PayMate, a B2B payments platform, launched the country's “first full-stack supply chain payments automation platform” on Tuesday for large enterprises and their suppliers (SMEs).
The new version of the PayMate platform will add further value to supply chains by allowing enterprises to extend payables using commercial cards and SMEs to receive early payments towards outstanding invoices via discounting where cashflow for SMEs is the lifeblood, especially in these challenging times, says the company.
PayMate claims its proprietary cloud-based platform will automate and digitise the entire procurement to the payment process, saving over 70 percent time, resources, and costs for businesses.
The company says using the full-stack platform will enable businesses to become more efficient, allowing them to gain greater control and transparency over their finances.
Speaking on the upgraded PayMate platform, Ajay Adiseshann, founder & CEO, PayMate, adds, “With a full-stack supply chain digitisation offering, PayMate is proud to bring greater value to our customers and channel partners.”
“According to a recent survey, 62% of suppliers are keen to request early payment to meet their business needs which makes our Invoice discounting layer in our stack that complements the ARAP layer bringing immense benefits including cost savings, better cash flow, and complete automation.”
He further adds, “According to Atradius survey’20, there is a significant increase in late payments from B2B customers. An average of 66% of the total value of B2B invoices was overdue. In India, invoices were overdue for over 90 days. This puts SMBs in a precarious situation where they find it tough to sustain themselves. By using our platform’s Invoice discounting layer, SMBs will be able to sustain themselves through these troubles COVID times by simply offering discounts on their overdue invoices.”
PayMate says it works closely with Visa and other leading banks to enable businesses with digital payments, faster access to credit, and more efficient ways to manage cashflow.
PayMate is also gearing up to offer its B2B payments platform into Central Europe, the Middle East, and Africa (CEMEA) region in partnership with Visa. The platform is currently being used by more than 50,000 businesses and is aiming to achieve a $10-15 billion run-rate on gross processing volumes on the card rail by March 2021.
First Published: IST