A new company is launching in India to support accounts receivable and invoice management for businesses.
Announcing its rollout on Tuesday (July 25), PayBee said it is looking to digitize the B2B payments process to help companies enhance cash flow management. The company said it integrates with existing accounting, ERP and distribution management solutions already in place within business clients.
The same executives who founded business process automation company Onymy Infocomm first established the company in 2013, according to the announcement.
“Poor cash flow management is one of the key problems hurting small and medium sized businesses in India,” said Onymy Infocomm MD and CEO Murali Krishnan in a statement. “India is a cash heavy economy with fragmented distribution chains and predominately manual business processes. This results in a significant value leakage, hurting businesses that are already struggling with low margins.”
PayBee will pay particular attention to the nation’s retail industry, which processes more than 300 million invoices every month, the company said, adding that the vast majority of these companies rely on cash for daily transacting. This, in turn, means unorganized, irregular accounts receivable.
The company supports real-time transparency into the current status of an invoice, and can enable scheduled payments. Further, the company provides an invoice financing solution through a partnership with a non-traditional FI, the firm said.
“PayBee is a unique B2B platform that congregates business partners and our customers. Onymy Infocomm has partnered with a new-gen non-banking financial company, through which retailers can get business credit against invoice easily,” said Onymy Infocomm VP and Head, Business Development & Partnerships Saravanan P. in another statement. “This whole process from requesting credit to disbursement is seamless, and enables retailers to manage their cash flows smartly.”