There are many parameters on which people evaluate the health of a business. One of the most important parameters is cash. Businesses require cash to manage regular periodic functions that include payment of rent, salaries, utilities and other expenses of daily nature. Businesses follow a cycle of investment, production and sales. Typically, promoters use their own funds or borrow to invest in the business, produce and then earn revenue through sales to recoup their investment. There is a time lag between production and sales during which time businesses need to pay for undertaking daily business functions. Therefore, businesses need cash to pay during this lag period.
IDFC FIRST Bank offers excellent cash management services to ensure that businesses run more efficiently. The bank offers several product solutions that help businesses to manage their cash more efficiently. The product solutions include
The many features of each of the product solutions are as follows.
IDFC FIRST Bank's point of sale solutions comprises digital solutions that its merchant customers could use to manage their sales efficiently. It consists of various payment methods that the digital world offers. These include
The payment solutions are versatile as they are compatible with most devices either offline or online, these accept multiple format credit and debit cards, prepaid cards and digital wallets. These options allow businesses to ensure utmost satisfaction to customers. They also enable IDFC FIRST Bank and customers to track, store and retrieve any payment record. The solutions use the latest technologies for ensuring the safety and security of transactions guarding against frauds.
IDFC FIRST Bank’s receivables management feature is progressive and tailored to suit requirements of any business. Businesses can receive payment in multiple formats, all from their place of business without visiting the bank at all. Some of the benefits of the feature include
The many advantages of IDFC FIRST Bank’s receivables management feature include minimizing transaction errors, faster recovery of funds and reduced costs leading to better and quicker utilization of funds.
Payables management is as important as receivables management to ensure smooth functioning of the business. IDFC FIRST Bank offers payables management feature that includes benefits such as
IDFC FIRST Bank ensures that businesses can manage their payables safely, securely and quickly so that the businesses run smoothly with the support of vendors, employees, business partners and other stakeholders.
IDFC FIRST Bank’s cash management services employ the latest technologies to provide seamless services that encompass all aspects of cash management – physical, paper and virtual. With these services, Businesses can reduce their cash management costs, improve their efficiency, enjoy safety as the bank insures the transactions and concentrate on their core competencies rather than struggling with managing day-to-day financial management.