Indicium's eFactura software will now incorporate Fairfax's Quick Payments technology, which allows customers to pay invoices online faster in a sort of one-stop-shop setup.
Customers who use the technology will be provided with a link to the Amazon-hosted Quick Pay site through Indicium. They will also be given access to a reciprocal application programming interface (API) so they can see when the payments have gone through and when they've been issued anew.
Indicium's software is also hosted on an Amazon cloud-based server, a press release stated. Indicium, which works in B2B electronic invoice generation, serves over 7,000 customers in the Mexico area. By teaming with Fairfax, which works in financial transactions in the U.S., Indicium intends to bolster the services it can offer in Mexico.
Fairfax CEO and Founder Steve Chahal said the company is glad to be working with Indicium and that the two companies will reduce float times and make business easier.
Indicium President and Founder Luis Felipe Sanchez said the partnership is a landmark in that it will be the first time the eFactura program will offer electronic payment services to its customers.
“This solution ensures this is done in a secure and comprehensive manner, allowing them to improve their working capital safely, quickly and more efficiently," he said.
As much of the world's business is can accomplished digitally, the idea of digitizing accounts receivable (AR) payments and invoices has become more popular for its ability to save money and time by eliminating payment delays and problems. With the coronavirus pandemic forcing most business to be done online for now, digitizing invoices could be the solution.
“Digital technologies like virtual cards and eInvoicing could enable firms to break the vicious cycle of payment delays and inefficiencies,” according to PYMNTS’ April 2020 Optimizing AP and AR Playbook, a collaboration with OnPay Solutions.