GoCardless, a FinTech specializing in recurring payments, has partnered with predictive accounts receivable (AR) automation solution firm YayPay, which will allow the latter to integrate automated AR services and get B2B payments to customers around the world quicker, according to a press release.
The integration with GoCardless will assist customers in faster cross-border payments, better cash flow and less costs for payments.
YayPay has joined the ranks of U.S. businesses looking to boost international growth through bank debit, the release states. A survey completed in part by GoCardless shows that the number of businesses looking to boost international payments is high, around 70 percent, and 58 percent of businesses said cross-border payments are too complex, hindering their progress.
The new partnership will allow YayPay to use GoCardless' global web of contacts in order to get direct debit payments for a base of North American and European customers, according to the release.
YayPay CEO and Co-Founder Anthony Venus said the partnership would accommodate customers looking to expand their reach by collecting invoices from all over the globe.
“By partnering with GoCardless and offering bank debit, we are empowering them to do this, while also addressing the payment options we make available to our own rapidly expanding list of customers worldwide," Venus said in the release. "The GoCardless payment network is the ideal solution for addressing the international aspirations of our customers.”
Andrew “AG” Gilboy, GoCardless' North America general manager, said YayPay is a leader in the growing field of back-office automation.
“This partnership will expand the payment options offered through YayPay’s AR solutions and allow YayPay’s customers to operate in a way that’s truly borderless," Gilboy said, according to the press release.
As the pandemic makes working from home a more plausible reality for many companies, it has also exposed the hurdles companies must clear when they can't access their normal AR services in the office. Digitization and automation have become important tools to get payments out in timely and correct fashions.