B2B Payments

How Paper Invoices Can Access Digital Factoring Solutions

Treasury management and accounting services are boosting innovation in the corporate finance space, largely as a way to help businesses ditch the paper check and paper invoice.

But paper-based systems are still widespread in business accounting departments. Invoice financing firm BlueVine has just released a way to make those businesses that still work with paper bills a bit more efficient.

In an announcement Thursday (Sept. 17), BlueVine said it has pulled its manual invoicing service out of beta phase after successful testing. The feature allows SMEs to manually enter the data of a paper invoice into BlueVine’s digital invoice finance platform, thus creating an eInvoice.

[bctt tweet=”BlueVine said it has pulled its manual invoicing service out of beta phase after successful testing.”]

The company said that more than one-third of its new corporate customers were able to access invoice financing worth millions of dollars, even though they did not have a cloud-based accounting solution, thanks to this service.

“Just as we modernized the billion-dollar invoice financing industry, BlueVine is again lowering the barriers for small businesses to access working capital by adding manual invoicing to our online solution,” said BlueVine CEO and Founder Eyal Lifshitz.

He added that allowing for integration of paper invoices into its factoring solution means BlueVine is tapping into a market that was previously unable to access such tools.

“We are thrilled to bring an alternative financing option to small businesses that previously could not utilize these cash flow solutions,” he said. “Our customers now have the choice to get funded in the manner most natural, efficient and flexible for them.”

In its announcement, BlueVine cited recent research by Robert Half and the Financial Executives Research Foundation that concluded that more than half of businesses in the U.S. still rely on manual accounting procedures but still want an online solution to fulfill their working capital needs.

The company simultaneously revealed that it has increased its credit line from $50,000 to $150,000.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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