If you’re a business that pays multiple suppliers on a regular basis, grouping payments into a single workstream is a major time-saver. But payment needs for small businesses are vast and can change quickly from month to month.
For example, if you’re an interior design firm that receives invoices from your packaging supplier, printer, and overseas vendors, you don’t want or need to manually enter their information every time they send an invoice. But the same goes for a marketing consultant making monthly payments to a virtual assistant in the Philippines, quarterly payments to a web developer in India, and ad-hoc payments to a freelance designer in Europe. You need payment options that are both flexible and dependable, especially during times when business ramps up.
Options like bulk payments and batch transfers allow you to prepare and review the payments together in one place and send a single time, so you aren’t constantly struggling with repetitive entries. However, as small businesses often deal with varied recipients and scheduling from one month to the next, bulk payments can offer some advantages that batch transfers might not.
We’ll walk you through the pros and cons of each option. Then, we’ll cover how to send bulk payments with Remitly Business as a small business owner in the U.S.
How are bulk payments different from batch transfers?
Both options allow you to pay multiple recipients at once. You can prepare, review, and submit the payments together without having to manually enter every recipient’s information separately for each pay cycle.
But there are distinct differences in how you enter recipient data, whether you can choose different delivery methods per payment, or pay in multiple currencies.
Entering recipient data and uploading files
One option requires the upload of a .CSV file and the other doesn’t:
- Batch transfers. You’re required to put all your recipient details into a .CSV file and upload that information onto a payment platform.
- Bulk payments. You don’t need to create and upload a .CSV file. Instead, you enter a recipient’s information one time, and it’s stored for future use. Then, you can select from saved recipients, change an amount if necessary, and remove or add new recipients as needed without using a messy spreadsheet.
Batch transfers are useful for a large number of scheduled commitments that you pay on a regular basis. When you need to make diverse transactions to different vendors and contractors on a varied schedule, bulk payments work best.
Using different delivery methods
One option generally requires that you use the same delivery method for every payment and the other doesn’t:
- Batch transfers. With traditional batch transfers, often you’re required to use the same delivery method for every payment. You don’t always have the choice to pay one supplier via wire transfer and another via mobile wallet.
- Bulk payments. You can choose different delivery methods per recipient. If one of your international suppliers wants the money sent to their bank account but another prefers it goes to a mobile wallet, you can pay them both through the method of their choosing.
When you’re a small business paying suppliers, contractors, or vendors across different countries, they’re going to have different needs. For example, the Philippines relies heavily on GCash, and India on UPI, as opposed to wire transfers. If you’ve got good contacts that you want to keep, it’s good to have the flexibility to pay them through their preferred delivery method.
Paying in multiple currencies
One option often comes with strict limitations and the other doesn’t:
- Batch transfers. Not every payment platform will allow you to select multiple currencies if you’re using batch transfers. Traditionally, you need to select the same currency. There are exceptions, but you’d need to check carefully and confirm first.
- Bulk payments. You can choose different currencies per recipient. If your virtual assistant needs to be paid in Philippine pesos but your web developer needs to be paid in rupees, you can make those selections.
Again, it’s about flexibility and keeping your contacts happy. When you have the ability to pay others in their preferred currencies, you’re more likely to maintain a good working relationship.
Remitly Business’s bulk payments feature gives you the flexibility to group up to 20 of your international payments into one workflow. It’s easy to adjust your recipient details for each pay cycle, pay out in multiple currencies, and select different delivery options per supplier depending on their individual preference.
Bulk payments are currently available in the U.S. on desktop only.
Getting ready for your first Remitly Business bulk payments run
Make sure that the setup for your Remitly Business account is complete and verified to send from the U.S. Then, take the next steps:
- Decide which supplier invoices you want to include in the run, sign into your Remitly Business account, and open bulk payments.
- Enter any new supplier’s payment information. (If you haven’t received everything you need, Send by Link allows the recipient to enter their own details.)
- Then, select up to 20 suppliers from your saved recipients.
- Confirm the amount and currency each supplier has agreed to receive.
- Do a final review of all the payments on your desktop.
- Confirm your bulk payment.
Important reminders
- If you have more than 20 recipients, you can always plan separate bulk payment runs within the applicable limits. Consider segmenting them into different groups based on payment deadlines.
- You can still track individual payments within a bulk payment separately.
- Exchange rates can change on a daily basis. A payment’s exchange rate or fee may differ from the one before.
- Once you confirm, the bulk payments page is read-only. Contact support if you need to request a cancellation.
FAQs
Can I use bulk payments to pay my regular suppliers?
Yes. You won’t be able to schedule their payments in Remitly Business, but once their payment information has been entered, all you need to do is select them, confirm the amount you want to send, and add them to the bulk payment. Easy as that.
If I use bulk payments, is it possible that the individual transfers will arrive at different times?
Yes, transfers to different recipients may arrive at different times. There isn’t a single delivery time that you’ll be able to apply, especially if you’re sending to different countries. A number of factors—like processing schedules, compliance procedures, cutoff times, and time zone differences—could cause potential delays for one payment but not another.
Are bulk payments cheaper than individual transfers?
No, bulk payments aren’t monetarily cheaper than individual transfers. What you’re saving is time and efficiency.
When is it best to use an individual transfer instead of adding it to a bulk payment?
Individual transfers make sense if you’re only paying one supplier or you need to handle an urgent payment separately. As your business grows, you’ll add more suppliers and need to handle additional payments on a regular basis. Then, you should consider bulk payments for more efficiency. (Get some of your time back.)
What if I need to pay more than 20 suppliers?
You can plan separate bulk payment runs within the applicable limits. Try segmenting into different groups based on payment deadlines.
My supplier received less than last month, how did that happen?
Exchange rates can change on a daily basis. A previous payment’s exchange rate or fee may differ from the one before. But when you use Remitly Business, every transfer goes out at a competitive exchange rate. You’ll see the exact rate up front, so you always know what your recipient will receive, and you can communicate that back to them.
I need to cancel a transaction, how do I contact the support team?
Remitly Business provides 24/7 support in 18 languages including English, and you’ll always speak to a human—not a chatbot. Visit our Help Center for more information.
Get started today
Read more about how Remitly Business works, or create an account today. There is no setup fee or monthly subscription fees once you get started. We also offer strong exchange rates with clear, upfront transaction fees so that you won’t face any surprises.
