Autosave the Purpose Code for Future Invoices With Skydo
If you’re involved in international remittances, getting purpose codes right is crucial. These alphanumeric codes are used to define the reason for a transaction, and using the correct one is key to smooth payments.
A wrong or missing purpose code might lead to:
Rejection of the payment and its return to the source, or
Delays while the bank verifies the transaction’s purpose
To avoid these issues, Skydo is here to ensure your international payments are fast, easy, and compliant. Let’s explore how our autosave purpose code feature supports you in creating a seamless payment experience.
Skydo: Simplifying Purpose Code Allocation
For Indian businesses, handling international payments and invoicing can be both complex and time-consuming. From creating invoices and tracking payments to managing purpose codes, the process can take up a lot of your time.
That is where Skydo comes in. We offer automation features that make these tasks easier, helping you manage cross-border transactions more efficiently.
With Skydo, you can automate invoice generation, payment tracking, and purpose code management, so you can focus more on your business and less on paperwork.
Steps to Autosave Purpose Code in your Invoice with Skydo
If you cater to several foreign clients and send out invoices regularly, manually entering purpose codes in hundreds of invoices over a long period can not only be tedious but very prone to potential human errors.
But with Skydo, you can eliminate the manual effort and mitigate risk because it saves the purpose code in its database and prefills it corresponding to the services offered.
Let’s understand the step-by-step process of creating an invoice on Skydo and how the purpose code feature works:
- You can find the complete list of purpose codes for cross-border transactions here on RBI's list or any other authorized bank's website.
- Now, for all new services you offer to the client, you need to manually enter the purpose code for the first time while creating the invoice on the Skydo payment platform. You can consult the purpose code list or speak to one of your experts for the same.
- Once you add the purpose code for a specific transaction or service, it gets saved in the Skydo payment platform database. When you add the same service next time while creating an invoice, you have to click on the section to add the purpose code, select the appropriate purpose code from the drop-down, and the code is pre-filled to the invoice.
- The next and final step is finalizing the e-invoice and sending it to the customer through Skydo for seamless cross-border transactions.
Realizing Efficiency Gains and Compliance
As we’ve seen, using incorrect or missing purpose codes can cause significant problems for cross-border transactions. Banks may flag these transactions as suspicious, which can lead to delays or even failures in processing payments.
When a transaction is flagged, it can disrupt your business cash flow and create obstacles for smooth operations. This not only affects your current transactions but can also hinder your ability to scale and grow your business.
To avoid the inconvenience of delays and complications with international transactions, Skydo takes care of the purpose code for you. By adding the correct purpose code based on your previous input, Skydo ensures that your inward remittance arrives on time.
This accuracy not only reduces your business risks but also supports rapid growth and scalability. Plus, Skydo’s approach helps you stay compliant with regulatory requirements, minimizing the risk of hefty penalties.
By facilitating accurate purpose codes, Skydo contributes to a smoother global financial ecosystem, making cross-border transactions seamless and efficient.
Conclusion
RBI purpose codes play a key role in a stable financial system, enabling the monitoring of foreign funds and preventing fraud. Accurate use of these codes facilitates smooth international transactions and supports business expansion.
We understand that manually handling these purpose codes can be difficult and prone to mistakes. Skydo’s automated feature makes this task easy and ensures compliance, so you can focus on growing your business.
Join the Skydo payment platform today to experience seamless cross-border transactions and mitigate financial and non-compliance risks!
