The PayMate's Payment Platform

Product Reviews
12.08.2019 11:06 am

What is the solution?

The PayMate platform provides a comprehensive digital workflow tied to payments which enables greater control and transparency along with better cash flows and end to end reconciliation for superior experience for corporates in closed loop supply chains.

PayMate works with Visa and leading card issuing banks to facilitate both payables and receivables across supply chains. The platform replaces traditional cash and cheque, to card-based, EFT payments for corporates, facilitating suppliers to be paid out irrespective of them being a card acquiring merchant. The system has several built-in risk mitigating benefits for buyers and sellers.

Platform also features a complete Procure-to-Pay solution, Invoice marketplace for dynamic discounting along with APIs for integration into existing accounting backend for minimal friction-based deployment. It is a cloud based offering and accessible across all form factors.

What does the solution do?

PayMate’s business-to-business payments platform enables automation of payments for Buyers & Suppliers in several ways:

Buyers:

Buyers are enabled and encouraged to process supplier payments via cards to their suppliers to process faster and timely manner.
All payments are tracked in real-time, ultimately giving an instant and clear visibility into the company’s cashflow.
Payments processed via cards can also be made to non-card accepting businesses as the settlements take place via EFT.
While no traditional method of payment is being used, payments are received by suppliers earlier than before, in turn saving them time to grow their business.
This also results in the reduction of the days payables outstanding, thereby reducing the total value erosion of the invoiced amount.

Suppliers:

Suppliers that associated are with those buyers who utilize the PayMate platform get a clear visibility of the expected payments.

Digital invoices that are equally valid to original hard copy invoices can be created, sent and scheduled towards products or services sold to buyers via the platform against which payments can be requested. This results in saving money and resources involved sharing and mailing hard copy of invoices.

Suppliers also have an option of splitting invoices for partial payments or request an early payment by offering a discount on the invoice raised.

Automated reminders can be scheduled ad payment terms can be defined which was earlier a manual process and involved time and effort of an employee(s).

What are the key features?

The platform hosts a range of features that help in smoothening the functionalities of a finance department: