One of the best ways to use Tupel's funding is through our "Pay My Supplier" feature, which automates and streamlines your supplier payment process.
How It Works:
Step 1: Set Up Supplier Bank Details Add your supplier's bank account details in your Tupel dashboard as an External Recipient. Learn how to add a payout recipient. This information is securely stored and can be easily reused for future payments.
Step 2: Add Your Supplier Invoice data Click "+ Add Loan" on your Tupel dashboard: 1. Enter the amount and currency you would like to pay the supplier 2. Enter the date you want Tupel to transfer the funds to the supplier (can be today or any date in the future) 3. Choose the Loan Term - the number of installments to repay Tupel 4. Choose the correct recipient account you want to transfer the funds to (all your recipient accounts will be listed here) 5. Add a reference, usually the supplier's invoice number 6. Accept the terms and submit - Check all the related details listed on this final page and, when all okay, hit the Submit button to trigger the payment to your supplier
Step 3: Tupel Pays Your Supplier Once you've completed the setup, Tupel will automatically pay your supplier on the scheduled date. Your supplier will receive an email notification confirming that Tupel paid the invoice on your behalf, including the invoice number for easy reconciliation.
Benefits:
Hands-Free Automation: By instructing Tupel to pay all your invoices on a scheduled scheme, the entire payment process becomes automated, freeing you from manual payment tasks. You can add all your supplier invoices individually, and each invoice will be separately paid to each supplier on the set-up date. All suppliers will be paid one by one on the desired due date automatically, ensuring no supplier is paid before the due date.
Multi-Currency Support: Supplier invoices can be paid by Tupel in multiple currencies. Tupel will pay your suppliers in the invoice's original currency, which simplifies the whole process and eliminates currency conversion hassles.
Optimized Payment Terms: This feature helps you optimize payment terms and manage your cash flow more effectively while reducing administrative overhead. By never paying an invoice before the due date, you fully benefit from your suppliers' payment terms and maximize your working capital.
Smart Credit Triggering: Your Tupel credit is triggered only at the moment each invoice is paid, ensuring you minimize financing costs while maximizing your available cash flow - completely automated.
Easy Reuse: Supplier bank details are stored securely for quick and easy reuse on future payments, saving you time and effort.
Complete Record Keeping: All transactions will be stored on your dashboard with all related documents ready for print or download, ensuring you have a complete audit trail.