PCMI is partnering with Infintech in order to create a new automated process that makes it easier for dealers and administrators to streamline B2B payments, the companies announced in a Tuesday (Oct. 27) press release.
Infintech's payment gateway will be integrated with the PCMI Policy Claim and Reporting Solutions (PCRS) platform. According to the release, this will let administrators support ACH and integrated credit cards from dealers.
The transactions are immediate, the release says, and the the PCRS Agent platform gives an updated online status to help simplify the month-end process and give information on payments and commissions.
Infintech Vice President of Regional Sales Matt Valego said the company looks forward to "helping PCMI and their customers attain a seamless integration solution, backed by industry experts and a dedicated customer support team."
He continued, "As a credible processor of credit card and ACH transactions, Infintech wants nothing more than to enable merchants to accept payments that keeps their business thriving today and in the future."
PCMI President and CEO Mark Nagelvoort said PCMI is "dedicated to digital automation — which includes making it easier for dealers to pay their funds electronically. Our new partnership simplifies the process for both the dealer and the administrator, further reducing costs," he said in the announcement.
The partnership is an example of the ways companies are innovating to speed up back-office procedures, which can mean less cash flow if they run too slow. PYMNTS reports that the work-from-home shift that occurred almost immediately after the pandemic began has had the effect of further complicating transactions made with paper checks. Past-due payments were always an issue, as well, with 33 percent of financial managers reporting that they had experienced payments up to 60 days late.
Thus, digital means have begun to trend upward, including machine learning to better collect information out of invoices and implementing digital tools to speed up invoice collection and reduce errors.