Customers using Oracle EBS or Fusion Cloud can now pay Tender fee / Bid bond online using 4i Integrated Supplier Payment Gateway
It’s a common practice for any companies to collect Tender fee / bid bond from suppliers. This encourages interested suppliers and eliminates unqualified suppliers to download RFQs/RFPs and submit their response on the tender. But in this pandemic situation, the suppliers can’t rush to their banks or the company’s procurement personnel is not present in the Premises to collect the fees. This process still continues to be manual, even in organisation that use Oracle E-Business Suite and Fusion Applications with advanced modules like Oracle Sourcing and Oracle iSupplier portal.
This problem can be solved by implementing an integrated Supplier payment gateway where the suppliers can pay their Tender fee and/or bid bond amount through online like an e-commerce online payment method. The suppliers can also receive an instant authorization to download the documents.
How does it work
Using this supplier payment gateway is much similar and safer mode to transact then the previous/existing mode. The supplier needs to enter their website and provide their payment credentials/back link which is provided in the organisation invite itself. The Supplier payment gateway UI has been designed for simple understanding which contains some payment details that has to be submitted for a successful tender bid payment. After the submission for payment, it is authorized by our regional online payment gateway vendor and they acknowledge back the suppliers and organisation on payment completion.
Benefits of using Supplier Payment Gateway
- It provides complete automation and online purchase experience for the suppliers.
- It helps the organisation to maintain regulatory requirements of the government and avoid any legal issues in the future.
- The supplier payment gateway system can be automatically integrated with Oracle Financials in order to maintain a complete overview of all the receivables and payables of an organisation.
- The Tender bid payment is captured and stored for future audit and references.
- The Tender bid refund can be processed on the same mode of transaction once the payment duration elapse.
Supplier Payment Gateway reduce the complications in Tender Bid Payments and provides hassle-free payment experience for the suppliers. 4i partnered with experienced online payment gateway vendors like Omannet and Cybersource.
Please contact our local representatives for further queries or email email@example.com