Quadient, which works to help businesses connect with customers digitally, has acquired YayPay, which works in Software-as-a-Service (SaaS) accounts receivable (AR) automation, according to a press release.
The acquisition will allow Quadient to expand its Business Process Automation offering, including the cloud-based Impress program, which will work as a multichannel document automation platform for small- to medium-sized businesses (SMBs), the release stated.
YayPay was founded in 2015 and works to combine automated invoice delivery and collections management, credit assessment, payment and cash application solutions. The service provides real-time reporting combined with artificial intelligence in order to predict future cash flow behavior, the release stated.
The combination of the two companies comes as businesses everywhere are trying to digitize in order to keep up with the effects of the pandemic. Quadient, through its helpful automation tactics, has been aiding businesses in that regard, according to the release.
The acquisition of YayPay will aid Quadient in transforming AR processes, according to CEO Geoffrey Godet. And YayPay Co-Founder and CEO Anthony Venus said in the release that the company is "looking forward to expanding YayPay’s solution even further with Quadient’s global footprint" and to helping businesses digitize their processes.
Surveys have found that around half of the documents being processed through mailing equipment are related to invoices, according to the release. YayPay will specifically help free up employees to perform other tasks, reduce the risk of errors, and strengthen overall customer engagement.
The SaaS financial applications field is seeing a surge in growth in the double-digits year over year and was already valued at $11 billion in 2018, the release stated.
Digitizing AR processes, she said, can help address problems like late invoice payments, offering updated ways to keep on top of who's missing payments, as well as better ways of reminding people to pay them — with light, empathetic touches rather than stressful calls and emails hounding businesses.