Today in B2B payments, Lance discusses finding the sweet spot of banking for freelancers, and Repay expands its accounts payable (AP) integration into Sage. Plus, ABN AMRO discusses invoice finance’s impact on late payments, C2FO partners with Marcus by Goldman Sachs and AirPlus enhances its virtual corporate card offering.
Invoice finance can connect small businesses to much-needed capital, but critics argue it’s merely a Band-Aid, not a cure, for late B2B payment practices. ABN AMRO’s Patrick Pfaff says there are ways to use the financing tool responsibly to support cash flow health.
Working capital platform C2FO and Marcus by Goldman Sachs are teaming to equip qualified companies that harness C2FO domestically with unsecured financing. The collaboration endeavors to provide a quick and effective avenue for small to medium-sized businesses (SMBs) to access working capital, according to an announcement on Tuesday (May 18). “With this partnership, we are increasing access to low-cost, convenient capital, just as we have been working to do since 2010 through our accelerated payment programs. Giving smaller businesses multiple ways to access working capital will help them grow and prosper,” said C2FO Founder and CEO Alexander (Sandy) Kemper.
AirPlus has revamped its virtual card payments to be offered on a standalone basis, which will feature three card versions on a new platform, a press release said on Tuesday (May 18). The new cards, which were formerly known as AIDA and were included as part of the AirPlus company accounts, will now come under separate billing accounts. There will be three new cards. Classic will be for corporate users to pay for travel; Procurement will be for B2B and ad-hoc purchases such as software. Lastly, the Travel Agency card will help with company-originated travel management payments.