Paymerang expanded its line of finance automation solutions by adding receivables automation.
The new Receivables Automation product simplifies accounts receivable (AR) and provides businesses with real-time insights into cash flow, the company said in a Tuesday (Dec. 5) press release.
“The addition of the Receivables Automation product exemplifies our mission to provide CFOs and finance teams with cutting-edge solutions that drive efficiency and improve financial outcomes,” Paymerang CEO Nasser Chanda said in the release.
This new solution is designed to help businesses save time, increase efficiency and minimize the risk of errors by streamlining and accelerating invoice-to-cash processes, according to the release.
It also aids decision-making and enhances cash flow by delivering real-time insights and analytics, the release said.
The Receivables Automation product also enables card payment acceptance and processing for merchants across the United States via Paymerang’s integration with Fiserv, a global provider of payments and financial services technology, per the release.
“By leveraging the expertise, industry experience and sophisticated [independent software vendors (ISV)] payments engine of Fiserv, Paymerang is now equipped to seamlessly integrate credit card processing into its suite of financial automation tools, providing businesses with a one-stop solution for managing their financial transactions,” Paymerang said in the release.
The new solution joins Paymerang’s invoice and payment automation platform designed to help accounts payable (AP) departments, per the release.
PYMNTS Intelligence found that chief financial officers are looking at automation to improve AR functionality and efficiency, tackle payment delays and errors, and streamline AR processes by eliminating the need for manual procedures.
Sixty-seven percent of CFOs said their firms “probably” need more automation, and 27% said they “definitely” need more, according to “Automation Clears the Path to Getting Paid on Time,” a PYMNTS and Billtrust collaboration.
“With the global AR automation market projected to reach $3.8 billion at an annual growth rate of 11.8%, it is clear that businesses are prioritizing and benefiting from process automation,” the report said.
Unified Software-as-a-Service (SaaS) solutions for AR streamline financial operations, enhance collaboration with B2B partners and provide real-time insights for more informed decision-making, Murray Sharp, vice president of partnerships, channel sales and businesses development at Billtrust, told PYMNTS in an interview posted in October.
“A complete, collaborative suite of AR software minimizes the challenges caused by disjointed software systems — as well as by manual data entry, errors, wasted time and immature AR processes,” Sharp said at the time.
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