Successful corporations understand the importance of managing their supply chain and cash flow, and today there are a growing number of services that offer new ways to facilitate this management. PrimeRevenue is one of these companies that focuses on early payment discount and financing to businesses looking to take greater control of their B2B operations.
The supply chain finance service company announced Friday (March 6) that it will now offer a single platform that integrates discounting and financing products into its spend analytics service.
The analytics product SCiMap, as well as PrimeRevenue’s supplier on boarding product SCiEnable, will now work with the company’s dynamic discounting offering, a move PrimeRevenue Product Manager Mark Winslow says will offer companies greater access to working capital. “By offering dynamic discounting and supply chain finance on the same platform, we allow companies to self-fund and use third party funding from over 50 financial institutions for their financing programs at the same time,” he said.
The services have all been integrated into PrimeRevenue’s OpenSCI platform. With its new enhancements, the company revealed that business customers will have access to greater security, searchability, and an overall seamless user experience.
Along with the integration of discounting and financing services, PrimeRevenue announced the launch of its new financing solution Zero Rate, a service that allows companies to manage their financial supply chains without charging extra fees to their suppliers.
PrimeRevenue’s new offerings were announced alongside new findings by the company regarding the benefits of supply chain finance and discounting products. According to the company, dynamic discounting offers an approximately 5-20 percent per annum discount, while supply chain financing yields about a 1-4 percent discount.
The two services aim to service a broad range of business customers, with dynamic discounting targeting small companies while supply chain finance targets large corporations.
PrimeRevenue’s business model does not depend on buyers and sellers paying for the service, the firm said. Instead, suppliers pay for early payment discounts, and that discount is deducted from their invoices.