Aztec Exchange, the global supplier of invoice finance products and services, today announced the launch of its transformative PayMe e-invoice finance solution.
With PayMe, e-invoice companies can offer their suppliers an early payment option that's reliable, cost-effective and easy-to-use via an "own brand" cloud-based interface, with financing provided by leading global financial institutions.
PayMe, which is free to implement for e-invoice companies, is launching with the Dublin-based e-invoice company Celtrino and its network of more than 4,000 suppliers. PayMe is a unique and simple alternative to factoring, bank credit or loans. With this service, registered suppliers can sell their invoices online and receive the working capital they need within days. In the months ahead, Aztec will announce numerous additional partners servicing a global customer base.
"PayMe provides EDI and e-invoice companies a large-scale invoice early-payment solution as well as an additional revenue stream without the need for their own investment capital or technology interface. Cash-on-demand, available to all suppliers everywhere via PC or mobile phone, is an extremely powerful tool for suppliers and the companies they provide goods and services to," said Aztec CEO Edwin Hagan-Emmin. "Our current aggregated partner e-invoice network volume exceeds $330 billion (USD). PayMe is in a prime position to give these e-invoice companies and their clients the tools to capitalize on this market."
The PayMe service itself is extremely intuitive. After completing the application, a supplier submits the invoice(s) online for which they want to receive early payment. Assuming the debtor is creditworthy, the supplier is guaranteed to quickly receive early payment. Users can also monitor every stage of the transaction online via computer, tablet or mobile device. Unlike other early payment methods, with PayMe there are no hidden fees or interest charges. Suppliers only pay an invoice discount charge and a transaction fee on each sale.
"Our supplier customers frequently tell us that cash flow is a critical day-to-day operational issue. PayMe allows us to provide any supplier within the Celtrino network the option to simply view an invoice and click to receive early payment for their invoice in one interface," said John Behan, Celtrino's Director of Sales. "Because PayMe handles all the marketing, capital and processing, we're able to focus on building a great network and our customers can concentrate on growing their businesses."