Managing Payments Just Got Easier With Make and Revolut
Did you know that Revolut Business is on Make?
Widely recognized as the most valuable fintech in the UK, Revolut Business is among the best online banking solutions in the world.
Over half a million users rely on Revolut Business to manage their financials - including transactions, payments, subscriptions, and reporting.
And thanks to the Make - Revolut partnership, Revolut Business users can now benefit from a key component to manage their finances more quickly and efficiently.
Yes, we are talking about Revolut Business integrations.
As you can imagine, managing payments involves transferring data between apps. Examples include orders originating from online stores, communications with suppliers, and data destined for accounting apps.
Here exactly is where Make comes into play, as integrations help streamline these processes to a whole new level of efficiency.
A faster, better way to manage your draft payments
In this initial stage, we are introducing five Make modules for Revolut Business users:
Watch draft payments
Watch draft payment transfers
List draft payments
Get a draft payment
Create a draft payment
Delete a draft payment
Delete a draft payment transfer
By connecting your Revolut Business account to Make you will be able to automate countless workflows that involve draft payments.
The result? Fewer resources are spent on repetitive tasks, and more time is suddenly available to focus on business fundamentals.
On top of this, there is a little surprise for Make users as well.
We are pleased to announce that every Make user is eligible to get two months of the Revolut Grow Plan (worth £25/mo) for free. To access the benefit, all you have to do is sign up using this link.
Now, let’s take a look at what you can do with Revolut Business and Make.
3 ways to automate Revolut draft payments with Make
Draft payments play an important role in the Revolut Business ecosystem. For busy store owners, every minute counts, and time spent on creating and sending draft payments is nothing but a waste until the process is automated.
With this in mind, here are three practical ways to use our newly released Revolut Business modules.
1. Automated employee draft payments with data from a time-tracking app
It’s not rare for companies to pay their employees through Revolut. This is a common occurrence when freelancers and remote workers are involved (and also a practical way to do it).
As it happens with other repetitive tasks, drafting payments for employees takes more time than what the task is worth.
However, it’s easy to automate it.
Using the template below, Make will retrieve the time tracked by your employees on Harvest (you can replace it with another time-tracking app), store all the details in Google Sheets, and create draft payments using Revolut Business.
This will turn the task of paying your employees and contractors into an easy, nimble task.
2. Send notifications about new draft payments
Draft payments often need to be reviewed and approved by one or more relevant parties.
You might think that sending a message over Slack or email is not time-consuming, and you’d be right. Sending one message does not consume a lot of time.
Sending hundreds a year, on the other hand, is a different story.
To automate this, you can rely on the following template, which does a very good job of watching draft payments in Revolut and notifying the relevant stakeholder immediately.
On top of saving your team valuable time, this automated scenario prevents the “I forgot about that” factor.
Imagine that one of your suppliers is waiting for payment, but the person in charge of approving it hasn’t been notified. How would that make you look?
Perhaps it’s time to let Make take care of this, once and for all.
Not a Slack user? Don’t worry! We have also built templates that will automatically notify you and your team over Microsoft Teams and email when a draft payment has been created.
3. Automatically create tasks in your project management app for new draft payments
Lack of organization is more than a mood-killer; it’s a productivity killer as well.
Companies dealing with a high number of draft payments are more exposed to missing out on one from time to time.
Such an event can provoke a butterfly effect on related tasks, eventually leading to missed payments, and other complications.
However, this can be prevented by a simple workflow that creates a task in your project management tool for each draft payment that needs to be reviewed and approved.
Why would you let a draft payment bounce around email inboxes when you can instruct Make to create a task out of it and assign it to the relevant stakeholder, automatically?
The (right) answer is in the template below.
Bonus: Automatically store every draft payment in Excel
Running the numbers at monthly and quarterly closings is vital for a business's health. In the case of draft payments, it’s important to know which ones have been approved and paid - but for that to happen you need to track how many of them have been created in the first place.
The following template will help you achieve this without lifting a finger. In a rather simple fashion, it will store new draft payments in an Excel workbook. When the time to analyze this data arrives, it will already be there, neatly organized, and available.
In addition, Notion users will be delighted to know that there are similar templates that rely on Notion rather than on Excel to fulfill this task.
Final thoughts: Is your business missing out on automation?
As ecommerce activity continues to grow, it is likely that a reduction in margins will ensue.
This occurrence can seriously affect smaller businesses, as bigger ones are more comfortable and experienced in dealing with smaller margins.
In turn, solutions to automate the repetitive, value-draining tasks will mark the difference between success and failure.
It will be up to business owners to decide what to automate first, and when to start. A competitive advantage is rarely built on a day, so we encourage you to try automating the recurring tasks in your workflows.
It’s time to make the most of your business, and we are here to help you get there. If you don’t have a Make account yet, you can sign up for free here.