The Cashflow.io team is happy to announce a formal sales partnership with Global Payments. The Cashflow.io remote back office SaaS enables small to mid-market business to automate the otherwise mundane tasks of accepting and sending payments with credit cards and bank transfers (EFT/ACH & Interac for Business). In addition, the Cashflow.io platform offers integrated financing, such as Buy Now or Pay Later, so that businesses can win more business while preventing late payments.
In early 2020, the Cashflow.io team set out to create a more user-friendly virtual terminal for back office payments and trade financing. In collaboration with Global Payments, we were able to onboard over 200 business customers, listen, learn and perfect a solution that allowed businesses owners, and their finance teams, to automate payments and trade financing, significantly reducing late payments and even help them win more business.
Payments Canada reported that in 2019 there were consumer and business payments worth $9.9 Trillion. Point-of-sale was 82% of all transactions, but only $985 billion (10%) in overall value. At the same time, eCommerce transactions amounted to $54 billion. Remote back office payments was over 80% of all payment transaction value, meanwhile 40% of commercial payments were done with paper cheques. While the consumer market rapidly adopted digital payments during the Covid pandemic, the business market was stuck out of their offices with no remote solutions. There is a huge opportunity in front of us.
Cashflow.io offers an easy-to-use back office payments & financing automation solution for small to mid-market businesses. Accounts payable & receivable automation tools that were otherwise only available to enterprise level companies which we offer at zero integration costs, no long-term commitments or interruptions to normal business processes. The perfect bridge to transition from paper to full digital back office operations.
Today, Cashflow.io and Global Payments, a global leader in the payments industry, have set forth to expand our relationship across the country. Together, we will close the gap between POS and eCommerce to offer businesses a complete set of digital solutions to streamline and improve every day business.
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