Fortis, a payment and commerce technology company for software providers, marketplaces, developers, and businesses, today announced its partnership with Lockstep. The union gives customers full access to Lockstep Receivables, an ERP-integrated accounts receivable automation software that automates collections, enables online payment acceptance, and improves cash flow. Lockstep customers can now access Fortis payments and commerce technology.
Through Lockstep, Fortis business and ERP clients can optimize their existing systems by accelerating cash collection, eliminating double data entry and gaining access to Level 3 discounted rates for B2B and/or B2G transactions, ultimately delivering an omnichannel processing environment with a fully compliant solution. The partnership helps organizations streamline the collection process significantly decreasing receivables and enhancing their cash positions.
The deal provides an array of benefits with no installation, setup, training or support fees. Lockstep helps companies optimize collections with a customizable rules engine that automates multichannel outbound communications and assigns team activities to drive on-time payments. Lockstep clients can now have a secure and full-featured Fortis experience within their existing solutions, such as the self-service portal where customers and AR professionals can access statements and invoices, dispute resolution tools and receive a holistic overview of AR activities.
“We’re incredibly excited about the benefits and unlocked potential in the ERP space this partnership will deliver to both companies and our shared customers,” said Greg Cohen, CEO and chairman of Fortis. “Fortis and Lockstep have a shared vision of how automation and integration can strengthen efficiency, and we are equally committed to delivering best-in-class customer service and providing a one-stop solution for invoicing and payments. These shared values make for a seamless partnership.”
“Lockstep Receivables enables accounts receivable to automate their manual collections process and provide an online customer portal, so we are thrilled to partner with Fortis to further streamline the end-to-end experience,” said Matthew Shanahan, chief strategy officer at Lockstep. “Our clients can improve cash flow by removing the friction of legacy payment processes. Fortis will be embedded into our online customer portal to enable a fully integrated online payment experience so that finance departments can get paid easier and faster.”
Lockstep said its connected accounting solution supports more than four million companies and the new partnership with Fortis will allow those businesses to expand and scale in an integrated and compliant manner. This solution also integrates with more than 85 per cent of the world’s financial systems.