Today in B2B Payments, Onit explores tightening corporates’ legal spend management and Linear reflects on an evolving small business lending landscape. Plus, Veem expands its local small business payment service to Canada, Yooz debuts its accounts payable software in Ireland and Chaser introduces an installment B2B payments tool.
When legal departments receive five-foot-high stacks of complex legal invoices, approving those bills for accounts payable (AP) departments becomes far easier than reviewing the charges for compliance and accuracy. Onit CEO Eric M. Elfman explains the growing problem of excessive and erroneous legal spend, which will climb as businesses’ legal budgets expand.
Small business borrowers’ expectations in a post-COVID environment can be challenging for banks and alternative lenders. Luckily, FinTech innovation has opened new avenues for small businesses in search of capital. Linear CEO Sam Graziano says the current climate has forged new paths for lenders to reach borrowers.
The online payment provider Veem announced on Wednesday (June 2) that it had expanded its no-fee domestic payment service to Canada. Known as Veem Local for Canada, this tool includes electronic fund transfers and gives Canadian businesses — Quebec included — an easy and comprehensive solution for payments between provinces and territories. Features include no fund caps, payment workflow solutions, integrations with QuickBooks and Xero, and free features such as invoice capture and a tiered approval flow.
Yooz has launched its Yooz Rising automated accounts payable (AP) offering in Ireland, according to an announcement. The software, which 1,000+ organizations have used, has also rolled out in France, the U.K. and the U.S. It provides purchase-to-pay automation to every business in Ireland, regardless of size, sector and volume of paperwork. Yooz Rising is an all-encompassing offering that satisfies the three essential requirements of modern organizations, according to the announcement. It is said to provide live automation from all locations and at all times, aiming to offer resiliency and continuity with full traceability and safety.
Accounts receivable (AR) automation software company Chaser rolled out a payment plan functionality that lets users offer payment installment plans to their customers and automatically seek payments on these installments during periods they can set, according to a Wednesday (June 2) announcement. “The pandemic and current global economy have made it increasingly difficult for businesses to pay each other. Our team felt that offering this functionality would help remove obstacles that might make paying businesses more difficult. By giving our customers the ability to offer payment plans, they are helping their own customers gain the ability to pay them back more easily,” Chaser CEO Sonia Dorais said in the announcement.