Today in B2B: JIFFY.ai raises $53 million
In B2B payments today, payment APIs could be the key to smoother cash flow, and Billtrust partners with Procede Software to accelerate commercial vehicle payments. Additionally, businesses want fast, integrated payments, and costs, regulations, and lack of awareness are key barriers to digital innovation.
Billtrust and Procede Software partnership speeds up payments for truckers
B2B Automation and Integrated Payments Platform Billtrust announced on Wednesday, March 9, a collaboration with Procede Software, a heavy-duty truck and commercial vehicle dealership management system (DMS) and solutions provider, to accelerate payments , increase revenue and increase profit.
Through this partnership, Billtrust will integrate its cloud-based Accounts Receivable (AR) software with Procede’s dealer management software, Excede, to provide customers with a complete solution for automated electronic invoicing and digital payments. They will also have access to Billtrust’s Business Payments Network (BPN).
JIFFY.ai Raises $53 Million for HyperApp Platform, Sales and Marketing Growth
Low-code/no-code intelligent automation platform JIFFY.ai closed a Series B fundraising round Wednesday, March 9, worth $53 million that it will use to boost its sales efforts and marketing and advancing its HyperApp platform, according to a press release.
JIFFY.ai’s HyperApp platform combines robotic process automation (RPA), intelligent document processing, no-code workflow management, and software authoring.
Cost, regulation and lack of awareness are top barriers to digital innovation
Several major challenges prevent businesses from taking full advantage of digital innovation, such as high data management costs, regulatory issues, and lack of understanding of the benefits.
Midsize and large companies ranked them as the top three obstacles, albeit in a different order, according to “Accelerating the Time to Realized Revenue,” a PYMNTS and Mastercard collaboration based on a survey of 400 business leaders. business.
Midsize businesses ranked high data management costs top of mind, with 53% citing this as a barrier to innovation, followed by regulatory issues at 48% and a lack of understanding of the benefits at 32%. Among large enterprises, the largest share – 48% – said a lack of understanding of benefits is the biggest challenge, followed by high data management costs at 47% and regulatory issues at 45%.
Trucking Companies Seek One-Stop Shop When Buying Used Commercial Vehicles
Buyers of used commercial vehicles were often on their own when it came to finding insurance for the vehicle. At best, they could hope that someone at the selling company could direct them to an insurance agent they knew.
That changed in February when Ryder announced it had chosen InsurTech REIN to launch an integrated insurance program for customers of Ryder’s used commercial vehicle sales.
Businesses are looking for fast, integrated payments, accounts and cards
Businesses that need payments, accounts, and cards typically walk into a traditional bank, stand in line, get three different application forms, fill them out, and then hope to be approved for each of those things separately. If the company gets all three, it often finds that the elements don’t work together seamlessly.
Australian fintech Zeller has developed a solution that offers payments, accounts and cards in an integrated solution that only requires a single sign-up. On average, it takes just over five minutes to sign up for Zeller and get all three products. There is only one processing fee. After that, the company only pays out the payments it processes.
In the first eight months after its launch in May, Zeller signed up 10,000 Australian businesses. On March 3 (Thursday), the company announced that it had closed a $100 million Series B funding round at a valuation of over $1 billion.
For smoother cash flow and easier month-end closes, payment APIs could be the answer
The push to digitize payments has its roots in the 1970s, starting with the automated clearing house – the first real attempt to create a fully automated digital payment system.
A few decades later, more than half of all B2B payments are still made with paper checks, said Tom Harel, CTO and co-founder of B2B payments automation platform Routable.
The COVID-19 pandemic has accelerated the transition to automated interactions between payers and payees. Harel warned that we may never be completely rid of the paper check, which has at least some advantages (you don’t need to know much about the recipient, after all – just their name, address and a few other details).