Commercial payments companies pivot on payments automation in the digitization epoch
The expense management solutions and AP automation solutions are becoming a norm in commercial payments. With businesses trying to simplify the payments process, the payments integration with ERP system and the payables automation is reducing the manual task and also helping reconcile the accounts with minimal errors.
In such, Texas-based ERP Solutions company, ECI Software Solutions has announced that it has partnered with Paymerang which is an AP automation company.
Under this alliance, Payerang would provide the clients of ECI Software Solutions with its cloud-based Invoice Automation and Payment Automation solutions which ranges from manufacturing to construction.
In the press statement, it was noted that by using Paymerang’s AP automation, the ECI clients can automate their manual tasks which would help them save time and ‘more secure and redirect their finance teams into more strategic activities.
Last year, Cross River Bank partnered with Payment Approved for business payment solutions and Repay acquired accounts payable automation company Kontrol Payables.
This would also allow for clients to read, approve and post invoices with fewer clicks and pay their vendors and supplier electronically.
Nasser Chanda, CEO of Paymerang noted that the relationship between the two companies would provide ECI clients with easy access to AP automation solutions.
Paymerang is an invoice and payments automation solutions provider which helps businesses with AP automation.
Also in other news, Build Technologies, a US-based construction finance platform has announced the digital payments solution which is built with the collaboration of Melio, a B2B payments company.
Under this platform, according to the company it would eliminate ‘common pain points associated with making and receiving construction payments’ and it would simplify the payment processes and provide payers and payees the flexibility in payments.
The platform is available to current Built clients using its Lien Waiver Management and Compliance products at no additional subscription cost.
The press note also stated that the construction arena is least digitised and heavily reliant on manual processes and payments. The platform addresses the problems by combining workflow automation and collaboration with checks and unifying the payment methods into a single unified solution. It is designed as stated by the company for real estate owners, developers, various types of contractors, and home builders.
Build under Melio, the platform would allow businesses quick transfer of payments which would improve company cash flow and minimise late payments costs.
The Built pay includes ERP integration, data sharing, batch and individual payment scheduling and the ability to pay using ACH, wire transfers, credit, debit or virtual cards, and checks.
“Melio’s partnership with Built will simplify the entire payments ecosystem for the construction industry, creating a one-stop-shop for all of the stakeholders involved in the management and flow-of-funds of construction projects,” said Matan Bar, CEO and co-founder of Melio.
Melio is a New York-based B2B payments company which aids small businesses with payments infrastructure and to improve their cash flows.