Payment solution provider REPAY Holdings Corporation has connected its systems with Billtrust. REPAY’s business clients will be able to automate digital payments to Billtrust’s network of sellers via its participation in Billtrust’s Business Payments Network (BPN), according to a Wednesday (Jan. 20) announcement.
Darin Horrocks, senior vice president, B2B, at REPAY, said in the announcement that the company’s aim has been to assist its clients with streamlining and perfecting supplier payments by automating them using one interface. “We believe our partnership with Billtrust will significantly bolster the adoption of electronic payments to suppliers who participate in the BPN,” Horrocks added.
Corporate purchasers have historically had to work with each vendor separately to receive, authenticate and safely keep bank information to send digital payments. REPAY’s B2B offerings, including those from recent acquisitions, assist in automating those links for numerous supplier relationships.
The connection between REPAY and Billtrust will extend REPAY’s reach to thousands of additional vendors on the BPN. That move simplifies the payment workflow for sellers and buyers, while allowing for the transmission of payments through preferred formats like virtual credit cards.
“The service and supplier industry has seen an acceleration in adoption and preference of digital payments to streamline efficiencies and reduce costs related to the invoice-to-cash process,” Nick Babinsky, senior vice president and general manager of the Business Payments Network at Billtrust, said in the announcement.
Babinsky noted that the relationship was a “natural fit” when taking into account REPAY’s payment automation technology and virtual card functions.
The news comes as REPAY Holdings said in November that it had closed on its multimillion-dollar purchase of CPS Payment Services. Atlanta-based REPAY said it had paid $78 million at the deal’s closing, with a further $15 million in possible payments depending on how the acquired company does at different times through the conclusion of 2022.