As part of the arrangement, which was announced in a news release Tuesday (March 29), Amplēo has joined VenConnect’s Partner Program, which provides a free solution to optimize and maximize customers’ cash flow.
VenConnect offers a software-as-a-service (SaaS) platform that lets customers streamline the payment processes for their vendors and suppliers. The companies said this lets customers hold onto cash longer, while suppliers and vendors can choose how they wish to be paid according to their circumstances and cash flow needs.
“Customers and their vendors and suppliers have different and oftentimes competing cash flow priorities, and our solution eliminates that tug-of-war while enhancing the customer-vendor relationship,” said Clint Weston, CEO of VenConnect.
“Cash flow has never been more important to supply chains, and it’s rare to find a financial solution that is mutually beneficial to customers and their vendors,” added David Chase, CEO and managing partner at Amplēo. “VenConnect has developed an intuitive financial solution that removes hurdles from both sides and keeps the supply chain moving forward.”
Learn more: Shippers and Carriers Lose The Paper In Favor of Embedded Payments, Automated Docs
PYMNTS looked at the challenges facing the intricate web that is the supply chain on Tuesday (March 29) in our conversation with Pete Rogers, CFO of Echo Global Logistics.
Rogers told PYMNTS’ Karen Webster that supply chains, even as the pandemic recedes a bit, are still being rocked by inefficient document and payment flows. At the same time, inflation keeps driving up operating costs, and the driver shortage is ongoing, placing more emphasis than ever on cash flow.
While none of this is new, Rogers said the pandemic has thrown all the pain points into sharp focus, acceleration trends “that have been in the background for the last 10 to 15 years.”