PrimeRevenue’s Evolving Vision and Focus
By 4 minute read• Published September 13, 2021 •
Since PrimeRevenue’s inception, our main goal has been to empower customers and their suppliers with improved cash flow. Early on, we knew helping buyers unlock working capital while simultaneously providing suppliers a way to accelerate payment could be transformative – and we were right. Today, PrimeRevenue processes $300 billion in payments annually and more than 30,000 organizations around the world rely on our technology-enabled solutions to improve their cash positions.
Identifying Gaps in the Market
Over the last couple of years, continued conversations with our customers and partners have made it clear there are persistent challenges and gaps within the B2B payments space. For one, late payments continue to plague suppliers. In a PrimeRevenue survey of suppliers, 49% of respondents cited late payments as their most pressing payments challenge.
Visibility into payment processing and accuracy is another issue that hampers financial forecasting. Another PrimeRevenue survey found that 60% of suppliers claimed they had to contact their customers between 1-10 times a month to inquire about payment status (more than 10% stated they had to reach out more than 10 times a month).
On the other side of the equation, buyers still face the headache and administrative burden of numerous payments platforms for their different supplier groups. One buyer client shared that all supplier inquiries about invoice issues were funneled via a single email address – a process that is cumbersome for both the client and its suppliers.
Payment inefficiencies cost not only time and resources; they cost money, too. Research firms have reported the average cost to process a single invoice can be up to USD$15. There is a reason a running joke in AP departments is that “a $12 invoice costs more to process than the invoice amount itself.”
It is estimated that global B2B payments volume totals approximately $120 trillion per year, but sadly, too many businesses still don’t have access to flexible payment solutions that optimize cash flow and serve the global supply chain. Some companies are too small or don’t have a strong enough credit rating while others don’t meet spend requirement minimums.
The above challenges have inspired the TEAM at PrimeRevenue to develop innovative solutions that eliminate payments roadblocks. Earlier this year, I published a blog talking about how PrimeRevenue is solving the late supplier payment problem. We’re excited to announce we are expanding our focus beyond early payment solutions like supply chain finance, dynamic discounting, and accounts receivable finance to deliver on-time payments to the entire global supply chain.
In the coming months, we will release new solutions and features (as well as improvements to our existing offerings) that help organizations streamline the full spectrum of B2B payments. Our mission moving forward is to connect the entire supply chain through automated digital payments, increased visibility, enhanced control, and improved cash flow.
This is an exciting evolution for our company, and a natural one that is years in the making. At our core, we’ve always been a payments company. Expanding our focus simply means we can give more businesses additional ways to support the financial health of their entire supplier base – whether through our industry-leading early payment solutions, or through new solutions that streamline on-time payments.
We’re thrilled to be on this journey with our customers and look forward to delivering more value to buyers and their suppliers. Stay tuned for new announcements and updates over the next several months. Meanwhile, if you have any questions or feedback, don’t hesitate to let us know. Your feedback is vital to us as embark on the next step!