A new solution from invoice finance firm Aztec Exchange wants to get suppliers on board with early payments, a way for suppliers to get paid faster for their outstanding invoices.
On Tuesday (May 3), the company revealed the rollout of PayMe, its latest solution to access on-demand funds for bills their buyers have yet to settle. But the tool isn’t geared towards suppliers directly; it’s a white-label solution for other eInvoicing companies to integrate into their own solutions.
Ireland-based Celtrino is the first eInvoicing company to implement the tool, Aztec Exchange said.
“PayMe provides EDI and eInvoice companies a large-scale invoice early payment solution, as well as an additional revenue stream, without the need for their own investment capital or technology interface,” said Aztec CEO Edwin Hagan-Emmin in a statement. “Cash on demand, available to all suppliers everywhere via PC or mobile phone, is an extremely powerful tool for suppliers and the companies they provide goods and services, too.”
The executive added that Aztec’s current eInvoicing partners facilitate more than $330 billion worth of invoices.
Suppliers can submit an invoice to PayMe through an online portal to receive an early payment. They are charged an invoice discount fee, as well as a transaction fee for each sale made, the companies explained.
In a separate statement, Celtrino Director of Sales John Behan said the company’s supplier clients have been demanding a solution like this.
“Our supplier customers frequently tell us that cash flow is a critical day-to-day operational issue,” he said. “PayMe allows us to provide any supplier within the Celtrino network the option to simply view an invoice and click to receive early payment for their invoice in one interface.”
Aztec said that suppliers can receive funds for outstanding invoices within days, differentiating their solution from traditional factoring services. The firm added that it will soon announce other partners for the solution.