As an entrepreneur, you’re probably familiar with spending entire afternoons making bank transfers to pay your employees or suppliers.
Qonto offers a payment method that should help you save considerable time: bulk transfers. What are they exactly? How do you use this feature? Let’s explain it all in this article.
Depending on your field of activity, you might work a lot with suppliers or external providers - which means you make a large number of bank transfers to pay their invoices.
Thanks to bulk transfers, our users find managing and paying their bills more straightforward and faster to process. Combined in particular with our built-in supplier invoice feature, bulk transfers allow our customers to save a lot of time.
We use this feature to pay our suppliers weekly, regardless of how many transfers are needed. It's a real time-saver because each bulk transfer allows us to pay out all the bills we have for one given supplier in a matter of seconds - Alexandre Boulling, Head of Animal Webaction
Bulk transfers can be used for paying supplier invoices within the SEPA zone only.
Paying salaries is a time-consuming task for the payroll manager or the manager handling employee pay.
You need to enter the IBANs of all new employees and prepare each employee's salary payment. Whether your team has 5 or 50 employees, preparing payslips and carrying out the transfers takes time and care
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Some services, like PayFit, a service specialized in automating payroll and HR processes, allow you to export an XML file that contains all your team’s payment information: last name, first name, payslip, payment amount, and IBAN.
An XML file is a file that structures and saves data using a programming language called XML, which is short for Extensible Markup Language.
You can also export that file in CSV format, a format Excel uses and reads.
Thanks to the Qonto x PayFit integration you can pay up to 400 employees at once in just a few clicks.
I perform bulk transfers each month to pay my employees’ salaries. At ATAWA, we also use Payfit's payroll solution. We're currently a team of 11, and I used to have to pay them individually via my traditional bank. Now, I only need to carry out a single operation: grab my XML file and upload it to Qonto. I can do all of this in under 2 minutes, which is super fast and extremely useful. - Sébastien Kozoris, Financial Manager, ATAWA
This feature wasn't only designed to pay suppliers and your employees. There are multiple ways you can use it.
Imagine you already spend too much time already initiating bank transfers. Then bulk transfers can help you save time and effort; and focus on things that matter more to you in your business instead.
Also, no need to worry about exporting an XML file to perform bulk transfers. In fact, you don't even need coding skills to create an XML file. You can easily create one with Excel, for example, or a similar service. That’s what some of our users do.
We create an XLM file each week containing the information we need in a few minutes. On average, there are 20 beneficiaries: even just last week there were 16. This allows us to avoid errors related to the manual entry of transfers. In addition, with an XML file, it's much easier to view all the information. - Sébastien Kozoris, Financial Manager, ATAWA
If XML files aren’t your speed, you can also simply export your Excel files in CSV format. Then upload your file and we’ll take care of the rest.
As you can see, bulk transfers have lots of benefits.
First of all, you save a significant amount of time with them. You only need a few clicks to initiate up to 400 transfers at once. In addition, you limit the errors linked to the manual entry of bank transfers.
I'd say the main advantages are reducing errors we could have made with manual entry and saving time. If we had to copy everything by hand from our software, there would be potential input mistakes. By directly importing the file, this risk disappears. All the information entered matches up with that of our management software. - Alexandre Boulling, Head of Animal Webaction
To initiate a bulk transfer, follow these simple steps:
