11 Oct Tradeshift introduce instant payments
Tradeshift, the business-to-business social network, has today announced a new Instant Payments service. Instant Payments will allow businesses – and particularly SMEs – to receive instant payment for invoices approved through the platform. Companies will benefit from interest rates significantly lower than alternative funding options and will no longer see cash flow impacted by long payment terms or late payers. This new service integrates seamlessly with Tradeshift’s existing e-invoicing solution which is free to suppliers, providing the financial flexibility small businesses need to succeed.
In the UK alone, SMEs are owed over £24 billion by late payers and now, more than ever, it’s hard for them to get the finance they need to plug this hole. Tradeshift’s Instant Payments service means that, once a large organisation verifies an e-invoice, the payee can click a button and receive the approved funds immediately. Because there’s clear evidence of payment to come, the supplier receives the money at a level of interest that beats anything available elsewhere.
Christian Lanng, CEO and co-founder of Tradeshift: “Whether you’re a freelancer in Sweden or a multi-national in Brazil, Tradeshift is helping companies of all sizes across the world deal with e-invoices quickly and efficiently. But one of the biggest issues for small businesses today is managing cash flow. Instant Payments gives businesses the ability to be paid at a time that suits them and has the potential to change the cash flow conundrum businesses face, forever.”
Tradeshift allows businesses of all sizes to connect with each other on a secure social network to collaborate on common business tasks such as invoicing. The platform is enhanced by a series of Apps, which allow users to add sophisticated layers of functionality, such as purchase orders. Instant Payments will be available to beta trailists that are accepted onto the programme and will also integrate directly with the Tradeshift API.