Centime introduces new AP solution

CP

Claudia Pincovski

15 Aug 2024 / 5 Min Read


This latest offering not only improves the efficiency of the AP process but also allows businesses to earn cash-back interest, effectively turning AP functions into profit-generating centres.

Centime unveils AP automation with cash-back rewards

Typically, automating AP processes is recognised for reducing the administrative workload associated with manual invoice and payment handling. However, most AP bank accounts are non-interest-bearing, leaving funds dormant without generating income. This often-overlooked aspect represents a missed opportunity for businesses to maximise financial returns. Traditional AP methods focus on earning rebates through virtual card spending but frequently neglect the potential financial gains from interest-bearing AP accounts.

Addressing the gap in the AP processes

Centime's new solution addresses this gap by introducing a high-yield bank account that generates cash back on AP spending. This approach enables businesses to offset the cost of Centime’s services, potentially turning a profit on their AP transactions while also benefiting from the cost savings and operational efficiencies provided by automation.

The combined offering from Centime includes an AI-powered AP automation system paired with a high-yield operating account, offering an interest rate of 4.25% on AP funds. This dual approach allows businesses to transform their AP function into a profit centre without relying solely on traditional virtual card rebates.

Businesses adopting Centime’s solution can expect to earn interest on AP float, which can be used to cover the subscription costs of the AP automation software, effectively making it cost-neutral. Additionally, this approach creates a new revenue stream, improving the financial benefits of automating AP functions.

Centime offers a cash management platform designed to help SMBs optimise their working capital. The platform provides tools for forecasting, collections, invoicing, payments, credit, and reporting, leveraging automation and artificial intelligence to reduce operational costs and improve cash flow management.

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CP

Claudia Pincovski

15 Aug 2024 / 5 Min Read

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