The integration will enable small- to medium-sized businesses (SMBs) to incorporate various payment methods into their existing enterprise resource planning (ERP) modules, the companies said in a Tuesday (Jan. 30) press release.
It is also expected to streamline accounting workflows and back-office reconciliation processes for businesses in sectors such as manufacturing, distribution, wholesale and construction.
“Integrating our payments technology to the market leader in ERP directly connects us to thousands of businesses and millions of users across the globe in a market with substantial total addressable market (TAM),” Nuvei Chair and CEO Philip Fayer said in the release.
Nuvei’s knowledge of embedded ERP payments and accounts receivable (AR) automation software helps remove friction and improve performance for finance departments, according to the release.
The integration offers features such as invoice matching and proprietary cash acceleration tools, allowing businesses to shorten their days sales outstanding (DSO) or receivables cycles, the release said. Additionally, businesses gain access to near-real-time payment information.
The move is part of Nuvei’s strategy to expand its portfolio of ERP integrations, per the release. It’s also part of a global payments collaboration between Nuvei and Microsoft.
The collaboration, announced in December, began with Microsoft using Nuvei’s payments technology in the Middle East and Africa to optimize recurring billing and individual transactions for Office and Xbox customers. The companies said at the time that they aimed to extend their partnership to other markets and explore other use cases, such as Microsoft Dynamics 365.
“Payments, including AR automation, is a critical component of the user experience for ERP,” Mike Morton, vice president of Dynamics 365 Business Central at Microsoft, said in the Tuesday press release.
Nuvei’s technology allows companies to accept next-generation payments, offer various payout options, and benefit from card issuing, banking, risk and fraud management services, per the release.
Helping businesses invoice, collect sales and handle reconciliations more efficiently on the back end remains an attractive untapped AR area, Ben Weiner, senior vice president and global head of B2B payments at Nuvei, told PYMNTS in an interview posted in November.
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