Viewpost, a B2B invoice and payment platform vendor, is pushing a process where debt is morphed into a source of liquidity.
“More than invoicing software, the company is selling a network that allows businesses to collect debts early at a discounted rate determined by the debtor,” reported VentureBeat. “For example, a hotel pays a recurring quarterly fee for trash collection. The hotel can note in Viewpost that it’s willing to pay it’s invoice in advance of the due date in exchange for a 5 percent discount on the total bill. If the trash collection company needs or wants that money early and the 5 percent discount is acceptable to them, they can accept the hotel’s offer. Viewpost takes a percentage of that transaction from the entity cashing in on the discount.”
The company charges $0.50 for every electronic check it sends and $0.75 for every paper check and integrates with existing back-office software from Oracle, SAP, Peoplesoft, Microsoft’s Great Plains and Quickbooks,” the story noted, adding that Square charges businesses 2.75 percent of every invoice paid with a credit card.
“Founder Max Eliscu first raised $25 million in 2011 to start the company,” the story said. “Since then, Viewpost has taken in $30 million in additional funding and is in the process of raising another $35 million, which the company expects to close on in the next couple of months.”