B2B Payments

Fairfax, Indicium Collab For Invoice Payments In Mexico

Fairfax and Indicium have struck a partnership

Fairfax Software and Indicium Solutions have signed a deal to make Fairfax products, which focus on invoicing, available in Mexico, according to a press release.

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.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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