How to use the bulk payment feature on the Lenco app

Lenco offers a variety of business management tools to assist you in keeping tabs on your expenditures and expanding your enterprise. Additionally, it frees you from the stress associated with conventional bank accounts. The platform is generally easy to use and stress-free. As a result, it is suitable for both big and small businesses.

Find out more about what bulk payment is, who Lenco is and how they operate, the advantages of using the bulk payment feature, and how to effectively use this feature. 

What is Bulk payment?

Making payments appears simple since we often conduct this activity, including paying rent, bills, transportation, tickets, etc. What if I told you that you were required to pay hundreds of individuals at once? Sounds challenging? Is it not? It is challenging to make payments effectively and error-free to so many payees. Bulk payment is the name for this challenging operation.

Businesses must constantly make several payments, which can consume a lot of time and resources. Making multiple payments all at once using bulk payments can save you both time and money.

The ideal method for paying numerous suppliers’ and employees’ wages in today’s firms is real-time bulk money transmission and tracking.

About Lenco

Lenco is a platform that provides current accounts for work-related services and expenditure management to assist you in growing your business. They help by offering a business account that is 10 times better and cheaper than a conventional bank account.

The platform was established in 2021 and is privately owned and operated. In essence, a team of experts used specialized software and tools to construct the platform. These goods offer answers to the ever-growing demands of your business. It encourages business growth as a result.

Lenco’s bulk payment feature

We are all aware of how in recent times the payments business has transformed greatly as a result of technological improvements. Although we are still a long way from being a cashless society, paper checks are still often used to settle personal debts and to pay suppliers, contractors, and other people.

Advantages of Lenco’s bulk payment feature

1. It saves time and stress: If you own a business with thousands of employees and you’re still paying them using checks, you need to realize how much time you’re wasting on the payment process. You may save valuable time by using a bulk payment solution to replace the time-consuming practice of issuing paper checks with a productive and simplified procedure.
2. It makes tracking payments to a large number of people easier. Track multiple payments in one place and automatically get the status for each transaction.
3. It is relatively affordable: Instead of having to pay bank charges on each individual’s transfer. You get to save money because you are only paying an accumulated one-time charge with bulk payments. 
4. It enhances the accuracy of transactions: With the way the network fluctuates in Nigeria, one of the ways to prevent making double payments to people while trying to pay a large number of people is using bulk payments because with that you are less susceptible to errors. 

How to use Lenco’s bulk payment feature

Lenco recently launched its bulk payment feature on its app. Here is how to use it for our business

Firstly, to use any feature on the Lenco app, you need to create an account on Lenco. After creating an account, your profile will be reviewed, and you will be given an account number to use after a few days.

You can use your Lenco account to perform various operations such as transferring money to the Lenco users, transferring directly to your bank account and paying for some bills.

To do bulk payments, especially for employees with quite a number of staff, all you need to do is to copy the list of account numbers you want to end money to. Then you fill in the amount you will like to send to them and then fill in the other modalities and send it all at once.

Your recipients will receive their money in no time, and you can also track the progress of these transactions from your app.

No bank codes are required, you get to instantly and automatically transfer money in large amounts to all bank accounts. All of your bulk transfer batches can also be readily tracked individually and you can check the current status of each transfer. you have made

Our Bulk Payments option is for you if you own a business and need to send several payments at once. It may be used to pay many people using a straightforward method for payroll, staff reimbursements, or supplier payments. Download the Lenco app to use this feature today!