Bill Payment is a feature in the Jack application, previously called Invoice Payment in Transfez Business, that allows users to pay their bills using Jack. In this article, we will provide an overview of the Bill Payment feature, powered by OCR technology, including the competitive advantages of this product.
Table of Contents
- From Invoice Payment to Bill Payment
- Paying Bills is a Hassle - Not Anymore!
- Competitive Advantages Paying Your Bills with Jack’s Bill Payment
- Related Articles
From Invoice Payment to Bill Payment
By definition, an invoice is a document that shows the details of goods or services that have been provided, and the amount that is owed for them. It typically includes the name and address of the person or company providing the goods or services, the name and address of the person or company receiving them, a description of the goods or services provided, and the total amount due.
Invoice payment refers to the act of fulfilling a financial obligation by settling the amount owed for goods or services received from a supplier or vendor. It involves reviewing the invoice, verifying its accuracy, and then initiating the payment through methods such as electronic transfers or issuing a check. Hence, we call our feature Invoice Payment in Transfez Business. Some example of invoices:
Invoice for cloud subscription services
Invoice for marketing ads
Invoice for physical goods
After several months, we found that some of our users confuse the term “Invoice Payment” with “Invoice Financing”. These two are a totally different feature and to avoid confusion, in Jack, we decided to rebrand our feature name from Invoice Payment to Bill Payment.
In the context of Business to Business (B2B) transactions where an invoice document is usually required, Bill Payment refers to the process of settling financial obligations between businesses. It involves the payment of an invoice issued by a supplier or vendor for goods or services provided to a business customer.
Paying Bills is a Hassle - Not Anymore!
It Usually is!
The timely and accurate payment of bills is crucial for maintaining positive relationships with suppliers, ensuring continued business partnerships, avoiding late fees or penalties, and managing cash flow effectively in the company. It’s usually a hassle for an employee to actually request to their finance department to pay for an invoice and even more for the finance department because some invoices need prior approvals from multiple parties (in some companies, they use emails!).
Bill Payment with Jack
It won’t be the case with Jack though. Powered with Optical Character Recognition (OCR) technology, Drafters (employees) can easily request by uploading an invoice or document in Bill Payment and some fields will be automatically populated. Equipped with a smooth approval workflow, Approvers (your superiors) and Releasers (usually finance department) can easily review Bill Payment requests and provide approval to process the Bill Payment requests, from both Jack portal and application. Along with the approval process, Releaser can determine to disburse your in real-time or following the schedule set!
Scheduling Bill Payments in Jack
Is your company's policy for Bill Payments set to pay them out within a specific time frame, such as one day before the due date, three days after approval, on particular days of the week, or on a specific day of the month? With Jack's advanced Scheduled Payment feature, you can easily manage your Bill Payments and other Jack products by selecting a specific date or creating a customized payment cycle. Learn more about how Jack's Scheduled Payment feature can streamline your payment processes in this article.
Competitive Advantages Paying Your Bills with Jack’s Bill Payment
There are multiple advantages in using Jack Bill Payment:
Eliminate tedious manual tasks: tired of the endless hours spent on manual invoice processing? Our account payable automation eliminates the need for tedious data entry, freeing up your finance team's time and energy.
Automatically capture invoice detail: our OCR technology will help to capture all of the payment details from your invoices, reducing the possibility of human-error. All you have to do is upload the invoice and we'll do the rest.
Total control over spending: stay in full control of your business expenses with robust Approval Workflow.
Customizable approval workflow: increase efficiency and reduce financial risk by utilizing custom approval workflow to ensure only the appropriate team member can approve and pay the incoming invoices.
Track all invoices any time: real-time tracking of your invoice transactions provides you with the visibility you need to manage your expenses more effectively.
Curious how powerful our Bill Payment feature is to ease the financial operation of your business? Do not let it slide, start your journey with Jack, for free, by clicking here.
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