Fintech
Fintech extends automated invoice processing to all transactions
Financial information technologies (Fintech) has expanded its platform’s automated invoice processing capabilities to include all B2B transactions.
Previously designed to manage alcohol purchases by the retail and hospitality sectors, those of the company Payment Source Accounts payable (AP) automation platform can now manage all business purchases, Fintech said in a Thursday (May 30) statement Press release.
This feature was added in response to requests from the company’s Fintech CEO customers Tad Phelps said in the press release.
“These developments will address the bill payment needs of customers of all sizes, be they distributors, suppliers, vendors or retail/hospitality operators,” Phelps said.
Fintech has been automating the sending and collection of bill payments for deliveries in the alcohol industry for 35 years, according to the release. It currently serves a network of 1 million B2B relationships and processes more than 52 million invoices per year.
With automated and expanded invoice processing now offered through PaymentSource, the company can help businesses save time, reduce costs, improve accuracy and ensure compliance across their entire invoice database, according to the release.
This feature helps businesses eliminate the need to wait for managers to manually enter each invoice, Randy Schneiderfood and beverage director at the arcade and attractions operator Family entertainment groupwe read in the press release.
“PaymentSource accelerates this process by allowing our managers to simply scan and upload invoices into a single portal for review and payment approval,” Schneider said.
PYMNTS Intelligence found that among mid-sized companies, 70% of those who fully complied AP automation they said they were satisfied with the results.
Full automation allows organizations to reduce labor costs and reduce the occurrence of errors, according to “Accounts Payable and Accounts Receivable Trends: The Future of Automation”, a PYMNTS intelligence and American Express collaboration.
In another recent move, Fintech said on Wednesday (May 29) that it has acquired Nexxus Group to expand his B2B payment capacity.
This acquisition, which closed in May, adds Nexxus Group’s consignment technology to Fintech solutions for the hospitality and retail industries, enabling retailers to reduce inventory and sellers to take control of inventory up until they are purchased by consumers.
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