Introducing the PrimeRevenue SurePay Platform: The Premiere B2B Platform to Streamline Early and On-Time Payments for Global Supply Chains - PrimeRevenue
Resources » Blog » Introducing the PrimeRevenue SurePay Platform: The Premiere B2B Platform to Streamline Early and On-Time Payments for Global Supply Chains
By Gavin Cicchinelli • Published October 19, 2021 • 4 minute read
A few weeks ago, we announced an exciting expansion in PrimeRevenue’s product offering, which will improve B2B payments efficiency for buyers and suppliers via enhanced visibility, payment certainty, and cash flow predictability. Not only will PrimeRevenue continue to deliver working capital and early payment solutions such as supply chain finance, dynamic discounting, and accounts receivable finance, but we are now also supporting on-time payments at invoice maturity for the entire global supply chain.
As we shared, this decision to expand our offering was the culmination of hundreds of conversations with our customers and partners over the last several years. What emerged during our discussions were several common themes.
First, suppliers are plagued by late payments. Not only does chasing payment and fixing payment errors drain critical resources, but it also impedes suppliers’ ability to accurately forecast cash flow and plan for the future.
Second, global B2B payments are shockingly inefficient for buyers to process. Traditional methods are often manual and expensive. There are also many complexities that global businesses must contend with: jurisdictional payment regulations, inconsistent payment terms, multiple ERP systems, various payment methods to manage – the list goes on.
Lastly, there is a gap in the market for flexible, easy-to-use payment solutions that optimize cash flow for the entire supply chain. On-time payment solutions have historically been siloed from solutions that enable early supplier payment. Further, because most early payment solutions require buyers and suppliers be of a certain size and/or credit rating, small and mid-sized businesses continue to be underserved.
It’s clear that businesses need a more flexible and streamlined way to optimize early and on-time B2B payments for their global supply chains – particularly in the current ever-changing economic environment.
The Industry’s Leading Platform to Optimize On-Time and Early Payments
Our evolving vision has emboldened us to harness innovation and explore new ways to solve these challenges. Today, I am excited to announce a major milestone on this journey – the PrimeRevenue SurePay Platform.
This new offering is the industry’s first solution to optimize payment services for the entire supply chain. It simplifies and streamlines the B2B payments ecosystem by consolidating a buyer’s entire supplier base onto one easy-to-use payments platform. Buyers and suppliers will experience improved payment visibility and certainty, which will result in more reliable and predictable cash flow.
The SurePay Platform automates the payment process, so suppliers get paid on time, every time with minimal buyer involvement. Buyers only need to approve invoices and the platform handles the rest. This combination of automation and transparency allows buyers and suppliers to manage their cash flow with confidence – translating into more accurate forecasting and responsive financial decision-making.
New Features Enhance Payment Visibility, Reporting, and Support
For suppliers that want even further enhanced payment visibility, reporting, and support, PrimeRevenue will offer the SurePay Premium Package. Premium features include:
Scheduled Remittance Advice Report – allows suppliers to save time daily by automatically receiving remittance advice reports directly to their inbox.
Find My Invoice – allows suppliers to search by invoice number for instant visibility into specific invoices.
Track Documents – gives suppliers deeper visibility and the ability track the status of invoices, credit memos and sell offers.
Payment Forecasting – quickly access real-time visibility into upcoming payment totals.
Expanded Reporting Capabilities – optimizes workflows by providing complete payment details with a few clicks.
Audit Trail – easily investigate historical activity and uncover who did what and when with single click.
Phone-Based Customer Support – skip the email queue and speak directly with live customer support over the phone.
The PrimeRevenue SurePay Platform is our first step in redefining the future of global working capital solutions and B2B payments; showcasing how innovation can improve cash flow across the entire supply chain. This is just the beginning, and we are excited to continue our journey.
If you have questions about the SurePay Platform or the direction we’re heading, please reach out to us.