor-payments\/#How_Can_Decentro_Empower_Your_Vendor_Payments\" title=\"How Can Decentro Empower Your Vendor Payments?\">How Can Decentro Empower Your Vendor Payments?<\/a><\/li><\/ul><\/nav><\/div>\n\n<figure class=\"wp-block-image size-large featured-post-img\"><img loading=\"lazy\" width=\"854\" height=\"854\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/Vendor-Payments-All-You-Need-To-Know.jpg\" alt=\"\" class=\"wp-image-6242\"\/><\/figure>\n\n\n\n<p>Vendors, also known as suppliers, are the backbone of businesses across multiple sectors. Your network of vendors ensures that your business\u2019 supply chain stays active, helping you build a sustainable business over time. As companies scale and the number of vendors increases, managing the accounts payable (AP) of the company\u2019s vendors becomes a challenge.<\/p>\n\n\n\n<p>With the widespread adoption of digital payment as the preferred transaction method across businesses and sectors, the real impact of the need to standardize the payment process becomes more evident during the festive season. Adopting an efficient solution acts as an asset during the exponential rise of the transaction volume during this focused time, largely due to its convenience and added benefits in the form of cashback and exclusive discounts. To put things into perspective, in terms of volume, from the day of the first Navratri in 2023 on September 26 till October 23, the business of more than 1.25 lakh crore had already taken place in the country, according to the Confederation of All India Traders (<a href=\"https:\/\/www.thehindu.com\/business\/Economy\/deepavali-sees-record-trade-of-375-lakh-crore-cait\/article67528473.ece\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">CAIT<\/a>). The total business of Diwali sales was expected to cross 1.50 lakh crore, which was be a significant boon to India&#8217;s retail trade and open the playing field for effective solutions to facilitate such numbers.\u00a0<\/p>\n\n\n\n<p>In this blog, we will backtrack and <span style=\"box-sizing: border-box; margin: 0px; padding: 0px;\">learn more about<strong>&nbsp;vendor payments<\/strong>, how they work, and the benefits<\/span> of automating the process.<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_are_vendor_payments_and_who_needs_them\"><\/span>What are vendor payments, and who needs them?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>AP is one of the most important pillars of any company&#8217;s financial management system. It represents the short-term debt owed by the business to its vendors and suppliers in exchange for products and services. <strong>Vendor payment<\/strong> clears this debt by processing the payments to vendors and suppliers. The types of vendors can vary based on the kind of business and sector of the company.<\/p>\n\n\n\n<p>Here are some examples:&nbsp;<\/p>\n\n\n\n<ul><li>A supermarket chain would purchase products from wholesale vendors.&nbsp;<\/li><li>A B2B business producing individual car parts must purchase raw materials from its suppliers.&nbsp;<\/li><li>A D2C pet care business will source its products from a mix of pet food producers<\/li><li>Marketplaces have a wide network of eCommerce merchants who market their products on the platform<\/li><li>A gig work platform may need to settle payments to a large fleet of skilled workers providing services to customers&nbsp;<\/li><\/ul>\n\n\n\n<p>As we can see, almost every business has its unique network of vendors with whom they need to build relationships and honor the payment of their debt with an efficient <strong>vendor payment <\/strong>process.&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"Why_are_Vendor_payments_important\"><\/span>Why are Vendor payments important?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To build a sustainable and profitable business, companies not only need to expand their network of vendors, but they also need to have a plan to retain them. An essential aspect of the relationship-building process is to be able to clear <strong>vendor payments<\/strong> in a timely and efficient manner. In earlier decades, companies would require a team of accountants to manage this process efficiently through physical books or spreadsheets.