Cash flow is a critical challenge for small businesses. That’s why BizPay and Sypht are working together to help businesses overcome the cash flow hurdle – enabling them to innovate and grow post-COVID and beyond.
As Australia’s fastest growing buy now pay later FinTech in the B2B space, BizPay makes payments flow for small to medium businesses. Its AI-driven, cash flow management platform enables businesses to split any invoice into four monthly instalments, while receiving full payment of approved invoices within 24 hours. It’s an easy way to improve cash flow and grow your business.
“Growing businesses would love to invest their cash on aspects of the business that help them grow,” says David Price, Global CEO at BizPay. “But they're often waiting on clients to pay their invoices. We pay businesses within 24 hours once an invoice is approved. They can use that extra capital to hire new people, pay for training, purchase inventory, or invest in other ideas that help their business flow and expand with ease and flexibility. “For their clients, having extended terms of four repayments over four months also helps smooth out their cash flow.”
Who is Sypht?
Sypht helps businesses extract valuable information from documents using AI and machine learning to improve productivity, capacity and reduce risk. Founded by BCG Digital Ventures and BPAY, it works with businesses of all sizes globally to turn documents into data and insights. It’s easy to use, fast and secure, giving you visibility, control and more time to focus on growing your business.
How BizPay and Sypht are working together to support SMBs
Cash flow is critical to the success and sustainability of small to medium businesses (SMBs), especially in challenging times. In fact, it’s the leading cause of insolvency for small businesses in Australia. For those that survive, three out of four experience cash flow problems, significantly impacting their ability to recover and grow post-COVID. Extended payment terms are the main kink in the flow of capital. In fact, on average, small businesses would have an additional 42.8% working capital if they never had to wait for payment.
Now, two leading FinTechs have joined forces to make sure they won’t have to. BizPay has partnered with Australian document intelligence platform Sypht to streamline invoice management for its platform.
Sypht’s AI-driven data extraction and monitoring solution will enable BizPay to offer close to 85% straight through processing – further improving its current 24-hour turnaround SLA for invoice processing. It has also improved data accuracy, reducing the need for manual intervention by 75%. This is not just a significant time saving for BizPay. It ensures its small business customers get faster access to the cash flow they need, and can spend more time growing their business instead of managing accounts or chasing payments.
With Sypht’s technology, BizPay also allows businesses to manage operational risk by providing cash flow visibility, scanning for duplicates and detecting potentially fraudulent activity within invoicing.
“We understand the constraints facing small business,” says Warren Billington, Sypht CEO. “Especially given current environments where they’ve been doing it tough. That’s why we’ve combined BizPay’s service with Sypht’s technology to enable smaller businesses to confidently seize opportunities and invest in growth.”
The agility of the FinTech model enables the two businesses to not only disrupt but also challenge traditional businesses and solutions in this industry. It’s a great example of how technology can make a measurable difference for businesses and their customers.
Written by BizPay
BizPay is a seamless technology platform that solves cash flow challenges associated with paying business invoices. The company was founded to help businesses grow better by enabling them to use top suppliers and professional service providers. Frictionless, transparent and affordable, innovative payment products allow businesses: to split bills into 4 easy instalments and/or receive full invoice payment in 24 hours to grow their businesses without being constrained by cash flow.