A total of 52 percent of invoices issued in the U.S. are past their due date, which has had adverse effects on companies’ payrolls in an already trying time with the coronavirus pandemic, according to the release.
CustomerConnect will work to automate credit applications, result assessments, invoicing and collecting payments that were agreed upon before, the press release states.
“The breakthrough of CustomerConnect is how it packages and automates the risk management tools used by experienced underwriters and makes them readily available to businesses,” said Frank Boccalatte, chief risk officer at linked2pay, in the release. “It not only eliminates time and labor in the process but will result in better decisions when extending terms to their customers.”
The program offers flexibility such that a business can, for example, choose to leave out any changes to its invoicing software and still implement everything else the program can do.
The program will support existing merchant accounts on the card processing gateways TSYS Multipass/Transit, Heartland Portico, First Data, NAB Velocity and Authorize.Net, along with the linked2pay and Paya ACH gateways.
Banks and resellers will be able to white label CustomerConnect, too, the release states.
Invoicing and payments during the pandemic have become stressful for companies in many industries as the dramatic shortfall in revenues and the move to remote work has shown companies that they can’t always rely on the old methods to get payments on time.
With working from home now being prevalent, the system of printing and mailing checks has become inefficient to meet the demands of a business. As such, virtual cards are becoming a critical and strategic B2B payment method for both buyers and suppliers.