A recent edition of Corporate Vision Magazine featured Paymerang, detailing it’s defining features of being a secure, integrated finance automation system that rewards users when they make supplier payments.
Serving mid to small size businesses across more than a dozen industries, Paymerang offers an ever-growing suite of finance automation systems that have been designed to simplify and illuminate the world of payment solutions.
Paymerang’s Payment Automation is an integrated payables solution which gives clients the means to easily submit a payment file, fund the payments in bulk, and mark the payments as closed within their accounting systems. From vendor enablement, to remittance, to reconciliation for all payment types and delivery methods, Paymerang offers a simple and comprehensive solution that today processes billions of dollars in payments each year for hospitals, universities, banks, public utilities, billion-dollar corporations, professional sports teams and more.
Consequently, Paymerang is fulfilling the goal it set itself when the firm was established in 2010; to deliver a solution that would facilitate electronic supplier payments for businesses while simultaneously generating profit. Like a boomerang, the idea behind Paymerang was centered on reciprocal actions: pay out money, and money comes back to you.
The result is a new revenue stream that is 100% self-funded, with no out-of-pocket costs for the client and the ability to opt out at any time. Moreover, Paymerang’s cloud-based solution integrates seamlessly with all accounting systems and is implemented with under ten hours of client effort.
Paymerang’s operational capabilities are extensive, beginning with faster payments for suppliers of its clients. Paymerang uses virtual cards which provide cashback rewards. Moreover, payments made through virtual cards are entirely risk-free, as they are paid through a FBO account to keep the client’s bank account completely secure. Finally, all payments made are followed up by Paymerang until they have been executed, and new vendors are automatically continuously enrolled with each payment file.
In 2020, Paymerang added to its services with the launch of its Invoice Automation solution, that has already been widely praised by clients. Like its Payment Automation system, Paymerang’s Invoice system delivers a wide range of services, from electronically capturing invoices, capturing data through AI and machine learning, to posting to the general ledger. Thus, through its growing service capabilities, Paymerang has become a trusted partner to businesses of all shapes and size, handling their payment solutions safely, efficiently, and in a way that financially benefits the businesses themselves. It’s a win-win-win situation.
The outbreak of the Covid-19 pandemic had a range of implications for Paymerang which required quick adjustment from its team. For example, the marketing team was forced to swivel from attending five to ten trade shows a month to an entirely virtual show and webinar schedule.
However, it is a transition that has been accomplished with great success, thanks predominantly to a team and company culture that champions humanity in an industry that is very focused on software and automation. Values like integrity, passion and positivity, simplicity, teamwork, customer-centricity, and resilience have seen Paymerang adjust well to a virtual strategy that will continue to complement its trade show calendar as business resumes post pandemic.
Additionally, Paymerang has seen demand for its automated solutions increase during the pandemic, owing to a growing reliance on automation and electronic payment systems from businesses who are working remotely. Melissa Woodin, a Controller at Hotchkiss School states that the school would not have been able to operate remotely without Paymerang, and many other clients share that view.
From enhancements within both the payment product itself and invoice automation, to some additional receivables offerings, Paymerang is going above and beyond to ensure that it is the premier choice in payment solutions for its mutually beneficial systems.
As such, Paymerang is currently investing its efforts into growing its product offering for clients, with aims of encompassing the entire spectrum of finance automation.
Learn how your finance team can leverage the latest in finance automation technology by scheduling a no-obligation call with our team.