Supplier Milestones Add Fuel to 2022 Momentum
By 4 minute read• Published December 6, 2021 •
Each year, I am inspired by the incredible work of the PrimeRevenue TEAM. We strive daily to deliver more value to our clients and partners via collaborative innovation, and 2021 has certainly been one for the books.
Our natural but significant expansion into B2B payments helps our clients streamline and standardize payments in addition to solving working capital needs. We welcomed new talent and together, we were able to launch the PrimeRevenue SurePay Platform, the industry’s first solution to optimize both on-time and early payment for the entire supply chain.
The debut of the SurePay Platform brought significant benefits for both our buyer and supplier clients. Buyers have long relied on PrimeRevenue to deliver material cash flow benefits through working capital initiatives. With the SurePay Platform, buyers can now consolidate the entirety of their supplier payments onto one platform, regardless of whether those suppliers are participating in an early payment program or not.
Not only does this eliminate the need for our buyer clients’ AP departments to manage multiple payment platforms, but it also eliminates tedious operational tasks such as updating supplier bank account information or fielding incoming inquiries. As an added benefit, suppliers get more visibility and transparency into their customer’s payments, resulting in happier suppliers and stronger relationships throughout the supply chain.
Throughout our journey of launching the SurePay Platform, we hit a major milestone by crossing a new supplier count threshold. Today, more than 45,000 suppliers spanning nearly 90 countries have enrolled onto our platform – and that number is growing every day.
Growth Buoyed by Strong Demand for Supplier Payment Visibility
We believe our growth is an indicator of two important factors. The first is an urgent need for better payment transparency and certainty among suppliers. The disruption that has defined the last two years has wreaked havoc on cash flow. There is an increased need among suppliers for visibility into when invoices will be paid. Accurate cash flow forecasting, confident investment in growth and agility, and strong supply chain partnerships depend on this.
The second is the power of the SurePay Platform and its ability to deliver early and on-time payment solutions through a single platform. Suppliers leverage our data-driven solutions for a variety of critical business functions, such as scheduled and ad-hoc reporting, insight into invoice approval, and payment tracking. A key feature of the SurePay Platform is automatic remittance advice reporting, which enables efficient and accurate AR to cash reconciliation (a business process where many AR teams struggle).
Suppliers also rely on our platform for affordable liquidity powered by supply chain finance and dynamic discounting. They are eager to begin accelerating cash, as evidenced through PrimeRevenue’s record 50%+ growth among new suppliers.
Interestingly, our total upload volume is growing slightly faster than our total early payment trade volume. This is good news given the continued strong focus on expanding into on-time corporate payments. Many newly onboarded suppliers are choosing to use the SurePay Platform for visibility into on-time payments only, which is a testament to the value the platform provides.
Strong Momentum Heading into 2022
As we head into 2022, momentum is strong. Supplier feedback on the SurePay Platform’s premium features is overwhelmingly positive. Being able to automate tasks like remittance advice reports and tracking invoice status is easing the burden on AR resources. Real-time visibility into payment forecasting and expanded reporting capabilities is translating into easier, more accurate cash flow projections. The suppliers that are using the SurePay Platform are experiencing meaningful improvements to their business at all levels – from increased AR efficiency to more effective financial planning.
We expect supplier onboarding to accelerate in the coming months as buyers seek ways to provide suppliers with more financial confidence, and suppliers demand more granularity and visibility into payments. For better or worse, disruption is the new reality and companies are eager to find new ways to adapt to it – financially and otherwise.
Meanwhile, we are excited for what’s ahead in the coming year. We have an incredible opportunity to solve companies’ most persistent B2B payment challenges in addition to fueling working capital improvement. We are inspired and invigorated, and our commitment to innovation is stronger than ever.