Early payment solution available to small- to mid-sized businesses on leading Electronic Data Interchange platform
DUBLIN and MONTREAL, June 6, 2017 /PRNewswire/ -- Aztec Exchange, a global supplier of invoice finance products and services, and Canadian EDI provider EDI Gateway today announced a partnership to deliver Aztec's breakthrough early e-invoice payment service PayMe (payme.cloud) to EDI Gateway's (edigateway.com) Canadian supplier and corporate clients.
"We're pleased to introduce PayMe to the Canadian market with EDI Gateway. There's been tremendous enthusiasm for PayMe among both SMEs and corporates because buyers are able to use it to secure their supply chain while suppliers benefit from getting their invoices paid sooner," said Edwin Hagan-Emmin, CEO of Aztec Exchange. "We expect that interest level to continue as we roll out in Canada and look forward to working with EDI Gateway to deliver this valued service."
"We are thrilled to launch this innovative customer-centric solution for our clients of the retail industry. We have been working to integrate this exclusive solution into our online platform and can now offer a complete tool that will allow our vendors to benefit from this swift payment process and for the retailers to increase cash flow and increase efficiencies in accounts payable operations," said Sophie Barbara Desilets, President of EDI Gateway. "Aztec and EDI Gateway have partnered up to offer the retail industry a simple, user-friendly solution that addresses the concerns of all SMEs and CFOs."
PayMe is unique in the early payment market because, unlike with factoring firms, creditworthiness is based on that of the buyer, not the supplier. There is complete pricing transparency, meaning there are no hidden fees or interest charges. Suppliers are only required to pay a minimal invoice discount charge and a standard transaction fee. For customers on the EDI Gateway platform using PayMe, this means they'll typically receive payment within 24 hours. Furthermore, because it's entirely online, they can submit for early payment any time from any internet-connected device. There are also no restrictive long-term contracts and suppliers can sell as many approved invoices as they want.
This partnership with EDI Gateway is the latest for PayMe, which launched in May 2016. Over the course of the past year, PayMe has had tremendous growth and is now available to more than 100,000 SMEs globally via e-invoice providers as a white label solution for traditional banks. It will soon be launched directly through corporates. For EDI Gateway, PayMe complements their existing e-invoicing solution, enabling them to offer an integrated payment and financing service. The firm looks to continue this approach going forward to attract and retain their retail and vendor clients.
About Aztec Exchange
Aztec Exchange is a leading payment company dedicated to streamlining global supplier finance. Founded by former Morgan Stanley and HSBC executives, Aztec Exchange's flagship service is PayMe (known as ePayMe in Latin America and Spain) - a reliable, cost-effective and easy-to-use early payment solution. With PayMe, suppliers sell their invoices and receive working capital within days rather than weeks or even months. PayMe is available as a white-label service and can be easily integrated into e-invoicing networks. Aztec Exchange was named to Forbes 2016 Fintech 50, a list that features companies that use technology to disrupt "the way we save, invest, spend and borrow."
Headquartered in Dublin, Ireland, and with operations in Los Angeles and Miami, Aztec can be found online at PayMe.cloud.
About EDI Gateway Inc.
EDI Gateway, an MXS Commerce Group company, is a leading North American service provider who has been helping small to medium size companies become EDI compliant and e-commerce capable since 1993. Specializing in EDI and B2B applications, EDI Gateway offers an array of solutions and services both standardized and customized, developed to accommodate and complement the evolving needs and demands of today's diverse e-market, in a cost-effective fashion. Gold Certified Microsoft partner, servicing over 2,500 customers and their trading partners meeting all EDI and supply chain requirements, EDI Gateway has been collaborating in a consortium with various key players servicing the retail industry, to offer a one stop, one path solution.
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SOURCE Aztec Exchange