Less than two years after bill pay automation business Entryless launched operations, the firm has taken to strengthening services to ease friction between business payments.
In an announcement made Tuesday (June 23), Entryless revealed a new service for small business B2B payments that offers a new payment system to bridge any gaps within the existing Entryless platform. The new Entryless Seamless B2B Payments service heightens business bill pay automation and focuses on ease of adoption, the company said, allowing small businesses to confidently adopt e-payment strategies without the risk of manual errors.
For Entryless founder Mike Galarza, the solution takes aim at SMEs’ ongoing use of outdated, expensive tools. “It costs over $35 per bank wire or check, including the value of staff time, to pay a bill in a typical company,” he said. “People are reading the bills from attachments to emails, hand entering the data into their cloud accounting software and paying through their bank’s bill pay portal. With today’s technology, doesn’t it seem like it should be more efficient than that?”
While the new service erases businesses’ need for manually entering bill and payment data, reports said Entryless Seamless B2B Payments supports any bill format and provides workflow insight so platform users can review the bill, synchronize payments with their accounts and easily pay suppliers.
In addition to launching the new service, Entryless revealed the hiring of Sukanta Ganguly as CTO.
“Entryless dramatically reduces the time [business users] spend entering bills; they pay suppliers faster and have [fewer] data entry errors — because there is no data entry required,” Galarza said in a statement.
Entryless added that what sets its new B2B payments service apart is the ability to work with any payment method used by suppliers to deliver invoices — whether photographed on a smartphone, entered through the Entryless web app or emailed.
The solution is particularly geared towards SMEs that may not have the cash flow surplus experienced by their larger peers. According to Galarza, Entryless offers its service free for the first 300 bills processed every month, whereas competitors, he said, charge hundreds of dollars a month. Entryless said it chose a monthly subscription payment model, rather than a per-bill fee.
“I think that the amount of time people are spending paying bills is a waste,” he said. “We can be to small businesses what American Express was to consumer payments when they popularized the card payment.”