<\/p>\n\n\n\n<p>However, in today&#8217;s times, additional complexities make it impossible to sustain efficient vendor payments through manual efforts. Here are some of the challenges that are addressed when companies invest in state-of-the-art <strong>vendor payments <\/strong>automation software:&nbsp;<\/p>\n\n\n\n<ul><li>The number of vendors is growing exponentially, reaching hundreds, thousands, lakhs, etc. Manually managing them can result in errors, delays, duplications, and lack of compliance.\u00a0\u00a0<\/li><li>Vendors can be seamlessly paid in multiple currencies.<\/li><li>Intuitive cash flow monitoring is required with the same vendor sells and purchases products within your ecosystem\u00a0\u00a0<\/li><li>Vendor payments may need to be processed from multiple company verticals, which brings more complexity to the process.\u00a0<\/li><li>Vendor payments need to be compliant with various requirements such as TDS (tax deducted at source) and GST (goods and services tax)<\/li><li>The credit period can change, and various vendors may also have unique credit periods, making it difficult to track and incorporate such changes manually.\u00a0<\/li><\/ul>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"How_do_vendor_payments_work\"><\/span>How do vendor payments work?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img src=\"https:\/\/lh4.googleusercontent.com\/xnnQ06jOBB0YTnxQ7eNnZ0OuUaRFPv-W-X402Cpcu2ejrAesrVkRKaIb94Q9r7dJAqCiMwVz5K1EbXhVtidfIfUx2U3vTTfb8fMgFQ2PwFaa-SABCZYlJz5nN3uRMr5Ghag6v_4T2V_uo82dxvWsvKbNrqXQUi3beW47z8z02BG7MUdlFtV01-RCTg\" alt=\"Vendor payment flow\"\/><figcaption>Vendor payment flow<\/figcaption><\/figure>\n\n\n\n<p>The <strong>vendor payments<\/strong> process may vary from organization to organization based on the business model and the business scale, but the basics remain the same. Here is the snapshot of the process of how vendors typically get paid:&nbsp;<\/p>\n\n\n\n<ul><li>The vendors send their invoices to your business. If they forget, you may need to remind them several times.\u00a0<\/li><li>Once you receive an invoice, check for the accuracy of the invoice\u00a0<\/li><li>Next, your records must be entered into your accounting system. You\u2019ll need to calculate and apply any taxes to purchase TDS for GST if required<ul><li>Any TDS owed to the government must be deposited within the correct time frame.\u00a0\u00a0<\/li><li>You must also file a Form GSTR-3B to report any GST paid and discharge this liability.\u00a0<\/li><\/ul><\/li><li>Get an authorized signatory to approve the invoice payment on time to process the payment on the due date.\u00a0<\/li><li>Once the vendor payment is completed using the payment mode of choice, you must record the transaction in your accounting system for future reference.\u00a0<\/li><\/ul>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_Challenges_with_Vendor_Payments\"><\/span>What are the Challenges with Vendor Payments?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If your business operates with multiple vendors with varying payment cycles, timely settlements can be challenging. Having various outlets for your business would require a master consolidation of all the payments &amp; invoices to ensure the <a href=\"https:\/\/decentro.tech\/blog\/payment-reconciliation\" target=\"_blank\" rel=\"noreferrer noopener\">reconciliation process<\/a> is not disturbed.&nbsp;<\/p>\n\n\n\n<h3>Instances of Error<\/h3>\n\n\n\n<p>Most businesses are yet to tap into automation to streamline their financial processes. Especially when it comes to reconciliation and invoice entries, we all know the problems tied to manual processes, no matter how carefully done.&nbsp;<\/p>\n\n\n\n<p>At the same time, it\u2019s an equally time-consuming process that drains a team\u2019s time.&nbsp;<\/p>\n\n\n\n<h3>Delayed Settlements &amp; Chunky Payment Processing<\/h3>\n\n\n\n<p>Initiating payments for invoices is no easy task. Multi-department approvals and transferring money via banks or any external payment processor take their sweet time. For instance, if you opt for wire transfers, cooling periods for beneficiaries are a default time-taker. Additionally, if you employ a <a href=\"https:\/\/decentro.tech\/blog\/payment-service-providers-india-guide\/\" target=\"_blank\" rel=\"noreferrer noopener\">payment service provider<\/a>, the settlement delays are between T+2 and T+ 4.