Aztec Exchange, a provider of invoice finance products and services, and Canadian EDI provider EDI Gateway, have formed a partnership to deliver Aztec’s e-invoice payment service PayMe (or payme.cloud) to EDI Gateway’s Canadian supplier and corporate clients.
PayMe says it 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 long-term contracts and suppliers can sell as many approved invoices as they want.
Edwin Hagan-Emmin, CEO of Aztec Exchange, said there has 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
“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.”
The partnership with EDI Gateway is the latest for PayMe, which launched in May 2016. PayMe has experienced solid growth and is now available to more than 100,000 SMEs globally via e-invoice providers as a white label solution for traditional banks.
Aztec Exchange was founded by former Morgan Stanley and HSBC executives. Their flagship service is PayMe (known as ePayMe in Latin America and Spain). 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 is headquartered in Dublin, Ireland, and with operations in Los Angeles and Miami.
