Automated billing and payment solution provider FlexPoint launched a collaboration with cloud commerce marketplace Pax8.
The partnership brings FlexPoint’s financial platform to the Pax8 Marketplace, according to a Thursday (June 27) press release.
FlexPoint’s offerings are designed to streamline billing operations, enhance cash flow, and automate financial processes for managed service providers (MSPs), the release said. Flexpoint aims to give MSPs tools to improve their operational efficiency and client experience via the partnership.
“At FlexPoint our mission is to help MSPs increase efficiency and grow their business,” said FlexPoint founder and CEO Victor Lopez. “Our partnership with Pax8 represents a significant milestone in furthering our mission.”
The tie-up comes three months after FlexPoint announced it raised $35 million in debt and equity, with plans to use the funding to add to its product and customer success teams and to expand its working capital solutions for MSPs and their customers.
Elsewhere in the payments automation world, PYMNTS spoke Thursday with Ari Widlansky, managing director and U.S. chief operating officer at Esker, about the benefits of automating the accounts receivable (AR) process.
“Helping our customers move to a more automated payment transaction and provide their customers with a frictionless process is the biggest benefit,” Widlansky said.
“By improving the transaction experience, it makes that customer stickier,” he added.
Getting paid is critical to the livelihood of businesses, regardless of their size, and that makes the AR function vital to their growth. The transition from legacy payment systems to digital solutions has proved to be a necessity, not just a trend.
As Widlansky explained, the benefits of digitizing AR can help lead to downstream improvements in operational efficiency and customer experience.
Despite the proliferation and attractive positioning of digital payment solutions, many companies are still heavily reliant on traditional methods such as checks.
“Checks are still a big part of payments,” Widlansky said. “Surprisingly, 20% to 30% is not an uncommon number to hear.”
This dependence on outdated methods can be chalked up to a range of factors, among them familiarity, inertia and a lack of resources or knowledge to implement digital solutions, he said.
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