\u00a0<\/p>\n\n\n\n<h3>Processing Taxes &amp; Bills<\/h3>\n\n\n\n<p>Tax Deducted at Source or TDS is money a business needs to pay before settling the amount with a vendor. Based on the nature of products\/services availed, many vendors will have varying TDS amounts, making the process even more excruciating. Moreover, filing GST for your business after showing the cumulative expenses made is necessary to comply with tax regimes in the country.&nbsp;<\/p>\n\n\n\n<h3>Security Concerns<\/h3>\n\n\n\n<p>Ensuring sensitive information such as bank details is necessary for your accounts payable process. While processing payments, ensuring you don\u2019t expose any data or transfer improper payments to a different vendor is all the more important.\u00a0<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"Vendor_Payments_A_Comparison\"><\/span>Vendor Payments: A Comparison<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Let\u2019s break this down into three parts:&nbsp;<\/p>\n\n\n\n<ul><li>A manual process set up by your business<\/li><li>A vendor payment process via any payment service provider[PSP].<\/li><li>Building your custom, automated process via an <a href=\"https:\/\/decentro.tech\/blog\/api-banking\" target=\"_blank\" rel=\"noreferrer noopener\">API banking<\/a> platform&nbsp;<\/li><\/ul>\n\n\n\n<h3>Manual Process&nbsp;<\/h3>\n\n\n\n<p>As we saw previously, the chances of error are high, and the entire process is effort-intensive and time-draining.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" width=\"1920\" height=\"867\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/vendor-payments-manual-processing.png\" alt=\"Manually processing vendor payments\" class=\"wp-image-3331\"\/><figcaption>Manually processing vendor payments<\/figcaption><\/figure>\n\n\n\n<h3>Using A PSP<\/h3>\n\n\n\n<p>Using a payment service provider will let off some steam and help you move faster. But is it a foolproof method? Perhaps not always!<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" width=\"1200\" height=\"675\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/vendor-payments-via-payment-service-provider.jpg\" alt=\"Vendor payments via PSP\" class=\"wp-image-3332\"\/><figcaption>Vendor payments via PSP<\/figcaption><\/figure>\n\n\n\n<h3>Building Custom Workflows Via API Banking Platform&nbsp;<\/h3>\n\n\n\n<p>Are you willing to make your vendors wait for days together? Or do you want to move faster? Banking &amp; financial APIs can help you build a custom internal process within your business to manage vendor financing. You decide how the money flows and when!<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" width=\"1200\" height=\"675\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/vendor-payments-via-decentro.jpg\" alt=\"Vendor Payments via Decentro\" class=\"wp-image-3333\"\/><figcaption>Vendor Payments via Decentro<\/figcaption><\/figure>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"How_to_make_vendor_payments_seamless\"><\/span>How to make vendor payments seamless?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img src=\"https:\/\/lh4.googleusercontent.com\/jcFNEiWbcxvfZ0ftJUWFmiCy5W1UvvHHJjn470xIjRWXOkvx-WDHN7wOU3YlMEzAnfF9Z0LXy-yAa0_i85tyI7VBtrsOMxxQcTMtOuKabtKcoT-DgXMrUHChZWt4hSeG-MXCuPubeR8ZPg-PzUAtxzty5g8uyY5m7QRU9vRW5uvdra_0BtEhcOo9mQ\" alt=\"\"\/><\/figure>\n\n\n\n<p>Today, many businesses are adopting cloud-based <strong>vendor payments <\/strong>software solutions to address the challenges of scale, evolving tax regulations, and other unique vendor needs. Here\u2019s a rundown of the potential advantages of adopting a superior tech-enabled solution to speed up and transform the <strong>vendor payments<\/strong> management function:&nbsp;<\/p>\n\n\n\n<ul><li>Whitelist and verify your vendors digitally via <a href=\"https:\/\/decentro.tech\/products\/kyc-onboarding\/?utm_source=website&amp;utm_medium=blog&amp;utm_campaign=vendor+payments\" target=\"_blank\" rel=\"noreferrer noopener\">KYC<\/a> &amp; KYB stack.\u00a0<\/li><li>Onboard new vendor bank accounts with ease and skip the cooling period\u00a0<\/li><li>Facilitate instant API-based <a href=\"https:\/\/decentro.tech\/products\/payments\/?utm_source=website&amp;utm_medium=blog&amp;utm_campaign=vendor+payments\" target=\"_blank\" rel=\"noreferrer noopener\">payments<\/a> via your preferred payment mode, such as NEFT, RTGS, IMPS, or <a href=\"https:\/\/decentro.tech\/blog\/what-is-upi\" target=\"_blank\" rel=\"noreferrer noopener\">UPI<\/a><\/li><li>Automate reconciliations in real-time via <a href=\"https:\/\/decentro.tech\/products\/ledgers\/?utm_source=website&amp;utm_medium=blog&amp;utm_campaign=vendor+payments\" target=\"_blank\" rel=\"noreferrer noopener\">ledgers<\/a>, to ensure there are no inconsistencies with your double or even triple-entry accounting process<\/li><\/ul>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"Long-term_impact_on_businesses\"><\/span>Long-term impact on businesses&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The impact of leveraging technology to solve the challenges of <strong>vendor payments<\/strong> is multifold. Companies are in a position to&nbsp;<\/p>\n\n\n\n<ul><li>Enhance the relationship with your network of vendors by ensuring timely payments.<\/li><li>Eliminate the instance of error by verifying and validating automated data entry.<\/li><li>Enhance data security of sensitive vendor information with adequate security safeguards.<\/li><li>Keep up with the evolving nature of tax regulations through a dynamic compliance system.&nbsp;&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"Enable_efficient_vendor_payments_for_your_product\"><\/span>Enable efficient vendor payments for your product&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><img src=\"https:\/\/lh5.googleusercontent.com\/XsDG0YaDxzUkh5WKDAE1OZZzDO6vrnhlTyDo5NC9xoC1DdIHNMBbLFzafO-YGnK8YXgkso5STCG1RQPspHqunZLP288TznYbPAXAAu-IBvba50Jnmtja3ZCMBn5BIqvMily2fyn_gk2Uj2Ciz9tEAit0q-zN-KyXUN3DU_2glubeXug29tqlPvkHeg\" alt=\"Benefits of Vendor Payment Automation\"\/><figcaption>Benefits of Vendor Payment Automation<\/figcaption><\/figure>\n\n\n\n<p>Businesses investing early in automated vendor payment solutions will have a competitive edge. They will be able to cultivate long-lasting relationships with their vendor networks and onboard new vendors quickly, thus enhancing the potential to emerge as market leaders. This is where the <strong><a href=\"https:\/\/docs.decentro.tech\/?utm_source=website&amp;utm_medium=blog&amp;utm_campaign=vendor+payments\" target=\"_blank\" rel=\"noreferrer noopener\">Decentro API stack<\/a><\/strong> integrates with your existing process while allowing you to customize your <strong>vendor payment<\/strong> journey. Link your current accounts and simplify your banking experience by bringing them to one place. <a href=\"https:\/\/decentro.tech\/?utm_source=website&amp;utm_medium=blog&amp;utm_campaign=vendor+payments\" target=\"_blank\" rel=\"noreferrer noopener\">Decentro\u2019s<\/a> connected banking module helps with precisely that.&nbsp;<\/p>\n\n\n\n<h2><span class=\"ez-toc-section\" id=\"How_Can_Decentro_Empower_Your_Vendor_Payments\"><\/span>How Can Decentro Empower Your Vendor Payments?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You don\u2019t need to create brand-new accounts to process vendor payments. Link your current accounts and simplify your banking experience by bringing it to one place. <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" width=\"1999\" height=\"1148\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/vendor-payments-bulk-settlements.png\" alt=\"\" class=\"wp-image-3337\"\/><\/figure>\n\n\n\n<h4>Reconcile Easily With Virtual Accounts&nbsp;<\/h4>\n\n\n\n<p>You can create custom virtual accounts for each vendor to track and reconcile all real-time payments. It takes just a few minutes, and you can create as many accounts as needed. A master virtual account and vendor accounts will help you move funds quickly without losing track of payments.&nbsp;<\/p>\n\n\n\n<p>Track even failed transactions and keep your ledgers up-to-date. In addition, you can move funds from individual accounts to your master account at any time and in one go!