Centime Unveils New AP Solution that Rewards Businesses for Automating Accounts Payable

Date – 13-Aug-2024

Centime is redefining AP automation with a new offering that provides businesses with cash-back interest on a high-yield AP account.

Centime Revolutionizes AP Automation with Cash-Back Interest on High-Yield Accounts

Centime, a Boston-based fintech specializing in cash management and banking solutions for small to mid-sized businesses (SMBs), has unveiled an innovative approach to Accounts Payable (AP) automation that transcends traditional ROI models. This new offering not only streamlines AP processes but also enables businesses to earn cash-back interest on their AP funds, turning AP functions into profit centers.

While automating AP can alleviate the manual workload of processing invoices and payments, many AP bank accounts remain non-interest-bearing, causing businesses to miss out on potential income. Centime’s groundbreaking solution addresses this by integrating a high-yield bank account that provides cash-back interest on AP spend. This approach allows businesses to recoup the entire cost of Centime’s solution, and even profit from their AP expenditures, in addition to benefiting from cost savings and operational efficiencies.

“Businesses today face significant financial pressures and need to see tangible ROI that directly impacts their bottom line,” said BC Krishna, CEO and Founder of Centime. “Our new AP automation offering is designed to not only streamline your operations but also to provide a clear path to recovering and even profiting from your AP spend. On average, our clients earn $10,500, which covers the cost of our automation solution and more.”

Centime’s combined offering features a top-tier, AI-powered AP automation solution alongside a fully liquid, high-yield operating account that earns 4.25% on AP funds. This integration allows businesses to convert their AP function into a profit center, avoiding the delays associated with traditional virtual card rebates.

By adopting Centime, businesses can:

• Earn interest on AP funds: Transform vendor payments into a source of income.
• Offset AP solution costs: Use interest earnings to cover Centime subscription fees, effectively making the software free.
• Turn AP into a profit center: Benefit from a leading AP automation solution at no cost while creating a new revenue stream.

Centime is a premier cash management platform that helps SMBs efficiently manage working capital, from forecasting and collections to invoicing, payments, credit, and reporting. Utilizing automation and AI, Centime assists finance leaders in reducing operational costs and optimizing cash flow.

As the only company offering integrated accounts payable, accounts receivable, and banking solutions in one platform, Centime was named Fintech of the Year by Aite in 2022 and remains a privately held firm based in Boston, MA.