Following this collaboration, members and clients of the companies will be enabled to leverage automated AP services in order to simplify, optimise, and digitise vendor payments, as well as to increase their overall efficiency.
The process of digitising outbound vendor payments is set to streamline and improve the account payable (AP) transaction experience for government and education organisations. By offering REPAY’s products, members will be enabled to access an integrated payment platform that was designed to automate outbound payments. This will allow companies to replace physical checks with a more secure and efficient suite of electronic payments.
AP teams will be given the possibility to improve operational efficiencies, save time and resources while optimising the overall experiences for suppliers and vendors, as well as access secure real-time updates. In addition, AP automation will also simplify the manner in which organisations pay to reduce the costs and risks that are associated with manual payment procedures.
REPAY had multiple collaborations and launches in the last couple of months, covering several different geographic areas around the world.
In September 2023, US-based Repay Holdings Corporation announced its partnership with Quadient to optimise the latter’s AP automation platform with embedded payment capabilities and offerings. Throughout this collaboration, the firms were set to enable clients and businesses to further automate AP processes, in order to streamline and digitalise their overall workflows. This focused on reducing the manual efforts and to deliver more value to their users, customers, and vendors.
Companies that were using the Account Payable automation service were given the possibility to securely pay vendor and supplier invoices while leveraging its digital payment methods. This was enabled by the process of integrating REPAY, which included its virtual cards, ACH, and Real-Time Payments (RTP), all for the aim of saving time, reducing costs, as well as increasing visibility and control.
Earlier in August 2023, the company extended its eCash acceptance functionalities and operations for lenders and other businesses. The aim was set on receiving bill and loan installment payments for their clients and users. Through digitising and integrating cash transactions, firms were enabled to optimise their customer satisfaction and experience by providing them with more payment choices across the REPAY’s verticals. These included auto finance, mortgages, credit unions, and personal finances.
In addition, lenders received additional benefits and features by using eCash, such as increased payment volume and on-time transactions, reduced chargebacks, optimised customer experience, and overall improved security. As all of the cash management procedures were controlled by the retailer, there were also decreased risks and lower costs for cash transactions for the lenders.
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