Settle Introduces Purchasing Solution for Founders of eCommerce Businesses

Settle has introduced a purchasing and procurement solution designed for founders of eCommerce businesses.

The new Settle Purchasing suite of tools automates bill pay, purchase order creation, auditing, reporting and other back-office tasks, the cash-flow management platform said in a Wednesday (Aug. 2) press release.

“Settle brings enterprise level tools at small business pricing,” the company said in the release.

The Purchasing suite delivers a streamlined purchase-to-pay process that creates purchase orders in minutes and emails them to vendors, simplified auditing that provides a side-by-side comparison for identifying errors, and effortless purchase order organization that facilitates searching and tracking statuses, according to the press release.

Designed for small eCommerce businesses, this solution helps small and medium-sized businesses (SMBs) get started with a free subscription and requires no multi-year software contracts, lengthy implementations or setup fees, the release said.

The Purchasing suite is designed to give smaller businesses an alternative to solutions that are built for enterprises and a way to eliminate manual processes that can lead to delays and errors, Settle CEO Alek Koenig said in the release.

“Our new solution aims to level the playing field for these smaller players by giving them enterprise-grade purchasing and procurement capabilities at SMB pricing,” Koenig said in the release. “This aligns with our vision of helping founders save time, reduce risk and ultimately focus on what matters most: growing their business.”

PYMNTS research has found that digitizing procurement is a top priority for more than half of retailers.

Thirty-one percent of retailers are already investing in procurement systems, and another 53% plan to do so, according to “Digital Payments: Modernizing Procurement Processes,” a PYMNTS and Corcentric collaboration.

The launch of Settle’s Purchasing suite comes days after the company secured a $145 million credit facility with Silicon Valley Bank.

The financing will help Settle offer its clients tools to manage their cash flow and get access to financing, the company said when announcing the credit facility on July 25.

“Approximately 80% of small businesses fail because of cash flow issues,” Koenig said at the time. “Working capital is, and always has been, the lifeblood of small businesses, but given the economic climate today, it’s become critical to survival.”

For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.