eMandate is an inventive banking facility that entrepreneurs in the country can use to boost their businesses. The digitized version of the Mandate, eMandate is the convenience you can get from the bank to speed up your payment processes.
For instance, a company with about 100 employees may have to allocate exclusive resources to make monthly salary payments. eMandate eliminates the need for such efforts and resources as you can intimate the bank to automate the recurring payments.
The inventive facility can be used for recurring payments like school fees, dividends, EMI’s, insurance premiums etc. The new age convenience has an explicit potential to serve the modern entrepreneur in these ways:
1. Faster Workflow
Imagine having to sit through a recurring process, doing the same work repeatedly or allocating resources for the same with no absolute surety of doing a neat job out of it. eMandate helps you to simply automate the process and bring down the time-cost for the same.
2. Easy Accounting
Making large payments on a recurring basis calls for recurring accounting efforts. Your profit and loss account is now easier to manage and the Asset side of the Balance Sheet has a higher cash balance thanks to the resource-friendly technology of eMandate as extracting proof for the transactions and recording the same is now a lot easier and instant.
Most of us have been at situations where a pending transaction or a delayed one has brought us to the edge of our wits. Numerous factors that play a role in such mishaps are now taken care of with the implementation of eMandate.
4. Saves Time, Manpower & Working Capital
As emphasized earlier, eMandate has been designed to help entrepreneurs save resources like time, manpower and capital by eliminating the need to perform recurring payment functions. The business is now in a much better space to focus on the core product/service and other important things. 5
5. Edge Over Competitors
A business that serves the customer a more seamless experience is naturally more likable. When your business is able to adopt innovative technologies like the eMandate (thereby boosting resource efficiency), you clearly have an edge over competitors who don’t.
6. Remote Convenience
These days, entrepreneurship has been dynamic than ever. eMandate helps you to issue an order to your bank from the convenience of your device and from any place with internet access.
From having multiple resources to fulfill the recurring payment processes to automating the same in a minute or two. Talk about convenience!
7. Leverages Opportunity Cost
Opportunity Cost is the loss of alternative benefits from performing a certain task. The conventional process of making large, recurring payments being automated, entrepreneurs now have a chance to leverage such opportunity cost for a greater gain.
eMandate being a rather fresh technology is yet to find mass implementation which provides a great case for entrepreneurs/businesses to study its vast viability and implement the same. Remember how mobile banking helped us from standing in long queues at the bank? eMandate is doing exactly that to recurring payments