How to Simplify Supplier Payments in a Factory Setting with Openfloat

Managing supplier and vendor payments is critical to running a successful factory. From purchasing raw materials to paying for contracted services and utilities, factories often juggle multiple payments to different partners, each with its own timelines and requirements. Manual processes, paperwork, and fragmented banking methods can create delays, errors, and unnecessary costs. That's where Openfloat steps in to transform your supplier payments experience.

Openfloat offers a digital solution that simplifies creating, organizing, and making payments to your suppliers and vendors. With Openfloat, you can make timely payments, eliminate delays, and reduce transaction costs-ensuring your operations never miss a beat.

Transform Your Supplier Invoice Management

Openfloat's platform is more than just a payment tool-it's a complete vendor invoice management solution. Track your invoices and business spending, reduce your accounts team's workload with simultaneous disbursements, and access real-time reports and analytics. With built-in budgeting capabilities, you can optimize cash flow management and stay ahead of your financial commitments.

Key Benefits of Using Openfloat for Supplier Payments

• Instant Disbursements & Diverse Payment Methods

Send Money instantly to the bank and mobile accounts. Whether your suppliers prefer bank transfers or mobile Money (like M-Pesa, Till, or Paybill), Openfloat caters to their preferences for seamless, prompt payments.

• Efficient Reconciliation:

Access detailed, real-time transaction records for effortless reconciliation. Track your invoices from creation to payment, ensuring your financial records are always up-to-date and accurate.

• Centralized Supplier Management:

Manage all your suppliers and vendors from one easy-to-use dashboard. Eliminate paperwork, reduce human error, and ultimately save Money by streamlining your payment process.

How to Pay Your Suppliers and Vendors in manufacturing on Openfloat

Single Transaction

1. Log in to your Openfloat account /If you do not have an Openfloat account click the Register button to sign up

2. Select Send Money, then choose Upload Payments from the drop-down menu.

3. Select your payment option: M-Pesa, Till, Paybill, or Bank.

4. Input the recipient's name, mobile number/bank details, amount, and remarks.

5. Verify recipient details and attach invoices/receipts if required.

6. Complete the payment or submit it for approval.

Bulk Transaction

1. Log in to your Openfloat account.

2. Select Send Money, then choose Upload Payments from the drop-down menu.

3. Download the payment template and input all necessary details: account type, account name, number, notification phone number (number that will receive the confirmation message),amount and remarks.

4. Upload your completed payment file.

5. Verify all recipient details and attach invoices/receipts if required.

6. Complete the payment or submit it for approval.

Why Factories Choose Openfloat

• Save Time: Automate bulk payments and focus on production, not paperwork.

• Cut Costs: Enjoy affordable, flat-rate transactions and eliminate hidden fees.

• Stay Accurate: Real-time tracking and downloadable reports for easy reconciliation.

• Improve Supplier Relationships: Make timely payments and maintain trust.

• Enhance Security: Benefit from 24/7 support and robust security features.

Openfloat is an innovative, modern solution for factories looking to simplify and streamline supplier payments. With instant disbursements, centralized management, and real-time tracking, you can eliminate delays, reduce costs, and gain better financial control.

Ready to transform your factory's payment process? Visit Openfloat.africa and register for free