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 on your Tupel dashboard. This information is securely stored and can be easily reused for future payments.For a visual guide
Step 2: Add Your Supplier Invoices Click "Add Loan" > on the following dropdown, click your company name > enter the amount you want to pay and the currency > Enter Pay At and Loan Term > Choose the recipient you want to pay from the dropdown > Review all data and at the bottom add the reference to your payment (usually the invoice number you are paying) > Tick the box Accept Terms and the payments will be executed according to your instructions. For a visual guide
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.
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.
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.