PayMate launches supply chain payments automation platform

Tuesday 18 August 2020 13:12 CET | News

PayMate has launched a supply chain payments automation platform for large enterprises and their suppliers (SMEs). 

The PayMate platform allows the business to automate their payables using commercial cards thereby extending their days payables outstanding. Businesses can also make their GST payments through the platform. In addition to this, businesses can directly accept payments into their bank account using the platform’s e-invoicing that can be emailed along with a payment link.

The platform digitizes the procuring products from vendors and distributors to payment. Businesses can create RFPs, finalise vendors after an internal approval, create POs for the purchases made, generate invoices against POs generated, make partial or full single or bulk payments against invoices generated digitally on the platform.

The PayMate platform is also equipped with an Invoice Discounting Marketplace feature that allows buyers and financial institutions to earn returns on early payments made to suppliers. Buyers earn when suppliers are willing to offer a discount on selected invoices that are due for early payment. Payments are made the same day via commercial cards or EFT thereby ensuring they have working capital funds for business continuity.  

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Keywords: PayMate, B2B, payments , India, supply chain, SME, cards, banks, e-invoicing, RFPs, POS, Invoice Discounting Marketplace, EFT
Categories: Banking & Fintech
Countries: India
This article is part of category

Banking & Fintech