I would absolutely recommend Faster Payments to other businesses.
Huawei is a multinational business, specialising in information and communications technology (ICT) infrastructure and smart devices. A household brand with over 197,000 employees across the globe, they currently operate in over 170 countries and regions, serving more than three billion people around the world.
Huawei’s mission is to bring digital to every person, home and organisation for a fully connected, intelligent world.
What we did for them
In November 2019 a division of the multinational business, Huawei, came to Moorepay needing intuitive and simple to use payroll software to enable payroll processing and the payment of over 1,000 employees every month. After comparing the market, exploring other software options available, it became apparent that Moorepay’s easy-to-use cloud-based software was the best fit for Huawei.
Through our conversations with representatives from Huawei, it became apparent that their current funding model wasn’t working for employee payments. Due to long internal processes Huawei faced the issue of either pushing their payroll close date forward, reducing the amount of time the team had to process payroll funds and increasing the likelihood of error. Or alternatively they would be required to push employee payday back (later than 25th of each month).
Both options had a negative impact: option one would put additional strain on both payroll and finance departments, while option two, had the potential to impact employees directly. Due to the inefficiencies and issues with both outcomes, Huawei opted for Faster Payments. This gave them great flexibility in previously rigid payment processes and the ability to fund later. Having a relatively large employee count and a sizable salary spend each month, holding funds in their business account for longer has extended benefits to the business.
When asked about the commercial benefits of Faster Payments, Huawei responded: “The biggest benefit we see is improved cash flow. We are able to prepare the fund just one day before the payday. It has benefited our cash flow significantly.”
I would absolutely recommend Faster Payments to other businesses. It is a small cost, easy to set up and undoubtedly benefits the payroll operation and cashflow.
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