The B2B payments space has just grown, thanks to the new presence of PayPool. The U.S. company, founded just last year, made an announcement Friday (Jan. 6) that it has officially begun services with the launch of its bulk payment and distribution service.
Companies upload payment information via digital document to the PayPool portal, which then validates that information to ensure compliance. PayPool then processes payments and distributes funds via cash, electronic payment or a mix of both, the company said in its announcement. Business users can customize based on their payment needs; that includes adding information alongside payment. The platform also collects and stores all data and documentation of transactions.
“Businesses today need to send money to many parties in a variety of ways, from simple check runs to more complex transactions,” explained Chief Operating Officer Rudy Bejarano in a statement. “We provide the capability and flexibility to meet these requirements using an easy process that utilizes our robust operations and technology infrastructure.”
PayPool supports one-time and recurring payments; the company highlighted particular use cases in B2B payments that can benefit from its services, including issuing refunds and rebate checks, as well as insurance payouts.
The company’s decision to offer check payments is interesting, concerning the ongoing debate about the future of the paper check in B2B payments and the uncertainty over whether companies will continue to migrate towards electronic payments.