Centime Introduces New AP Solution that Pays Businesses to Automate Accounts Payable
Wednesday, August 21, 2024
Centime is reimagining AP automation, with a new offer that earns businesses cash-back interest on a high-yield AP account*
BOSTON, Aug. 13, 2024 /PRNewswire/ -- Centime, a Boston-based fintech that offers comprehensive cash management and banking solutions to small to midsize businesses (SMBs), today announced an innovative approach to Accounts Payable (AP) automation that goes beyond the basic promise of ROI. Centime's new offering not only streamlines the AP process but also provides businesses with an opportunity to earn cash-back interest, transforming AP functions into profit centers.
Although most finance professionals know that automating AP can reduce the administrative burden of manually processing invoices and payments, most AP bank accounts are non-interest-bearing, meaning valuable funds sit idle without generating any income. This is a missed opportunity for many businesses. Traditional AP processes focus on earning rebates on virtual card spend, but they often overlook a more powerful and easier way to generate financial returns on the funds held in AP accounts.
That's why Centime is reimagining the AP automation landscape with a groundbreaking new offering that includes a high-yield bank account that actually earns the business cash back on AP spend. This solution helps businesses recoup the entire cost of Centime, and even turn a profit on their AP spend, in addition to the cost savings and efficiency gains from eliminating manual processing.
"We understand the financial constraints that businesses are facing right now, and the importance of demonstrating tangible ROI that actually puts cash in your bank account," said BC Krishna, CEO and Founder of Centime. "That's why we're packaging our AP automation solution in a way that not only streamlines operations, but also gives you a clear path to recouping your spend, and even turning a profit on AP, right away. On average, clients earn $10,500, covering the cost of automation and more."
With Centime's combined solution, businesses get a best-in-class, AI-powered AP automation solution, alongside a fully liquid, high-yield operating account that earns 4.25%** on AP funds, transforming their AP function into a profit center without the time to value on traditional virtual card rebates.
By adopting Centime, businesses can:
-- Earn interest on AP float: Transform vendor payments into a source of
income.
-- Offset the cost of AP solution: Use interest earnings to cover Centime
AP subscription costs, effectively making the software free.
-- Transform your AP into a profit center: Enjoy a best-of-breed AP
automation solution at no cost and generate a new revenue stream.
To learn more and find out if you qualify, you can book a demo of Centime at www.centime.com/demo.
About Centime
Centime is the leading cash management platform that helps small to mid-sized businesses easily control and manage working capital. From forecasting, collections, invoicing, payments, credit, and reporting -- our platform leverages automation and artificial intelligence to help finance leaders lower operational costs and optimize cash flow.
Centime is the only company to offer accounts payable, accounts receivable, and banking solutions* in one unified platform. Named Fintech of the Year by Aite in 2022, Centime is a privately held company based in Boston, MA. To learn more, visit www.centime.com.
*Centime is a financial technology company, not a bank. Centime deposit accounts are with FNBO and are FDIC insured through FNBO. Member FDIC.
**4.25% Annual Percentage Yield (APY) as of 7/22/24. Deposit rate may adjust to current market rate and may change daily. Fees may reduce earnings.
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SOURCE Centime
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