The acquisition brings together Wise-Sync’s integrated payment automation platform and ConnectWise’s IT solution provider software and service platform, making fully automated payment collection available for both ConnectWise Manage and ConnectWise Sell, according to a Thursday (Sept. 1) press release.
“We are eager to take our first step into the payments processing space — ConnectWise products to date have not had this functionality,” ConnectWise Executive Vice President of Growth Chris Timms said in the release. “Expanding this part of our portfolio is an exciting move for us and our partners.”
Wise-Sync has been a longtime partner of ConnectWise, and its integration enables IT solution providers to improve cash flow, reduce errors and scale their businesses, according to the release.
“As part of ConnectWise, Wise-Sync will be able to leverage ConnectWise’s expertise to further improve our unique ability to bring payment automation experiences to [managed services providers (MSPs)] globally,” Wise-Sync Founder and now ConnectWise General Manager of Payments Paul MacNeill said in the release.
As PYMNTS reported in May, invoicing is one of the most crucial B2B processes that requires digitization as businesses continue their digital transformation.
For years, handling invoicing required hours of manual labor in a paper-laden process, draining time and resources that employees could better spend on more strategic tasks or customer service, according to the “AP Automation Tracker,” a PYMNTS and Beanworks collaboration.
In contrast to accounts payable (AP) departments that have little or no automation, those that are highly automated can process eight times as many invoices per full-time employee equivalent. Beyond that, AP automation also reduces errors and fraud risks.
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