Aztec Exchange launches PayMe in Canada with EDI Gateway
Aztec Exchange, a global supplier of invoice finance products and services, and Canadian EDI provider EDI Gateway recently announced a partnership to deliver Aztec’s breakthrough early e-invoice payment service called “PayMe,” to EDI Gateway’s Canadian supplier and corporate clients. They don’t feel the need to mince their meaning with the title, that’s for sure.
“We’re pleased to introduce PayMe to the Canadian market with EDI Gateway. There’s been tremendous enthusiasm for PayMe among both SMEs and corporates because buyers are able to use it to secure their supply chain while suppliers benefit from getting their invoices paid sooner,” said Edwin Hagan-Emmin, CEO of Aztec Exchange. “We expect that interest level to continue as we roll out in Canada and look forward to working with EDI Gateway to deliver this valued service.”
“We are thrilled to launch this innovative customer-centric solution for our clients of the retail industry. We have been working to integrate this exclusive solution into our online platform and can now offer a complete tool that will allow our vendors to benefit from this swift payment process and for the retailers to increase cash flow and increase efficiencies in accounts payable operations,” said Sophie Barbara Desilets, President of EDI Gateway. “Aztec and EDI Gateway have partnered up to offer the retail industry a simple, user-friendly solution that addresses the concerns of all SMEs and CFOs.”
PayMe is unique in the early payment market because, unlike the factoring firms, creditworthiness is based on that of the buyer, not the supplier. There is total pricing transparency, meaning there are no hidden fees or interest charges.
Suppliers are only asked to pay a minimal invoice discount charge and a standard transaction fee.
For customers on the EDI Gateway platform using PayMe, this means they’ll traditionally receive payment within a day or so.
Beyond that, due to its online setting, they can submit for early payment any time from any internet-connected device.
In addition, there is also no restrictive long-term contracts and suppliers can sell as many approved invoices as they want.