Two accounts receivable companies, REPAY Realtime Electronic Payments and InterProse, are integrating their perspective technologies to enhance accounts receivable (AR) services for joint customers.
A press release from Friday (Aug. 3) said REPAY will combine its omnichannel payments capabilities with InterProse’s debt collection software for corporate accounts receivable departments. Their collaboration means businesses will have more ways to accept payments, including bank transfers and card products.
REPAY and InterProse added that their partnership aims to cut redundancies in their offerings, eliminating the double-posting of payments in both systems to streamline reconciliation.
In a statement, REPAY Chief Revenue Officer Susan Perlmutter said the integration “will provide our clients with a distinct competitive advantage in the marketplace.”
InterProse president and CEO Matthew Hill — referring to the firm’s debt collection software, ACE — said, “With REPAY as a partner we continue to strengthen ACE as a complete SaaS ecosystem that enables our customers to provide top solutions to the clients and customers they serve,”
Last year, REPAY enhanced its accounts receivable offering through the acquisition of PaidSuite, another payments player in AR management. At the time, REPAY emphasized PaidSuite’s ability to accept and process card and ACH transactions, as well as offer tailored services based on customer needs and preferences.
Accounts receivable management is receiving more attention from innovators as businesses demand ways to offer their customers an array of ways to pay, while mitigating risk and looking to enhanced cash management solutions.
Research published in 2016 from APQC found that 90 percent of the costs linked to manual invoice processing can be traced back to a lack of automation and manual labor, with the cost of manually issuing a single invoice as high as $11.50 per document.
Separate analysis from the Institute of Finance and Management, as well as Corcentric, said manual processes are a top challenge for AR professionals, particularly at firms that sell across multiple channels. Paper checks and documents, as well as manual data entry, are tied to late bill payments and cash flow issues, researchers noted.