Accounts payable invoice automation provider Invoice Stream is integrating its technology into payments services provided by Usio.
Usio announced the collaboration in a press release Tuesday (Dec. 10), noting that Usio's PayFac-in-a-Box platform will integrate Invoice Stream's invoice processing capabilities in order to streamline the invoice-to-pay process and broaden Usio's reach in the B2B payments arena.
In a statement, Usio EVP and Chief Revenue Officer Vaden Landers said the costs and friction associated with receiving and paying paper invoices create a struggle for companies today.
“Innovations in Electronic Bill Presentment and Payment (EBPP) have slowed, creating opportunities to capture market share,” he said, adding that collaborating with Invoice Stream “allows us to offer market participants in various industry segments with access to a solution set that takes them from paper to electronic — both in terms of the way bills are sent, received and ultimately paid — to the extent cash flows are dramatically improved.”
In another statement, Invoice Stream CEO Thomas Perkins said the collaboration with Usio “is truly unique” to the B2B marketplace.
“Organizations can now get free, lightening-fast electronic invoicing capabilities while earning revenue from their outgoing payments,” he said, though he did not elaborate on how accounts payable (AP) payments might be able to generate revenue for business users of the solution. “Instead of paying legacy P2P solution providers, organizations can now get paid by a solution provider to go electric, which we believe is truly innovative in the AR/AP world today.”
He added that the integrated invoice processing and payment capability can be deployed within a business in as little as one day. For suppliers, this also supports the ability to accept electronic payments and smooth working capital.
Invoice payments remains a growing focus for B2B FinTech innovators today. Earlier this year Corcentric President and COO Matt Clark discussed some of the biggest opportunities of this area, noting that many businesses can be stuck in their routines and unaware that there are options for technology to improve their invoice-to-pay processes.