A bulk payment is a payment method that lets the payer make numerous debit payments to a bulk list. You may wonder – What is a bulk list? It is a list of beneficiaries or accounts you intend to pay, from a single debit account. You can make bulk transfers directly through a corporate bank account in India. Every business needs to make bulk payments daily, weekly, and monthly, which can be in the form of payouts, dividends, and refunds. Therefore, bulk payments offer a vast range of possibilities. With the advantage of making multiple payments to a list of beneficiaries, you can run your business smoothly and swiftly.

Bulk UPI payment

UPI, also known as Unified Payment Interface, is an instant real-time payment procedure developed by the National Payments Corporation of India (NCPI). NCPI is a private organization that helps in the facilitation of inter-bank transactions. We have seen a tremendous wave of innovation and creativity in the online payments space. With the help of bulk UPI payment, businesses are exploring new ways to use it as it is an effortless and quick process. Furthermore, this cash-free solution works across the web, IOS, and Android.

Different ways through which you can make bulk UPI payments

1. UPI autopay

UPI autopay is a feature that enables you to e-mandate using any UPI application without entering the pin. With the help of this feature, businesses can create subscription plans and automatically debit payments via UPI on a weekly, monthly, or yearly basis.

2. UPI QR codes

UPI quick response (QR) code is a unique graphics code that helps make UPI payments when scanned through a mobile phone. At the time of payment, you need to scan the quick response code and enter the amount to be paid, and the transaction is completed.

3. Various online UPI apps

UPI apps have gained huge popularity as they offer users ease of use. For instance, to make the bulk payment via the user interface, you need to tap on the screen of your smart device, add in the UPI id of the receiver, and the payment amount you need to pay. With such quick, easy, and hassle-free steps, you can easily transfer money into the receiver’s account. For this, you need to download the app from the Google play store or the Apple app store.

While managing payments individually, the bulk UPI payment method helps streamline the process by also managing multiple payments simultaneously. As a result, it saves time and allows businesses to operate efficiently.

Below are a few advantages of making bulk UPI payments that might make you shift to a full-fledged UPI transaction mode.

Benefits of making bulk UPI payments

1. Faster payments

When it comes to paying numerous bills through cheques, it becomes a time taking process, but this process can be streamlined with the help of bulk UPI payments. This helps to manage large volumes of payments at once. While it helps you run your business smoothly, it also ensures you don’t let your suppliers and vendors wait too long.

2. Secure system

Bulk UPI payments are a secure system and are supported with the help of detailed and high-security protocols. This encryption technology ensures that the sensitive data is uncompromised and safe during the transactions. In addition, your data is secured by encrypting the link between a web server and a browser, ensuring privacy.

3. Easy to manage

A bulk UPI payment lets you quickly manage all the processes involved in transferring the payments. In addition, these payments are easy to track, making them ideal for reconciling large amounts payable.

4. Reduced errors

Online bulk UPI payments reduce the possibility of errors compared to manual errors. In addition, you can automate the process to ensure that each detail is correct through the bulk payment system. This reduces the chance of inaccurate information.

5. Cost-effective

Individual payments can involve additional transaction costs, whereas bulk UPI payments are cost-effective. Therefore, it helps in saving a significant amount on transaction fees and allows cleaner books and easy accounting.

Bulk payments are now made smarter with the help of UPI facilities, and it is a more intelligent, quicker, and safer way to make bulk payments. You can make payments to multiple vendors at the same time without any hassle and also make sure that it is safe and reliable at the same time.

When a company has too many vendors to pay their dues, there are high chances of errors or late payments. Thus, bulk UPI payments play a significant role in ensuring that there are no human errors and that everything is done systematically. Since we know that uncleared and pending bills can create a wrong impression about your business among the suppliers and vendors, this payment method is a saviour. It sends out multiple payments to different vendors simultaneously and on a unified platform.

EnKash is a spend management platform that allows you to make bulk UPI transactions in one go. It is reliable and highly recommended for new start-ups and even established businesses. The services are top-notch and unmatchable, and you can avail these services for adequate and smooth business flow. EnKash lets you improve the productivity of your finance team with bulk approval and payment processes in place. Connect with EnKash today and make easy and hassle-free bulk UPI payments in no time.