In this article we introduce how payments work in Nook, the payments we support, and how to get the most out of payments in Nook.
Nook streamlines the payment process for businesses, offering a flexible and efficient platform to manage payments to suppliers and staff. This guide introduces the different types of payments supported by Nook, including single, bulk, partial, scheduled, immediate and international payments, and provides some guidance on how to maximise the benefits of using Nook for payments.
For Suppliers
Nook supports various payment options to accommodate different business needs and scenarios:
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Single Payment: This is a payment made to a supplier for a single invoice. It's ideal for one-off or occasional transactions where only one invoice needs to be settled.
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Bulk Payment: Bulk payments allow you to consolidate multiple payments from multiple suppliers. This is especially useful for paying several invoices at once, streamlining the payment process.
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Partial Payment: When you opt to pay only a part of an invoice amount, you're making a partial payment. This flexibility is useful in managing cash flow or when negotiating payment terms with suppliers.
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Scheduled Payment: Scheduled payments are forward-dated, meaning the payment is set to be sent on a future date. Nook's scheduler runs at 7:30 each morning, ensuring your payments are executed on time, every time. This feature aids in cash flow planning and ensures timely payments without last-minute hassles.
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Immediate Payments: For urgent payments, Nook offers the option to pay immediately. By opting out of the scheduling feature, payments are processed immediately, providing flexibility for time-sensitive transactions.
- International Payments: Nook supports payments in 36 different currencies, facilitating global transactions with ease. Nook's currency wallets allow you to pay overseas suppliers, minimising the hassle of currency conversion and international banking fees.
- Payment Runs: Payment Runs are similar to bulk payments, but they can be created without scheduling or paying them straight away. This allows you to organise payments in advance, and submit Payment Runs for approval before they're scheduled and paid.
For Payroll
Nook also supports streamlined payroll payments, including:
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Bulk Payments: Payroll often involves paying multiple employees at once. Bulk payments simplify this process, allowing you to execute all payroll transactions in a single operation.
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Scheduled Payments: Like supplier payments, payroll can be scheduled for a future date, ensuring employees are paid on time. This feature helps in aligning payroll disbursements with your cash flow.
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Immediate Payments: For urgent payroll needs, immediate payments ensure that employees are paid without delay, offering peace of mind and flexibility in payroll management.
Getting the Most Out of Payments in Nook
To leverage Nook's payment capabilities fully:
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Evaluate Your Payment Needs: Assess your regular payment types and schedules to determine which Nook payment features best fit your business operations.
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Utilise Bulk and Scheduled Payments: These features can save time and improve cash flow management. Bulk payments reduce the number of individual transactions, while scheduled payments help in maintaining consistent payment cycles.
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Stay Informed on Payment Status: Nook provides updates and notifications on the status of your payments. Monitoring these can help you stay on top of your financial obligations and address any issues promptly.
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Integrations: For businesses using payroll software and accounting software, integrating these with Nook can further streamline your payment processes, especially for payroll.