Efficient Vendor management with Payables API

Overview

Managing vendors can often be a challenging task with numerous details, payment terms and contracts to consider. Payables API can help automate and streamline the vendor management process, making it easier for business to maintain healthy relationships and ensure timely payments.

Problem Statement

Traditionally vendor management process often involve manual work, including tracking contract terms, ensuring timely payments, managing vendor-specific details and handle potential disputes. These challenges can lead to missed payments, strained vendor relationships and a lack of visibility into vendor performance and costs.

Solution

• The Payable API is designed for adaptability. Through the create Payable API call, businesses have the unique ability to create and onboard a Vendor "on the fly".

• One of the standout features is the capability to accommodate multiple payees and endorsers in a single transaction. This is especially valuable for businesses dealing with complex payment structure or multi-party agreements, ensuring everyone involved is accounted for.

• By utilizing the Payable API, businesses can achieve enhanced visibility into their vendor relationships. The API allows for tracking every payable associated with a specific Vendor, providing a clear overview of transactions histories, pending dues and completed payments.

• In the event of payment disagreements, SMART-Disburse provides a framework for handling disputes. Coupled with the transparent details of each payable, resolving disagreements becomes a more structured and evidence-based process.