Accounts Receivable Management Featured Article

Payplant is Now Approved as a Qualified Purchaser to the Illinois Vendor Payment Program

July 02, 2014

Payplant has been providing financing for entrepreneurs at very attractive rates and the company’s Pay Me Now digital invoice-financing service helps businesses when their customers pay too slowly. Recently, the company announced that its digital Pay Me Now invoicing-financing service has been accepted as a Qualified Purchaser to the Illinois Vendor.

The State of Illinois has started the Vendor Payment Program to address the issue of delayed payments to its vendors. It is a voluntary program designed to expedite the time frame of payments to State vendors and service providers. Participation is simple, secure, and vendors receive 100 percent value of their receivables free of cost.

What this means is that Payplant is now eligible to give vendors the cash they are payable at no cost and the State actually pays the interest due to Payplant per the State's Prompt Payment Act. Payplant Associated alternatives fund will be utilized as the capital to purchase the invoices.

Neerav Berry, co-CEO and founder, Payplant said that they are excited to be selected to help hardworking businesses get back on their feet after the frustrating wait on payments from the State.

“We think this an excellent example of how Payplant can help Governments and large Enterprises get payments to their vendors faster without changing their payment cycles or processes," said Neerav Berry, co-CEO and founder, Payplant.

As per the process prescribed by stated the State of Illinois, all the vendor will have to submit their Illinois invoice to Payplant through its all electronic process. After this, the vendor gets the first 90 percent  upfront, wired directly to their account, with the remainder when the State pays, totaling 100 percent.

As noted, there are no fees or interest attached with the process and Payplant makes its money from the penalty owed by the State. This whole program will support vendors and provide accelerated payments to the State's vendors at no cost to the vendor.




Edited by Peter Bernstein

Article comments powered by Disqus

Related Accounts Receivable Management Articles

TransUnion, Global Debt Registry Team up to Offer Debt Registry Services

TransUnion, a provider of risk management and information services, has announced that it is teaming up with Global Debt Registry (GDR) to market debt registry services for debt buyers, debt collectors and financial institutions. [ Read More ]
04/23/2015

Linked2Pay and SourceHov Partner On Bill Payment Platform

When it comes to the online and mobile bill payment platform, it seems more and more companies are jumping into the fray. Along those lines linked2pay and SourceHOV announced a new partnership late last week that would expand Accounts Receivable and Payable services to include an integrated cloud-based remittance and payables solution. This partnership benefits both companies because SourceHOV has long been an expert in archiving large volumes of invoices and checks, while linked2pay deals with … [ Read More ]
04/23/2015

First Party Collection by Atradius Lets Business Start Early in Collection Activities

Atradius Collections, provider of trade invoice collection services in 96 percent of the countries across the world, has launched First Party Collection, a new service that allows companies to outsource accounts receivable management just after due date. [ Read More ]
04/22/2015

Anytime Collect Increases its Global Presence with Availability of Four More Languages

According to UNESCO, there are more than 6,000 languages on our planet. While the vast majority of them are spoken by less than 10,000 people, there are many languages that enjoy large enough numbers worthy of businesses addressing these demographics in their native tongue. For companies looking to enter new markets, one of the best ways is making their products and services available in as many languages as possible. Although this is not always feasible, translating it in the languages spoken b… [ Read More ]
04/20/2015

Events

Weekly Live Demo
Contact Center Solutions

Register Today!


Weekly Live Demo
CaaS Small Center

Register Today!