Ardent’s P2P Technology Round-Up returns today with another assortment of ePayables, P2P, and B2B payment solution provider news and updates from the past week. If you are an Accounts Payable, B2B Payments, or Spend Management solution provider and you have news to share with us, please drop us a note at editor at cporising dot com. You can jump to specific news items by clicking the links below. Thanks, and enjoy!
AvidXchange Partners with GCPay.com to Launch New Automation Solution
Sage Launches New Invoicing Features
C2FO Partners with White Oak Global Advisors to Offer New Working Capital Financing Options
OmniPay Launches New Supply Chain Finance Platform
NatWest Bank Partners with MarketInvoice to Help Fund Businesses
AvidXchange Partners with GCPay.com to Launch New Automation Solution
Earlier this week, AvidXchange, a provider of invoice automation and payment processes for mid-market companies, announced the launch of a new automation solution through a new partnership with GCPay.com, an online invoice and compliance automation provider for subcontract management companies. The new solution, targeted for construction companies and called “Construction Payment Exchange,” includes end-to-end features that will help manage the entire project lifecycle for contractors, and will help solve for the complexities of the lien waiver process (that are quite common). GCPay.com provides its customers with an online platform that automates subcontract management processes, specifically invoicing, compliance, and lien waivers. The new solution will provide other benefits to construction companies and better control and visibility for the schedule of values, application for payments, change order, compliance, lien waivers, and payments. By aligning with payments provider, AvidXchange, GCPay.com customers will be able to electronically pay their contractors in a faster and more secure way throughout the entire construction project.
Sage Launches New Invoicing Features
Sage, a provider of cloud-based business management solutions, this week announced a partnership with Stripe to provide new digital invoicing capabilities to its customers. Stripe is a global technology company that provides software for businesses to accept payments over the internet. Users of Sage Business Cloud Accounting now have full invoice capabilities in addition to the payment services that Sage offers. Customers will be able to fully digitize the invoicing process, and get paid via credit/debit cards in real-time. Customers will be able to view invoices on any device and pay anytime within Sage Business Cloud. Sage, which is based in the UK, is also launching an enhanced user experience that gives customers the option to activate payment and invoice services within the Sage software. From there, customers will be able to take payment either over the phone, or online with a “Pay Now” button.
C2FO Partners with White Oak Global Advisors to Offer New Working Capital Financing Options
Fintech provider, C2FO, has recently partnered with White Oak Global Advisors, to provide new working capital financing options to C2FO’s network of businesses in the US. White Oak, an alternative asset management company that specializes in providing credit financing solutions, will act as the primary source of capital in this new venture. Through the partnership, C2FO will be able to provide its customers access to additional funding options when early payment is not available from out-of-network customers. In-network customers will have the ability to choose either their own cash or cash from a third party to fund early payment to their supplier partners.
OmniPay Launches New Supply Chain Finance Platform
OmniPay, the Australia-based fintech provider, has recently launched its new supply chain finance (SCF) platform to help suppliers in Australia better manage cash flow. OmniPay provides both a web-based and mobile application that allows suppliers the ability to request early payments on their invoices. These payments are then financed by OmniPay upon receiving approval. A supplier can import invoices directly into the OmniPay platform and make a request for payment. From there, the invoice is sent to buyer to be digitally signed and approved. OmniPay will pay 85% of the value of the invoice to the supplier within one business day of receiving approval. The buyer must then pay the invoice amount to OmniPay within the agreed upon payment terms. The remaining 15% of the invoice then gets passed on to the supplier (minus a 3.5% fee that OmniPay charges the supplier). OmniPay plans to initially target its SCF platform towards construction companies, but will eventually look to target businesses with large supply chains across all industries.
NatWest Bank Partners with MarketInvoice to Help Fund Businesses
National Westminster Bank (NatWest), the UK-based financial institution, has partnered with invoice finance platform provider, MarketInvoice, to link its corporate clients in the UK to invoice financing solutions. MarketInvoice offers an invoice finance platform that allows businesses to sell their unpaid invoices in order to get paid faster and provide more working capital. NatWest will integrate MarketInvoice into its Capital Connections panel which helps guide SMB’s that are struggling to get better access to financing. Customers will be able to choose if they want specific invoices financed or receive access to financing based on all of their outstanding invoices. MarketInvoice is the first invoice financing company to join the panel.
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