Transaction related information such as payment amount, description, involved parties, etc. is uploaded into the system. Approval Process e-Approval Payment System provides a structured approval process based on the company's needs. The stages of approval are predetermined, including the parties involved and the order of approval. All parties are notified and approved. Notifications and Notices The system automatically sends notifications to authorized parties to provide approval.
Notifications can be sent via email, in-app messaging, or uk whatsapp resource other platforms. Notifications may also include transaction-related information and a deadline to provide approval. Use of Digital Signatures Electronic approval payment systems are often equipped with digital signature capabilities that allow authorized parties to provide electronic signatures as a form of approval. as a physical signature. Tracking and Audit Trail Every step in the approval process is recorded and logged in the system.
This includes the time and date of approval, the identity of the user providing consent, and information related to the transaction. This tracking and audit trail is important for compliance purposes and transparent tracking records. Delivery Process After all approval stages are completed, the electronic approval payment system automatically processes the payment. The payment information will be forwarded to the connected payment system for further processing.