VenConnect’s online Vendor Payment Solution (VPS) improves cash flow between customers and their vendors and suppliers
VenConnect and Amplēo have partnered to improve supply chain finance options for businesses in Utah and across the intermountain west. Amplēo has joined VenConnect’s Partner Program, which provides a free solution to maximize and optimize a customer’s cash flow.
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VenConnect’s VPS software-as-a-service (SaaS) platform allows customers to streamline the payment processes for their vendors and suppliers. Customers can hold onto their cash longer, while vendors and suppliers can choose when they want to get paid based on their individual circumstances and cash flow needs. Vendors and suppliers have the choice within VPS to choose early payment discount options to receive immediate funding or continue with standard payment terms.
“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. “Our exciting partnership with Amplēo reinforces their value proposition as a financial strategist first and allows Amplēo to help its clients reduce accounts payable workload and costs while increasing efficiencies and liquidity.”
VenConnect’s payment process includes three simple steps once customers upload invoice data and early payment discounts are presented to vendors and suppliers.
- Customer approves invoice
- VenConnect advances funds to vendor on day one
- Customer pays VenConnect within 30-45 days
“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,” said David Chase, CEO & Managing Partner at Amplēo. “VenConnect has developed an intuitive financial solution that removes hurdles from both sides and keeps the supply chain moving forward. Our clients turn to us for solutions that will help them improve their operations, and we are confident that they will find VenConnect’s Vendor Payment Solution timely, innovative and effective.”
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