The features of Melio are typical of any efficient payment management system. These features and benefits include, but are not limited to:
- Payment approval
- Integration with QuickBooks Online
- Payment scheduling
- Payment tracking
- Easy to use payment method update
- 1099 forms
- Client profile management
Melio Payments is one of the most intuitive digital payment solutions on the market. It allows you to sign up and input your account details and those of your vendors in a matter of minutes. After setting up the relevant data, you’ll find that the entire program is relatively easy to navigate.
Payment Handling and Organization
Late payment settlement can have a devastating implication for business relationships. On the other hand, paying too soon reduces your business cash flows, as you will have less money to yield profitable returns on investments. Hence, to enhance efficient business relationships and cash flows, your business will need to harness the power of a reliable payment structure.
Melio Payments help you optimize your payment structures by offering you a stress-free means of scheduling your payments in advance. All you need to do is put in the various payment you need to make, their respective recipients, and due dates. Melio automatically deducts the payment amount from your account at your specified payment dates, disburses the exact amounts to your suppliers and dealers, and then sends you a notification stating when the payment would be completed.
One excellent feature of completing payments with Melio is that you can carry out multiple payments all at once. And all payments will be attended to at their due dates.
Client Profile Management
In addition to offering payment solutions to business owners, Melio is also designed for people who oversee other people’s ventures. This software allows accountants to organize and run payments for their different patron companies. Its UI also makes it easy for finance managers to move from one client’s financial profile to the other without logging out all the time.
Credit Card Remittance
It is no longer news that some dealers and suppliers are picky when receiving credit card payments. Some accept certain cards and reject some others. Melio helps you navigate transactions with selective suppliers by charging your payment amounts directly from your card (irrespective of the type) and then remitting the specified amounts to your dealers.
Nevertheless, for each credit card transaction you make on Melio, you get to pay a service charge of 2.9% of the transaction value. You can even enjoy charge-free transactions if you qualify for discounts and rewards.
Permissions and Roles
For every growing business, there comes a time when owners will begin to delegate specific responsibilities to third parties. This delegation is so that you can give rapt attention to revenue generation and profit maximization. Coincidentally, payment management happens to be one responsibility that is often assigned to third parties in most businesses.
If you decide to hand over the control of your payments to third parties, Melio has been designed to facilitate such processes. All you need to do is to invite the parties involved and adjust their permissions and roles for your payments.