Paying supplier invoices seems straightforward enough, right? You receive an invoice, enter some numbers, and click “pay”. Yet, beneath this seemingly simple process lies a minefield of potential payment errors that could lead to delays, frustrations, and even financial losses.

‘Worldwide, 80% of organisations (with over 20,000 failed payments per day) reported having lost customers as a result. Failed payments have the most significant impact on customer service, with 37% of organisations reporting a severe impact and nearly 50% indicating some impact.’

Failed payments inflicted a cost of $118.5 billion in fees upon the global economy in 2020, according to data from Accuity, a LexisNexis Risk Solutions company’.

Entering Incorrect Bank Details

One of the most common mistakes is entering incorrect bank details.

‘Account number issues are the cause of one-third of failed payments’.

It could be a single digit off in the account number or mistyping the account holder’s name. These errors can lead to payments being rejected or worse, sent to the wrong account altogether. The hassle of trying to retrieve funds sent to an incorrect recipient is a nightmare of bureaucracy and uncertainty that no one wants.

Incorrect Payment Amounts

Another pitfall is entering the wrong payment amount. A simple typo or miscalculation can result in underpayments, which might strain supplier relationships or lead to late fees. Overpayments, on the other hand, can tie up your cash flow unnecessarily, requiring further effort to rectify and recover.

References and Additional Details

Many invoices require specific references or additional details for proper processing. Forgetting to include these details or entering them incorrectly can delay payment processing significantly. Suppliers often depend on these references for efficient allocation of funds within their own systems.

The Time Sink: Checking and Rectifying Payment Errors

Ensuring payment details are correct takes time—time that could be better spent on more strategic tasks. Triple-checking bank account numbers, verifying payment amounts, and confirming references can easily consume valuable hours each month. Even with meticulous attention, errors can still slip through, leading to frustrating follow-ups and corrections.

Rectifying mistakes is another time-intensive process. Once an error is identified, you might need to contact your bank, the supplier, or both. Resolving these issues often involves waiting on hold, explaining the situation multiple times, and navigating bureaucratic procedures—all while the clock ticks on pending invoices and potential strained relationships.

IPromise: A Smarter Solution

Enter IPromise, a revolutionary solution to streamline supplier payments and eliminate the headaches associated with manual input errors:

  • Automatic Population of Payment Details: With IPromise, payment details are auto-populated securely. No more manually entering lengthy bank account numbers or worrying about mistyping details.
  • Immutable Payment Details: Once set, payment details cannot be altered. This ensures that each transaction is processed accurately every time, reducing the risk of errors due to manual input.
  • Secure Fund Release: Payment release is controlled by the Supplier and Client. This feature not only enhances security but also provides peace of mind, especially when dealing with deposits and advance payments.


In conclusion, the ease with which payment details can go awry when paying supplier invoices evidences the need for a more reliable, efficient solution. IPromise offers exactly that—a hassle-free way to manage supplier payments with enhanced security and automation. By eliminating manual data entry errors and providing robust payment control features, IPromise not only saves time but also enhances accuracy and peace of mind.

Next time you find yourself triple-checking payment details or dealing with the fallout of a payment error, consider IPromise as your partner in simplifying supplier payments. Discover a smarter, more efficient way to pay suppliers and reclaim valuable time for more strategic business activities. With IPromise, bid farewell to payment errors and embrace a future of seamless supplier transactions.

Get Started with IPromise Now

Statistics Sourced from CFO Tech NZ Article