Centime has introduced a new accounts payable (AP) solution that will enable businesses to streamline the AP process as well as earn cash-back interest.
Based in the US, the fintech company specialises in cash management and banking solutions for small to midsize businesses (SMBs).
According to Centime, the AP automation tool extends beyond the standard promise of return on investment (ROI). It aims to transform AP functions into profit-generating centres.
The fintech’s new approach allows businesses to recover the full cost of Centime’s services and potentially turn a profit on their AP spend. This is in addition to benefiting from the cost savings and efficiency gains achieved through the elimination of manual processes.
Centime’s integrated solution offers businesses an artificial intelligence (AI)-driven AP automation system along with a fully liquid, high-yield operating account that earns 4.25% interest on AP funds.
This innovation transforms the AP function into a profit centre, without the delay typically associated with traditional virtual card rebates, said the fintech company.
By adopting Centime’s solution, businesses can earn interest on AP balances by turning vendor payments into an income source.
The interest earnings can offset Centime’s subscription fees, effectively making the software cost-free. The solution allows businesses to utilise AP automation solution at no cost, all while generating a new revenue stream.
Centime CEO and founder BC Krishna said: “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.
“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.”
