PayMate’s Invoice Discounting can be used in two ways on its cloud-based platform:
Buyer-Funded Model: buyers using the PayMate platform have an option to earn higher returns on their idle surplus funds. This can be done when they seek discounts on select invoices from their suppliers, towards which early payments are made. In this manner, if the buyer is earning an annualised return of up to 6% on idle funds, now they have a chance of earning up to 24% annually simply by making early payments towards discounted supplier invoices. These payments can be made using bank issued Visa commercial cards.
Supplier-Funded Model: alternatively, suppliers can also secure working capital through the PayMate platform via the NBFC partners. To secure funds in this manner, the PayMate platform creates a list of filtered suppliers after monitoring and analysing their payments data and patterns using the platform’s proprietary algorithms. Based on this data coupled with the GST details of suppliers, discounts are offered and negotiated on select invoices for early payments. In this manner, suppliers can get access to working capital by another means on the PayMate platform without collaterals at stake.
In addition to this, all businesses on the PayMate’s ecosystem can automate their procurement to payment functionalities on the platform; thereby eliminating the need for using traditional book-keeping methods or multiple platforms.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.