Bill Payment Introduction

Bill Payment is the newest feature offered by Swipey to help businesses manage bills (also known as vendor invoices). See how many bills each plan has to offer

So, what is Bill Payment? It's a feature that helps you manage and pay your invoices, bills, and other regular pay-outs. Are you constantly getting recurring bills or vendor invoices for services that you're manually paying for? Need a better management tool? Well, Bill Payment helps you do that! Manage, review, and schedule your bills ahead of time. Bill Payment can manage local and international invoices. Modes of payments available are local bank transfer, JomPay and foreign disbursement.

The Feature is segmented into 3 parts

Bill (or invoice) Capture
Managing Bills
Scheduling and making payments

Watch the video here to see how it works, or you may go through the step-by-step in detail below!

1. Bill (or invoice) Capture

All PDF, excel, word or similar files that are forwarded to bills@swipey.co get auto-captured and presented in Swipey's Bill Payment section in Kanban view.

Things to know about Bill Capture

Attachment can only be forwarded by users registered with a Swipey account. Bills will not be processed if sent by non-registered email addresses
Only send ONE attachment per email
Only send invoices or bills [EPF, salary slips, payroll reports will not be processed]
Processing usually takes 5 mins but could take up to 2 hours.
A processing label will be visible whilst a bill is being processed like shown below

02. Managing Bills

This is when bills can be managed and approved before payment. Users can review, put on hold and when happy, schedule the bill for payment

The different stages

There are 5 stages in the kanban. They are;

Status	Description
Pending Review	First state when bills are received. Users should review the accuracy of details, due date and banking details. more vendor banking details are shown in the section below All key information such as vendor name, amount, and banking details need to be entered before proceeding to the following status If the vendor exists in Vendor Master List, then the banking details are auto-populated if the new vendor is found, select 'Add New Vendor' to register the vendor and save the necessary details
To Approve	The stage is when bills are reviewed and ready for approval by the appropriate person in the company. The date bill should be paid 'must' be entered before moving to the scheduled status
Schedule	Invoices in this state are ready for payment and will get paid on the date listed in bill tile in the "Pay On Field" Company Master Account will be deducted when a bill is in this status to ensure bills can be paid without interruption. Bills can be moved out of schedule before the 'Pay on date" and funds will be released back to your master account. eg, if bill is scheduled for 15th Sept 2023, it can be moved out of this status any time before 15th o Sept 2023
Paid	when bills get disbursed, bills are moved to this location and will remain here for 30 days. All past bills that are paid can be seen fund tab
Rejected	when bills are rejected by user or due to payment failure resulting in incorrect bank account or details

What to do when a new bill is received

All new bills will fall under "To Review". The platform reads and learns invoices receives to extract data to present in a tile.

The tile will require review to ensure data is accurate and to be moved to the next status.

fields critical for review are

Vendor
Amount
Currency
Bank details

All the above is captured by Swipey AI however as the platform is continuously learning, there is a possibility it may get pick up incorrect details. The onus is on the reviewer to make sure the data is correct.

Clicking on the bill brings out the view below

➝ Check vendor or add vendor as needed

➝ Check Charged Amount and Currency

➝ Ensure there is bank details are auto-captured, and if not, manually fill them in. This will save vendor details in your Vendor Master List

Vendor Management

When a new bill is captured, its vendor details are auto-populated and recorded if this is the 1st time the system is capturing this vendor. If it is a repeat vendor, all vendor details are prepopulated.

Adding Vendor to your Vendor Master List

Adding Vendor to Vendor Master List the first time can be done in 2 ways

After forwarding a bill to bills@swipey.co, create vendor details from the inner bill page

Watch the steps here

Click Setting > Vendor > Add New Vendor Details

Watch the steps here

Managing Foreign Currency

Swipey will auto-detect the currency in which the bill is received. The following currencies are currently supported by Swipey Bill Payment

Australian Dollar
United States Dollar
Euro
British Pounds
Singaporean Dollar
Chinese Yuan
Philipines Peso
Indonesian Rupiah
Pakistani Rupee
Bangladeshi Taka

Users can select the currency of their choice and the system provides an indicative FX conversion using

Reviewing & Preparing your Bill for Payment

Once all bill and vendor details are reviewed, you can now prepare your bill for payment. One can move the bill to "To Approve" status after the bill is reviewed.

This can be done either by clicking on 'Mark As Reviewed" within the inner page of the bill OR by selecting the status from the drop-down

03. Scheduling and Making Payment

Once you are ready to settle the bill,

Select Pay on Date. This can be any day from today to the future.
Move Bill to Schedule either by clicking "Approve" in inner page or selecting the "Scheduled" status from the bill drop-down menu

Voila! The bill will be auto-paid on the scheduled date!

Things to know about pay-out

Funds are deducted from your Master Account when in schedule status to ensure bills are paid uninterrupted.
You can reject the Bill anytime when it is in the Schedule Statys up to the scheduled day. Once the schedule date arrives, Bills be locked as it would have been processed.
Currently, the platform pays out using the GIRO network, thus expect the payment cycle to follow the banking time as below

Swipey processing cut-off times	Disbursed	Cleared
10.00 am	12.30 pm	by 8.30 pm (same day)
1.00 pm	4.30 pm	by 11 pm (same day)
5.00 pm	12.30 pm (next day)	by 8.30 pm (next day)

Please note that scheduled payments will not be processed on weekends or Public Holidays in Malaysia.