ONE local payment fulfilling up to 10,000 invoices.
134 currencies payable into as many as 162 countries.
ZERO handling fees, international sender or receiver fees.
VAT recovery potential displayed & reclaimed.
PaymentsHub is the complete invoice solution. This is where you find out the “how?”
In this blog, we’ll take a look at how PaymentsHub works, its capabilities, functionalities and key organisational benefits. PaymentsHub is an invoice payment process and VAT recovery solution powered by TransferMate Global Payments and Taxback International. Our innovative, custom-built and technology-driven platform allows companies to better manage their invoice payment process and VAT recovery.
How PaymentsHub works?
TransferMate is a globally regulated, B2B payments technology, which greatly improves the international payments process for SAP Concur Invoice clients through the PaymentsHub app. As a unique value add, our sister company Taxback International’s solution automatically identifies VAT charged on invoices processed through PaymentsHub and determines if the VAT is charged correctly or incorrectly. If the VAT is charged incorrectly, Taxback International will recover it from suppliers and if charged correctly, the funds can be recovered from the relevant tax offices.
What are the key features of PaymentsHub?
PaymentsHub is an effective and easy-to-use system with payment data analytics, allowing you to better manage and understand invoicing and the VAT recovery process. TransferMate has built a secure end-to-end global payments network enabling faster, easier and more cost-effective cross-border payments. By bypassing the traditional correspondent banking network, TransferMate provides a simpler, smarter and more secure way to pay invoices through the PaymentsHub app.
TransferMate manages bank accounts in 162 countries, enabling business payments to be sent and received faster than ever before. Through a local accounts network, including 51 US states and territories, TransferMate can move money across borders through the PaymentsHub app ensuring delivery in 48 hours or less.
This mass-payments technology, managed form within the PaymentsHub app, eliminates client administration by making hundreds of payments in one step and can be downloaded in one click from the SAP Concur App Centre. But what are the real cost savings and benefits?
How can PaymentsHub powered by TransferMate save me time and money?
Faster International Payments – PaymentsHub moves money across borders same day/next day.
Full Visibility – PaymentsHub provides full visibility throughout the payment journey.
Value Delivered – Amount sent = amount received with competitive FX rates.
VAT Recovery by Taxback International – VAT recovery potential displayed for payment run and for the last 12 months.
Integrated – Invoice and payment data easily recorded and saved for future use.
Cost saving example:
- Client processing 250 invoices per month
- 75 invoices are cross-border
- Average Invoice £5000
Value of VAT recovery by Taxback International
On average, Taxback International increases a client’s current VAT reclaim by 50%.
Want to know more about PaymentsHub? Tune into to our on demand webinar
PaymentsHub is available via the SAP Concur App Centre.
Find out more in our next and final PaymentsHub blog. In this three-part series, we’ll be highlighting some of the many problems PaymentsHub solves.
Previous blog #1: How to simplify paying international invoices