&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" width=\"1999\" height=\"850\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/vendor-payments-virtual-accounts-decentro-reconciliation.jpg\" alt=\"\" class=\"wp-image-3334\"\/><\/figure>\n\n\n\n<h4>Initiate Instant Payouts (NEFT\/IMPS\/UPI\/RTGS)<\/h4>\n\n\n\n<p><a href=\"https:\/\/decentro.tech\/products\/instant-payouts\" target=\"_blank\" rel=\"noreferrer noopener\">Transfer payments to your vendors<\/a> without any beneficiary cooling periods or settlement delays. You can employ diverse methods such as NEFT, IMPS, UPI, and RTGS. Utilize our <a href=\"https:\/\/decentro.tech\/resources\/upi-apis\" target=\"_blank\" rel=\"noreferrer noopener\">APIs for UPI<\/a>, skip paying transaction charges to PSPs, and utilize the zero MDR on high-volume transactions.&nbsp;<\/p>\n\n\n\n<h4>Process Bulk Payments&nbsp;<\/h4>\n\n\n\n<p>Settle payments with multiple vendors at one go using <a href=\"https:\/\/decentro.tech\/resources\/bulk-payouts\" target=\"_blank\" rel=\"noreferrer noopener\">bulk payouts<\/a>. Simply enter the invoice and beneficiary details, and leave the rest to us. With a simple API call, get high-volume bulk settlements done instantly, along with the reconciliation.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" width=\"1999\" height=\"1148\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/vendor-payments-bulk-payouts.png\" alt=\"\" class=\"wp-image-3335\"\/><\/figure>\n\n\n\n<h4>Manage Invoices Easily&nbsp;<\/h4>\n\n\n\n<p>Manage invoices easily with Decentro\u2019s API banking platform. Upload CSV files containing all required details, such as due date, payment amount, and beneficiary bank account details, and process invoices automatically. Once settlements are successful, get notified! Analyze the status of your invoices at any time.&nbsp;<\/p>\n\n\n\n<h4>GST Data In One Fetch<\/h4>\n\n\n\n<p>Our <a href=\"https:\/\/decentro.tech\/resources\/goods-and-services-tax-gst-api\/\" target=\"_blank\" rel=\"noreferrer noopener\">GST APIs<\/a> fetch all crucial data to optimize vendor financing &amp; bill discounting. Leverage a single API Integration to access multiple GST data points and resources. Validate the GSTIN of your vendors, collect e-way bills for transporting goods, and analyze GST returns by accessing filling information spanning GSTR1, GSTR3B, and GSTR2A, with just a click.<\/p>\n\n\n\n<h4>Enable Split Payments &amp; Commissions&nbsp;<\/h4>\n\n\n\n<p>Don\u2019t worry about the bookkeeping process if your business has multiple outlets and requires funds to be routed to multiple vendors simultaneously. We\u2019ve got you covered with <a href=\"https:\/\/decentro.tech\/blog\/split-payments-commission-settlements-for-businesses\" target=\"_blank\" rel=\"noreferrer noopener\">split payments APIs<\/a>. No matter how many destinations your money circulates, it is a cakewalk now to bookkeep them efficiently in real-time without compromising the cash flow cycle!<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img loading=\"lazy\" width=\"1197\" height=\"445\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/vendor-split-payments-commission-settlements-decentro.png\" alt=\"\" class=\"wp-image-3336\"\/><\/figure>\n\n\n\n<h4>Collect Payments With Ease<\/h4>\n\n\n\n<p>Simplify the collection process just like settling invoices with your vendors. Generate a payment link, or collection request to facilitate one-tap payments from your vendors\/customers. Leverage conversational banking via social platforms like WhatsApp, and make it simple for your vendors even further.&nbsp;<\/p>\n\n\n\n<p><em>If your business seeks to optimize your vendor payments flow, drop us at hello@decentro.tech to start a conversation. We can help you access a customized solution for your <\/em><strong><em>vendor payment<\/em><\/strong><em> challenges.<\/em><\/p>\n\n\n\n<p><a href=\"https:\/\/decentro.tech\/signup\/?utm_source=website&amp;utm_medium=blog&amp;utm_campaign=vendor+payments\" target=\"_blank\" rel=\"noreferrer noopener\" class=\"decentro-homepage-signup\">Let&#8217;s Connect<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This guide contains everything you need to know about Vendor Payments. It also dives into why they are important, and how to enable them for your business. <\/p>\n","protected":false},"author":17,"featured_media":6715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1,24],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vendor Payments: All You Need To Know - Decentro<\/title>\n<meta name=\"description\" content=\"This guide contains everything you need to know about Vendor Payments. 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