Batch Payment: How To Pay All Your Invoices In One Go

batch processing: definition

Batch processing is the ability to sort and batch payments, according to transaction type and/or by bank account, to process them in one automated batch. Batch payment processing is at the heart of a modern accounting system. A company that uses batch payment processing has the ability to send several payments in one action, which saves time and money.

This feature is especially helpful for companies that make many different types of payments, such as utility bills, suppliers invoices, payroll, and HR-related expenses. If a company uses multiple vendors for these transactions but does not use batch payment processing, it can send checks for every expense at every vendor. Batching payments together allows for fewer checks to be written each month, which reduces the amount of time spent writing checks and mailing them out.

As businesses update their processes to accommodate more digital payments, batching payments together can provide convenience for both parties: buyer and supplier.

The feature “Pay in bulk” will allow you to pay more than one invoice in one click, whatever the date, or the supplier. This means that you can select invoices to be paid at different dates, and/or from different suppliers. Here is an example of a batch payment made with Libeo:

First, import your supplier invoices in your account. If you are using Xero as an accountant or as bookkeper or a business owner, you can directly upload your invoices from you Xero account thanks to the Libeo and Xero integration. Otherwise, use our invoices centralisation feature to collect all your invoices in one place.

Once your invoices have been imported into your Libeo account, you can find them in the "To pay" section:

To pay several invoices at once, you need to activate one-click payments. Start by entering your suppliers’ bank details in your Libeo account. If a payment without IBAN process is already underway for a supplier, you can already pay the invoice and the payment will be processed as soon as the supplier uploads their banking information.

Once the suppliers’ bank details are entered in the contact details, you will be able to pay in bulk by ticking this box :

• Click on the “Pay” tab
• Select the invoices you want to pay
• Choose one of the four options: “Pay all now”; “Pay all on due date”; “Pay all at custom date”; “Pay all now with your bank”
• Once confirmed, the invoices will have the ”Planned” status

If you choose the “Pay all now with your bank” option, you will have to:

• Choose your bank
• Enter your bank details
• Confirm the payment on your banking interface

Using Libeo's bulk payment feature you'll be able to pay multiple invoices different suppliers at once at due date. Only one click is enough to pay 5, 10 or even 25 invoices at once with a payment batch, meaning there is no longer need for manual invoice processing or connection to different bank accounts.

How long does a batch payment take?

Batch credit funds transfer is one of the fastest way to make a payment. Once the transactions are cleared (or settled), the funds are usually delivered to the specified merchant account within 48-72 hours.

Why do banks use batch processing?

Banks use batch processing because it's efficient. The bank may also offer this service as an incentive for customers who choose electronic payments over paper checks. It also reduces the chance of fraud, which can be a big problem if you're making lots of individual payments on a daily basis.