PayMate launches Invoice Discounting for B2B payments

Tuesday 22 December 2020 13:02 CET | News

India-based PayMate has launched its Invoice Discounting solution to offer before-due-date payment for both parties in B2B payments.

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.

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Keywords: PayMate, India, product launch, invoice discounting, B2B, payments , cloud-based platform, Discounts, automate payments
Categories: Banking & Fintech
Countries: India
This article is part of category

Banking & Fintech