Paygeon has unveiled its new artificial intelligence (AI)-powered financial platform designed for small businesses and startups.
This solution seeks to help companies navigate the digital financial landscape by automating invoice payments and managing vendor relationships, the financial automation software company said in a Tuesday (Sept. 26) press release.
The newly launched Paygeon Platform aims to help small- to medium-sized businesses (SMBs) that are looking to optimize cash flow management, according to the release. By automating vendor relationships and ensuring timely invoice payments, businesses can significantly enhance their financial health.
“We are at the forefront of changing how people navigate the digital financial landscape,” Ysac Rojas, director of funding and operations at Paygeon, said in the release. “ Our mission is to provide users and entrepreneurs with a secure, efficient and user-friendly platform for automating vendor relationships and invoice payments.”
Paygeon said its strength lies in its ability to eliminate the complexities associated with traditional payment processes. Outdated payment workflows often rely on manual processes and dedicated payment teams, introducing human errors and compliance risks. Paygeon’s solution replaces these practices with AI technology, simplifying vendor management and ensuring invoices are paid on time, thereby enhancing overall financial efficiency.
The FinTech firm said its users have reported an average of two hours saved daily in their accounting processes . This increased efficiency allows businesses to redirect their resources towards more strategic tasks, driving growth and profitability.
Additionally, Paygeon offers a corporate credit card that seamlessly integrates with the platform, further streamlining the payment process, per the release.
“Getting started with Paygeon is incredibly straightforward, with the entire process taking approximately 10 minutes from start to finish,” the company said in the release. “This user-centric approach underscores Paygeon’s commitment to making financial management accessible to businesses of all sizes.”
PYMNTS Intelligence has found that automation can help streamline complex, labor-intensive and error-prone accounts payable (AP) workflows. While AP automation adoption remains nascent, firms recognize that it is a necessity, according to “Solving Accounts Payables’ Top Frictions With Automation,” a PYMNTS and Corcentric collaboration.
The report found that 70% of firms with less automated processes said they “definitely need” more automation.
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