The service, named bePayd, enables SMEs to receive payments of their invoices within minutes of them being approved. It works by offering suppliers of those businesses who use the service the option to receive payments on their invoices almost immediately, in return for a discount.
Therefore, funds are paid directly to the supplier by bePayd, which then claims the full invoice amount from the service user under the invoice payment terms.
Integration of the service will temporarily be offered free so that those reliant on timely invoice payments can access the cash they need to stay afloat.
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