One guaranteed way to quickly receive the best service from your vendors and suppliers is to have a strong relationship with them. Aside from being a recurring buyer, the best way to establish a solid relationship is when there are no issues with supply payment. This way, your vendors and suppliers will feel valued and become a valuable part of your business because they will always serve you efficiently.
How do you effectively pay your vendors and suppliers, knowing how vital payment is to building a solid relationship with them and the growth of your business? Mainly if several of them supply your company with various products and services.
How do Businesses Handle Multiple Vendors & Supplier Payments?
For large corporations, the accounts payable departments handle outstanding payments and bills to various suppliers. Since the department is primarily for that, sorting and paying vendors would be done through a unified platform once the supplier's invoice is received. Even though there might be several fees to cover for the transaction, the department can easily track all payments made and document them adequately.
However, this is not always the case for small to medium-sized businesses with a small number of employees or cannot afford a professional to handle payables and automatically track all payments. So, how can you, a small to medium-sized business owner, effectively manage payments to multiple vendors and suppliers without incurring so much cost?
How To Save Money With Crypto Bulk Payment?
Here's how Jane, a neighborhood grocery store owner, saved money with Cwallet bulk payments after spending so much money trying different methods.
Jane's store is the main store in her small community where anyone can buy anything. The store is a medium-sized enterprise with only three employees. On the other hand, Jane is in charge of the company's entire supply chain, including payments, packaging, and tracking. She receives items for her store from various vendors, including local farmers, grocery distribution companies, and others.
Although distribution companies act as a middleman between grocery stores and manufacturing facilities, Jane prefers to get fresh supplies of items with a shorter shelf life, such as vegetables, fruits, and other perishable goods, from local vendors. In contrast, distribution companies primarily supply her canned goods.
As a result, she has several vendors on her radar that she must track and, more importantly, pay. She pays some vendors weekly and others only when the item is sold out. But, more importantly, she handles payments to a variety of suppliers. Unfortunately, this was the most difficult task she had to face in her business.
Challenges Of Paying Vendors
For one thing, paying each vendor personally takes time, especially since she has several to pay. For another, the transaction cost of paying each vendor is prohibitively expensive for a small business like hers.
So, to save time and reduce the extra transaction costs associated with paying her vendors individually, she decided to pay her vendors all at once using bulk payments. She could save time by doing so and paying all vendors simultaneously. As a result, she decided to automate her payment process and solve the challenges using third-party platforms.
However, the transaction cost remained a significant concern because these platforms act as payment processors and take a percentage of the bulk payments. Sadly, her pain point of saving money on vendor and supplier payments remained unresolved.
Crypto Bulk Payment?
After several failed attempts to save money on the large volume of transactions she performs regularly, she was introduced to cryptocurrency as a solution to saving money on her transactions. That was the first step toward resolving her payment issues. Next, she deduced all of the advantages that adopting cryptocurrency would bring to her business, particularly with her recurring vendor payments.
Cwallet: The Simple Way To Handle Bulk Payment
Being a newbie in the cryptocurrency ecosystem, Jane needed a crypto wallet without any technical knowledge. So, after receiving several recommendations and positive reviews from various crypto users, she discovered Cwallet as the best crypto wallet for a newbie that also meets her business needs.
She used Cwallet to manage timely payments and create an address book with the wallet addresses of all her vendors. After that, she regularly pays her vendors using the Cwallet bulk payment without incurring any cost.
Jane saved a lot of money by using Cwallet to handle her bulk payments; she would have continually spent more with her regular payment method.
As a result, Jane continued using Cwallet to handle her crypto bulk payments because it improved her relationship with her vendors, which increased the growth of her business.
Do you have multiple payments to make?
Are you a store owner who has several vendors to pay?
Are you tired of paying more transaction fees while making bulk payments?
Just as Jane took control of her business finances and resolved her payment issues, you can save money by making payments to multiple accounts using Cwallet bulk payments.
Using Cwallet bulk payment is simple and quick; choose the currency, confirm the transaction, and the payment is ready to go. That's it! It is straightforward, fast, and saves significant time.
So, you can enjoy the Cwallet bulk payments with 3 main steps;
- Find the Bulk Payment Tool in your Cwallet.
- Fill out the payment information for all recipients. (Select the network and cryptocurrency, and fill out all the required information. You can also upload a CSV file for bulk payments, which is very convenient!)
- Pay for your bulk payment order. Done!
For a more detailed guide on setting up the bulk payment for your multiple payments, you can follow this step-by-step process employed by every business to achieve maximum results.
Another feature of the Cwallet bulk payment tool is that it automatically checks for formatting errors in the uploaded CSV file and alerts you to the line where the error is found. Once all corrections and verification are completed, you can review the details on the final payment page. That's it! Super simple, super quick, and saved me a lot of time!
What's more?
Cwallet is a one-of-a-kind cryptocurrency wallet that combines custodial and non-custodial functionality. With the help of this combined on-chain and off-chain wallet, you can manage and trade over 800 cryptocurrencies in a single spot, providing security, simplicity, and flexibility.
Cwallet does not charge any deposits, withdrawals, and token swap fees. Therefore, using Cwallet is absolutely FREE!
So, what are you waiting for?
Download the Cwallet NOW!
