ipaymy Launches Automated Invoicing Platform for SMBs

Singapore-based FinTech ipaymy has launched an automated invoicing platform for small- to medium-sized businesses (SMBs) in Singapore, Hong Kong SAR, Malaysia and Australia. 

The new Fetch platform is designed to help SMBs get paid faster at a time when 50% of the invoices issued by SMBs across Asia are paid late, the FinTech specializing in B2B payments said in a Monday (Jan. 15) press release. 

“Fetch is a force multiplier that gets invoices paid using a level of technology that has not been available to small businesses before,” ipaymy CEO Ethan Dobson said in the release. “Designed to alleviate the challenges faced in collecting payments, it empowers [SMBs] to build better relationships with their customers while considerably improving cash flow.” 

The platform simplifies and automates the accounts receivable (AR) function, saving SMBs the time they currently spend generating invoices and following up on payment, according to the release. Fetch creates, sends and tracks invoices, automated payment reminders and late fee notifications. 

Fetch also profiles customers and proposes payment tactics and incentives that increase the probability of on-time payments, the release said. For example, SMBs can leverage dynamic discounts or allow customers to pay in installments. 

The platform also enables SMBs to extend a variety of payment options, including bank transfer, cash, cards and cryptocurrency, to accommodate customers’ payment preferences, per the release. 

“With no subscription fees or complex contracts, Fetch is a cost-effective and hassle-free option for [SMBs] to digitally transform their receivables management processes and significantly improve their cash flow predictability with its innovative incentive toolbox,” the press release said. 

PYMNTS Intelligence has found that most chief financial officers (CFOs) are looking at automation to improve their AR processes. 

Sixty-seven percent of CFOs say their firms “probably” need more automation, and 27% say they “definitely” need more, according to “Automation Clears the Path to Getting Paid on Time,” a PYMNTS and Billtrust collaboration. 

In another recent development in this space, Alternative Payments added a new Collections Assist product to its B2B payments and checkout infrastructure offerings in December. This product is designed to improve the AR collections process for services companies. 

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