Bulk payments, also known as batch payments and mass payments, are the perfect method for businesses that make regular payments. Each time you wish to make a transaction, it can take a lot of time and resources with the amount of information you have to gather to do so.
Consider the employees, freelancers and service partners which your business has. Then, imagine having to perform a transaction for each one - repeatedly. When you have to manually create one-by-one, a Finance representative may end up taking half a day or one full day just to do so!
We are all only human after all, such a tedious manual method can inevitably be prone to human error.
You also have to be incredibly cautious. You must have a well-planned payment schedule so all transactions can go through on time.
Here are the key benefits of using bulk payment:
- Automate your information:
Save and update information through an excel template so you don't have to key in your beneficiary details from scratch during each payment cycle
- Pay multiple people at once:
By doing so, this allows you to save time and resources!
- Bulk approval:
Aside from making multiple payments at once, you can also have it approved at once through Wallex.
How Bulk Payments Can Be Useful For Your Business
Here are a variety of industries that may find it handy to use our bulk payment method monthly:
A shipping company tends to hire a large number of crew members as well as work with a large number of agents. You can respectively create a bulk payment for your crew and agents.
Payroll is one of the most common regular payments in business, applying to all industries. You can set up a bulk payment for your employees or/and freelancers.
It can be tricky to hire foreign talent, so it helps to use recruitment partners which you trust. You can set up bulk payment to pay recruitment partners in various countries. We allow you to pay in up to 46 countries and to 180 countries.
- Making payments to multiple suppliers and vendors:
A common use case across industries, you can set up bulk payment to pay more than one supplier or vendor at one go and at regular intervals.
In general, regardless of your industry or company size, you may use bulk payment for any service partner that you work with on a regular basis.
How To Use Our Bulk Payment Feature
If you are not a Wallex customer yet, you may sign up here first.
1. Log into our Wallex platform and click “Bulk Payments” on your left-side dashboard
2. Download our “Bulk Payment Template” where you will have to input beneficiary and payment details
3. Once filled, upload it and you are ready to go!
Common Questions about Bulk Payments
1. How many currencies can be in the same bulk payment template?
All 46 currencies that we support. Find out more here.
2. Is there a minimum or maximum number of beneficiaries for a bulk payment template?
You have to include at least 1 beneficiary and you can include up to 200 beneficiaries.
3. How do I edit a preexisting bulk payment template?
No worries, if you need to make any further edits after your initial submission, you can edit the uploaded template ahead of your next bulk payment.
Start Your Bulk Payment Journey Today
We created our bulk payment method so you can focus on your business and concentrate on what you do best, while we handle what we do best which is serving your payment needs.
For existing customers, you may contact your Account Manager should you require more information.
For those who are new to Wallex, you may first sign up for our platform here. Once approved, you will be assigned a local Account Manager that is dedicated to serving your business needs. This is part of our commitment to provide excellent customer service.