Digital payments company Pax2pay is making its travel payments tools more efficient for businesses through a new business accounts payable platform to optimize travel invoicing.
In a Thursday (Nov. 24) press release, the company unveiled its plans for the platform, which would give businesses access to tools to take travel invoice payments and settle them through either a card or bank transfer, as well as rebates on payments.
Founded in 2019, Pax2pay has its digital payments platform centered on innovating the travel payments industry for companies, providing frictionless payment processing across multiple providers, currencies and payment methods.
“The efficiency of the solution means that users will save huge amounts of time and resource on processing and reconciling payments that can now be diverted into business progressing activities,” Pax2pay’s CEO, Paivo Eerola, said. “This is a game changer for the space and something that will drive real value for our users.”
Giving businesses a way to make any form of accounts payable processing faster and more efficient is highly sought after in the industry.
According to an August PYMNTS report, “The AP/AR Quick-Start Guide: Reducing B2B Payments Friction for SMBs,” 28% of small- to medium-sized businesses (SMBs) report having cash flow visibility problems due to issues with existing accounts payable and accounts receivable processes.
The report also found that two-thirds of SMBs surveyed are interested in a single platform for payables and receivables, and would be willing to pay up to 1% per transaction to have access to such a platform.
By introducing this accounts payable solution to its users, Pax2pay is tapping into a demand for optimized payments processing, starting with the business travel invoicing industry.
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