Categories: B2B Payments

Proactis Adds Invoice Payments To Expense Management Tool

Proactis, a U.K.-based eCommerce firm, is hoping its new bePayd service will help invoices get paid faster, particularly in the trying times of the coronavirus pandemic, according to a press release.

The new service will allow invoice payments to go through almost immediately.

Larger organizations, the press release states, usually take between 30 and 90 days to process invoices, and bePayd will allow them to receive payments weeks or even months earlier than they’re used to. During the financial uncertainty of the coronavirus pandemic, where many people don’t know how long they’ll be paid, Proactis said the service is a useful one.

BePayd offers any business using the service the option to pay invoices faster in exchange for a small discount. Funds are paid to the supplier directly via bePayd, which collects the full amount from the business using the service. All of the regular terms of the deal are honored, the release states.

For now, bePayd will be offered for free in order to accommodate the most needy users who may be in a bad cash flow spot right now due to the virus.

Proactis rolled out the fully integrated service earlier this year. However, the pandemic quickly necessitated a change in plans as businesses and consumers came under risk of financial instability as the virus ravaged the markets. So, Proactis simplified the service, changing bePayd so it could be accessed more simply and without any physical contact.

The company said it had realized that more complex IT services were “the last thing” that anyone needed right now. In the release, Proactis also called on other businesses to take action, if possible, to alleviate financial stresses.

With increasing connectivity and burgeoning new technology, faster invoice payments have become easier to implement, and many companies have begun offering the service, including ANNA Money.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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