ApprovalMax enriches batches with the Scheduling feature, which enables Payers in the Airwallex Batch Payment workflow to schedule, edit or cancel payments. Scheduling or editing a payment needs to be confirmed with a 2FA code (a cancellation does not).
The main reasons for scheduling payments are:
Effective Cash Flow Management: synchronising cash outflows with revenue inflows ensures adequate funds for operational expenses, and enables the option to take advantage of investment opportunities.
Budgeting and Planning: scheduling payments for when they are due allows to allocate funds accordingly and prevents unexpected financial stress.
Vendor Agreements: observing payment conditions like net 15 (or 60) days strengthens the relationship with suppliers and helps when negotiating discounts or other favourable terms.