Processing of payments and collections for companies

There are several advantages of a good management of accounts receivable and accounts payable by a company:

• It helps in liquidity management, focusing mainly on anticipation and learning.
• It aids in managing the company's cash flow, ensuring adequate daily operations.
• In relation to the previous point, it allows the company to cover its various expenses (payroll, taxes, etc.).
• It has a positive impact on the company's profitability.
• It helps in the control of the operations carried out, by allowing real-time monitoring of the status of collections.
• It minimizes potential errors by eliminating the need for manual intervention, thereby preventing possible delays.

The bank draft works as follows:

• First, the customer will go to his bank and fill out a payment mandate requesting that a specific amount be sent to the recipient's account, which will involve the delivery of a document with the following information:
  • Name of the issuing bank (of the bank draft).
  • Details of the person making the payment and the person receiving the money.
  • Amount.
  • Name of the bank that will pay the bank draft.
• After the bank draft is issued by the issuer, the importer will deliver it to the consignee (exporter) in person so that he or she can then visit the office to collect it.