Yooz, the purchase-to-pay (P2P) software provider, is extending its capabilities as an unmatched end-to-end platform for accounts payable automation with YoozPay, a new add-on to completely automate the digital invoice payment workflow. With YoozPay, companies of any size can onboard and pay vendors directly inside the Yooz platform and generate valuable cash-back as a recurring revenue stream.
YoozPay empowers organisations with the simplest and most flexible automated digital invoice payment workflow in the cloud. Companies can capture, review, approve and pay invoices and create a real-time audit trail for their ERP system from anywhere, anytime in a single web-based solution. Vendors are onboarded with a single email address and select their preferred payment option with one click, ranging from virtual credit card and ACH to eChecks or paper check.
With YoozPay as an integral part of the Yooz digital invoice payment workflow, the AP team simply has to complete three steps: select an invoice, specify the full or partial amount to be paid and select a payment method. YoozPay automatically handles the rest, from paying batches of invoices and following an automated or manually defined payment schedule to ERP reconciliation. If a vendor chooses to be paid by virtual credit card, payment is executed instantly. These purely digital credit cards provide higher security, a more granular audit trail and generate a recurring revenue stream through cash-back.
A company processing 500 invoices a month with Yooz already saves close to $45,000 in annual processing costs compared to traditional, more labor-intensive methods. The virtual card option in YoozPay can generate additional revenue to the order of several thousand dollars through cash-back.
“The business disruption caused by the pandemic has demonstrated that companies need to accelerate their digital transformation and embrace automation to stay in business and remain competitive. With YoozPay, they now have another powerful tool at their disposal. It turns the AP function into a strategic asset that saves time and money, contributes to the bottom line and provides financial intelligence in real-time,” said Laurent Charpentier, COO and CIO of Yooz North America.
While Yooz is already offering partnerships with multiple popular payment providers to let companies pay vendors, YoozPay takes B2B payment automation to the next level with a single and intuitive user experience for unmatched speed, security and savings. YoozPay, powered by Checkbook, has fraud detection built in at every level of the transaction process. It protects both parties with limits and velocity checks and uses pattern checks for additional fraud control. It is currently available for domestic payments in the US.