The payments solution provider Paya has formed a partnership with RECUR360. The partnership will offer RECUR360’s clients “enhanced capabilities and support for integrated card and ACH,” per a Tuesday (July 13) news release.
The partnership will also give “new, underserved markets” — including distributors, wholesalers and field service providers — access to Pay and RECUR360, a cloud-based software and automation company offering recurring payment, invoicing and collection tools for B2B markets.
“With this strategic partnership, RECUR360 will offer its customers increased efficiency throughout the end-to-end payments process while also offering an enhanced user experience,” said Jeff Hack, Paya’s CEO.
“The partnership also provides Paya with further opportunities to serve B2B-focused software clients within the field services industry, where our integrated payments capabilities can offer a major value proposition,” Hack added.
Andrew Abrams, RECUR360’s founder and CEO, said the partnership will give customers access to Paya’s “robust API library and its automated onboarding process, both of which will make the payments process more seamless and efficient.”
This announcement arrives at a time when there’s a mindset shift happening in the B2B payments world as PYMNTS discovered in its recent Strategic Role of the CFO report.
This report surveyed hundreds of leaders in the finance world on how the COVID-19 pandemic had shaped their accounts payable (AP), accounts receivable (AR) and B2B payments practices. Most of them came to the same conclusion: Digitizing payments isn’t simply about automation but rather a more meaningful transformation of the organization.
For a long time, the discussion of modernizing B2B payments focused on going paperless and automating some of the most manual tasks. The pandemic has intensified the pressure to accelerate these measures, but now finance leaders have begun to go further, said Twilio Global Head of Financial Services Bijon Mehta in an interview with PYMNTS.
“When you have such a fundamental impact on your business, all bets are off, and you have to really rethink how you engage, how you serve, how you support customers,” Mehta said. “That’s led to not just cosmetic changes, but also really rethinking the workflow.”