Escrow payments and settlements provider Escrowpay has launched Invoice2Cash (I2C), a new platform designed to help both corporate buyers and their vendors and suppliers.
The platform allows businesses to optimize payables management “by offering to pay out their supplier invoices earlier than the due date at a given discounted rate, thus generating healthy savings on their cash payables,” APN News reported Tuesday (July 27).
And on the supply side, suppliers can optimize receivables “by offering a cash discount on invoices settled before due date,” the report noted.
Escrowpay CEO and Founder Ashwin Chawwla said the platform will help corporate buyers save on their payables while giving suppliers access to cash earlier than it is due.
“We are also integrating NBFC’s and lenders on the platform so that they can finance genuine borrowers in an efficient and agile manner against their invoice receivables,” Chawwla said. “The launch of this frictionless offering is yet another milestone in our exciting journey as we continue to roll out innovative, user friendly and relevant digital payment solutions.”
The company says I2C helps corporate buyers maximize savings and “generate healthy risk free returns.” This also helps improve supplier relations, the company said, giving suppliers access to liquidity, working capital and financing options against their receivables.
PYMNTS examined the issue of supply chain financing earlier this year. As we noted at the time, critics of this tool say that it can leave smaller vendors stuck with accepting discounts on the full amount of an invoice.
His bank recently rolled out a tool that lets small and medium-sized businesses (SMBs) finance 90 percent of their selected invoices and get funding within one day. Pfaff says this solution helps small businesses that can’t access other financing products, “either because they are still too young, or because they are not yet showing a solid financial performance.”