Automation makes it easy for you to create efficient systems in your business, increase team productivity and simplify business processes. If you love sub-accounts on Prospa, Automation enhances the experience of planning and organising your finances for business success.

However, before you jump into creating your first automation, there are a couple of things you should know. 

This guide walks you through: 

• How to create Automation on Prospa
• Types of Automation available on Prospa
• How to create a split payment automation
• How to create a recurring payment automation
• How to automate salary payments
• How automation can benefit you and your business

How to create Automation on Prospa

To get started, you need to have a business account on Prospa. It takes 5 minutes to open a Prospa business bank account. Sign up here

1. Log into Prospa on your iOS/Android or Web App
2. Choose the account you want to automate payments from
3. Tap on options at the top left corner of the app
4. Select Automations on the dropdown list. You would see two options: split payments and recurring payments

How to use split payments

Auto split automatically moves your money across all your sub-accounts, based on rules you set up in-app.

With split payment automation, you’re able to automatically split funds between multiple sub-accounts of your choice based on either a percentage or a set amount of inflow.

Auto split is a great way to efficiently manage your finances. It is particularly useful/beneficial if you run several businesses under 1 legally registered entity or have opened one or more sub-accounts for several aspects of your business e.g. marketing, tax, salaries, savings etc. You can automate payments to any of your sub-accounts based on the amount or percentage you want to deduct.

If you run a referral marketing system or a freelancer who needs to pay themselves a monthly salary or a percentage of all earnings, you can automatically use split payments to deduct commissions or a percentage of your revenue. 

You can also build transparency with business partners in joint ventures because an auto split rule automatically deducts a percentage

Here’s how you create a split payment automation

• Step 1: Log in to Prospa

• Step 2: Choose any of your business accounts or sub-accounts that you want to automate payment from
• Step 3: Tap on options on the top right corner of the account page.
• Step 4: Select automation 
• Step 5: Choose split payment
• Step 6: Add an auto rule
• Step 7: Add a beneficiary

How to use recurring payments

Schedule repetitive payments like salaries and rent with recurring payment automation on Prospa. Instead of manually making 10 to 20 transfers, you can create an efficient and smooth automated payroll system with recurring payments. You can create a rule to pay N50,000 to your staff on payday, another rule to pay your supplier every Monday at 7 am and another to send monthly rent to your landlord. 

Here’s how you set up recurring payment automation:

• Step 1: Open your Prospa app.
• Step 2: Choose any of your business accounts or sub-accounts that you want to automate payment from
• Step 3: Tap on options on the top right corner of the account page.
• Step 4: Select automation 
• Step 5: Choose recurring payment
• Step 6: Add an auto rule
• Step 7: Add a beneficiary

How to pay salaries with recurring payments 

• Step 1: Open your Prospa app.
• Step 2: Choose any of your business accounts or sub-accounts that you want to automate payment from
• Step 3: Tap on options on the top right corner of the account page
• Step 4: Select automation > create a new automation
• Step 5: Choose recurring payment
• Step 6: Add an auto rule > set salary amount, payment date, and duration.
• Step 7: Add your team member or employee as a beneficiary.

You can add several beneficiaries to one automation.

Use Case: How does it work?

Mr Ifeanyi is the owner of Gbuzz Delivery, he uses automation to manage his finances, increase worker’s satisfaction and maintain a satisfactory relationship with his suppliers.

In March, Mr Ifeanyi purchased (2) motorcycles worth N300,000 to expand his logistics business. He had an instalment payment agreement with his supplier to pay 30,000 bi-weekly on Fridays and he pays his team’s salaries on the 25th of every month.

With his business account and sub-accounts, he had solutions to all these problems. As a Prospa member, what he did was set recurring and split payment automation. With the recurring payments, salaries automatically go to each team member on the 25th of every month. The split payment automation transferred 30,000 automatically to his supplier from the weekly revenue. Mr Ifeanyi stopped feeling stressed on salary week and felt confident about clearing his debt on time.

The benefits of automating finances for you and your business

Here are some benefits of automating your finances on Prospa

• Increased productivity.
• Improved operational efficiency.
• Reduces human error.
• Helps you stay consistent and win trust.

Running a business isn’t easy, but automating your finances can lower your workload. Get started by downloading Prospa on your iOS/Android.