NACHA has tapped AeroPay Express as its newest Preferred Partner for B2B Electronic Payment Enablement, the organization said Thursday (Sept. 13).
As a Preferred Partner, AeroPay Express is part of a larger group that supports NACHA’s efforts to promote payments innovation. The group is focused on addressing issues like payments friction and access to cash flow, as well as security and risk management of ACH payments.
NACHA pointed to AeroPay Express’s existing services for financial institutions and businesses that aim to increase electronic payments adoption.
“Compared to paper options, electronic payments are a safer, more efficient and cost effective way to make and receive payments, particularly in a B2B environment,” said NACHA Chief Operating Officer Jane Larimer in a statement. “B2B payments today cause many significant challenges for AP/AR [accounts payable/accounts receivable] departments. Expanding accessibility to electronic payments is often times the first step in solving the B2B payments challenge, and AeroPay Express does just that with its products for financial institutions and businesses.”
AeroPay Express provides electronic payment enablement and its QuickPay solution, bridging businesses to ePayments capabilities regardless of the network they use. For financial institutions, AeroPay Express links them to B2B QuickPay capabilities they can extend to their business customers. Launched by AeroFund last year, AeroPay Express offers virtual procurement cards that link payers to a line of credit and vendor management solutions.
“Businesses are in need of easy tools to help them better manage their finances, improve cash flow and streamline AP operations,” said AeroPay Express CEO and founder Stephen Troy in another statement. “Paper-based payment tools and options like checks can slow down processes and strain a businesses’ cash flow and bottom line.”
Digitizing B2B payments can support healthier cash flow, facilitate automated data entry and reduce businesses’ reliance on checks, he said.
Last year, AeroPay Express announced a no-interest line of credit solution for disaster-stricken small businesses.