SEPA Compliant Electronic Payments Module for Microsoft Dynamics GP from Nolan Business Solutions
SEPA (or the Single Euro Payments Area) is a payment integration initiative of the European Union for simplification of bank transfers denominated in euro. SEPA aims to create a single, integrated and standardised payments market and is made up of the Eurozone, countries within the EU and a few other countries which also support euro bank transfers. This will enable customers to make cashless euro payments to anyone located anywhere in the area, using a single bank account and a single set of payment instruments.
SEPA will allow more than 500 million citizens, over 20 million businesses and European public authorities to make and receive payments in euro under the same basic conditions, rights and obligations, regardless of their location.
The introduction of SEPA will mean better banking services for all: transparent pricing, valuable guarantees ensuring that your payments are received promptly and in full, and banks assuming responsibility if something goes wrong with your payment.
The introduction of SEPA gives businesses the following benefits:
Direct debits from anywhere in the euro area - businesses usually prefer to collect regular bills by means of a direct debit because it is more efficient and allows payment automation, which saves money overall. But until now it has not been possible to set up a cross-border direct debit for these customers in the same way as you would do for a customer at home. With SEPA this changes and it is possible to set up cross-border direct debits in euro between any two bank accounts anywhere in the EU, enabling you to bill customers regularly on a cross-border basis.
Handle all euro payments from a single bank account - if your business regularly buys or sells cross-border, you often need to set up bank accounts in the different euro area countries where you do business. This leads to extra costs, payment delays, and general inefficiency. With SEPA, you are able to organise all your euro payments from a single euro account in the country of your choice. This will significantly improve your money management through greater efficiency, faster cash flow and lower costs. And if you are a small business not used to operating cross-border, the fact that euro payments can now be made so easily due to SEPA should enable you to benefit more fully from the Single Market.
The changeover to SEPA should be smooth for all businesses, although some may have to make changes to their payments systems where necessary.
Nolan Business Solutions Electronic Payments
Electronic Payments for Microsoft Dynamics GP has the flexibility to define formats required by your banking software and to create SEPA compliant output files containing the instructions to pay your suppliers. User definable formats allow companies to define an unlimited number of export definitions.
We have developed our Electronic Payments module to enable SEPA Transfers to be made easily and effectively. The module allows users to upload a PAIN.001.001.03 ISO 20022 XML file format that will be accepted by banks within SEPA to facilitate SEPA Transfers.
As well as being compatible with SEPA, Nolan Business Solutions Electronic Payments module has a number of additional features including:
- Supports different file formats
- Fully integrated with Dynamics GP purchasing module
- User definable file export formats
- Full audit trail
- Payment cancellation process
- Supports multiple currencies
Benefits of Nolan Business Solutions Electronic Payments module
Our Electronic Payments module is simple to use and eliminates the printing and distribution of cheques and can all be managed from a single tab.
The module can lower administrative costs as there is no postage, envelopes or manual processing required. It can also reduce payment processing expenses as there will be no more cheque processing costs.
Electronic Payments brings the time taken for the payment of suppliers down from hours to minutes. Also, human error is eliminated as payments are imported and not manually re-keyed.
If you are interested to find out more about how our Electronic Payments module for Microsoft Dynamics GP can help your business, book a free demo today by clicking here and a member of our team will be in touch. Alternatively, visit our Solutions webpage to find out more about our other modules for Microsoft Dynamics GP.