REPAY, which works in vertically-integrated payment solutions, will be integrating with PN3 Solutions in order to automate outbound payments through the use of a virtual card or ACH, according to a press release.
The integration will help customers access seamless payment capabilities to their procurement and accounts payable (AP) workstreams, the release stated.
The PN3 Solutions platform links into existing financial platforms, allowing businesses a shortcut to implementing new features like electronic purchase and payment authorization. Now that PN3 Solutions will be teamed with REPAY, users will be able to process any payment type, which will help with visibility and accountability in the vendor payment process, the release stated.
Darin Horrocks, senior vice president of B2B at REPAY, said in the release that the new integration with PN3 could help “complete the accounts payable workstream by seamlessly incorporating an outbound payment option for users who rely on the platform to manage invoices and pay vendors on time with the method they prefer.”
“The partnership will also allow us to realize synergies with our B2B receivables offering, as REPAY’s footprint now overlaps payables and receivables across key integrations, including Acumatica and Sage,” he said, according to the release.
“Procurement and accounts payable procedures touch virtually every department in most B2B organizations, so improved efficiencies can have an instant impact on the bottom line,” said Derrick Hicks, managing principal at PN3 Solutions, in the release. “In addition to improved overall AP management, our customers can also realize cost savings by reducing the time spent authorizing, facilitating and reconciling the payment for the goods and services required to run their organizations.”
In related news, REPAY acquired AP automation system cPayPlus last year. REPAY CEO John Morris said at the time that the acquisition would help with the company’s mission to offer reduced costs and operate more efficiently in the increasingly digital environment. He added that the cPayPlus acquisition would focus on both accounts receivable (AR) and AP and would work particularly well with the work-from-home ethic brought on by the pandemic.