Minimise Bank Charges with the SFM SEPA Module
July 23, 2020
Over these last few years, a lot of effort has gone into reducing the use of cheques within the local business community and the general public. Businesses, especially banks, have implemented systems to manage payments electronically without the need to write cheques and go through the process of deposits which requires time and effort from employees.
Today, banks are providing better security to access your account balances and are rolling out reduced charges to process payments straight on their systems as opposed to cheque issuance. Payment of a few hundred euros will now cost €0.15, less than a postage stamp! On the other hand, banks are looking at increasing the rates to process your cheques, which could cost you €2 per cheque with the banks’ new terms and conditions.
However, processing payments through internet banking portals still costs your employees’ time:
- You require to setup a profile for each supplier to maintain the IBAN number.
- Each payment amount, after being updated in your accounting system, needs to be entered again into the bank’s system and double-checked to confirm that amounts are correct.
- Top executives will require time to scan or key in the authorisation code for each individual payment.
How can the SFM SEPA Module help you?
The SFM SEPA Module offers a flexible approach to processing both local and foreign payments, with an easy choice of payment methods available upon posting, from SEPA to bank transfer or cheque.
Ready to start saving time and money when issuing payments?