B2B payment processing company Matrix Payment Systems is linking up with AR and buyer credit platform Apruve to streamline cash flow between trading partners.
In an announcement Wednesday (Sept. 6), the companies said their collaboration will help suppliers be able to more seamlessly extend lines of credit to their corporate clients, with Apruve helping to mitigate the risk of doing so.
According to Matrix and Apruve, the solution is an alternative to suppliers accepting credit cards.
“Credit cards are just one part of the payment landscape when it comes to B2B, and many of our customers extend lines of credit or offer purchase orders to buyers,” said Matrix Payment Systems CEO Glenn Hughes in a statement. “This process can be extremely manual and expensive to manage. Apruve automates the entire process to save suppliers time, money and resources. That was a story we could get behind.”
“Matrix Payments has seen the challenges in manually managing and financing a credit program, which is why we see our partnership being so valuable,” said Apruve CEO Michael Noble in another statement. “Both Apruve and Matrix have a pulse on what suppliers are looking for. Together, we can transform the B2B payments landscape.”
Last year, Apruve announced it raised $2.25 million in venture capital from TTV Capital and Allegis Capital, with the Series A funding used to scale the company up, it said at the time.
“We believe Apruve is solving a fundamental problem that will enable more businesses to ride the $1.3-trillion wave of B2B eCommerce that is currently unfolding,” said TTV managing director Tom Smith in a statement last year. “Their solution takes on outdated accounts receivable processes, automates it, then underwrites the credit risk for the seller.”