ORLANDO, Fla.--(BUSINESS WIRE)--Viewpost, the secure B2B network for invoicing, payments and real-time cash management, today announces a powerful addition of supplier-originated early payment request capabilities with updates to its built-in Viewpost Express® dynamic discounting engine.
Viewpost Express is a unique cash management solution that empowers suppliers and buyers to collaborate on early payments and discounts in real time over the Viewpost network. In exchange for a time-adjusted discount, Viewpost Express gives buyers with a cash surplus or access to low-cost capital the ability to offer early payments. Launched in 2015, Viewpost Express has seen a consistent increase in early payment volume with demand stemming from all market segments. Recent updates give suppliers the ability to request early payment from any buyer, inside or outside of the Viewpost network, giving them quick and risk-free access to working capital they can reinvest in their business to promote growth.
“The insight behind our effort to eliminate friction and optimize working capital within B2B transactions comes from more than two decades in the invoicing, payment and credit industries,” said Max Eliscu, founder and Chief Executive Officer of Viewpost. “Lack of visibility into how, when and if they’ll be paid is a primary frustration for business owners on the supply side, compounded by inability to access the cash tied up in their unpaid invoices. Surprisingly, the problem isn’t one sided. Transactional friction and inefficiency handcuff cash-rich buyers, preventing them from paying suppliers on demand to both their benefit. Our dynamic discounting solution democratizes access to working capital for those in need, while creating above-average returns for those with excess."
For suppliers on the network, this new enhancement makes it easy to request Viewpost Express early payments. A supplier can send new invoices online to buyers at no cost to either party, and then request early payment on those invoices. Buyers are instantly notified of the early payment request, at which time a buyer can accept the request and schedule payment or send payment at the touch of a button from any web-enabled device. If a buyer is not on the Viewpost network, a paper check payment is mailed to the supplier. When the supplier and buyer are both on the network, electronic payment is quickly and securely sent from one bank account to the other.
This quick exchange of working capital between trading partners using Viewpost Express payments is illustrated by Sonny’s BBQ, voted #1 Best BBQ Chain in America by The Daily Meal last year. Paying early through Viewpost, Sonny’s has provided its suppliers financing at rates between 0.07 and 1.87 percent per invoice.
“A restaurant’s success depends upon client satisfaction with every aspect of your business,” Bob Yarmuth, CEO of Sonny’s BBQ. “With over 12,000 suppliers serving more than 113 restaurants across 8 states, Sonny’s BBQ is better able to focus on our quality of food and service by using Viewpost to streamline payables, lower operating costs, and collaborate with our suppliers to provide early payments that bring us yields well into double digits.”
“We are pleased to announce this new enhancement to Viewpost Express,” said Philippe Stephan, Chief Technology Officer of Viewpost. “We see a significant market opportunity as the working capital gap continues to widen for businesses across the country. We are helping these customers quickly and easily access the cash they need through a sophisticated cash management tool that’s easy to use.”
Viewpost North America is revolutionizing the way businesses transact with each other. Viewpost built the most trusted open business network to empower businesses of all sizes with real-time cash management for anytime operating decisions. On the secure Viewpost network, companies connect and exchange electronic invoices and payments with unprecedented ease and visibility, accessing working capital on demand. Enterprise clients are using Viewpost to cut costs, increase efficiency and improve cash management, including Accenture, Florida Hospital Medical Center, Georgetown University, the Orlando Magic, and Whole Foods Market. With enterprise-grade security including ISO 27001 and SSAE16 Audited certifications and the TRUSTe Privacy Seal, Viewpost is partnering with financial institutions to bring cash management tools to business customers at U.S. Bank, Bank of America, and Fifth Third Bank. Viewpost innovation has been awarded Best in Show by Barlow Research, Best CISO/CSO by FireEye Cyber Defense Summit, CSO50 Award (three-time honoree) by IDG’s CSO, and the BIG Innovation Awards. Since Viewpost was opened to the public in early 2015, more than $2.5 billion in payments have been processed and more than 25 million invoices valued at more than $45 billion have been shared across the network. Founded in 2011, Viewpost is headquartered in the Orlando, FL area, with additional teams in Boston, Minneapolis and San Francisco.