NEW YORK, NY--(Marketwired - April 30, 2015) - Today Paygevity, a New York City-based global enterprise payment processing and vendor management company, announced its official launch into the critical supply chain services industry. PromptPay™, Paygevity's proprietary platform, combines powerful connective technology with reliable fast payments capabilites to significantly improve enterprise operating efficiency and reduce trade payment costs. The company serves vendors, suppliers, corporations and governments.
In the United States, there is an estimated twenty-five (25) million small and mid-sized companies and some of them are struggling to make ends meet because of the long payment processing life cycle -- taking up to 120 days in some cases -- to get paid. These realities constrain economic and social opportunities in America by limiting cash flow to small businesses. At the same time large corporations are competing globally and striving to improve efficiencies. The so-called value-added catagories within the procurement and vendor payments life-cycle is becoming more important to both buyers and suppliers.
In November 2014, the United States government recognized that there is an economic-wide supply-chain challenge. Forty-five (45) Fortune 500 Companies took a pledge alongside White House officials and the Small Business Administration to enact "SupplierPay," an initiative to get large corporations to pay their suppliers much faster.
Paygevity's PromptPay™ platform provides vendors with the capacity to get paid faster and at the lowest possible cost. Paygevity is a one-stop shop for 21stcentury Supplier payments, enhancing supplier management via analytics while optimizing cash flow for both suppliers and buyers.
Paygevity's platform technology has the capacity to capture historical information associated with payments, including purchase order, full invoice, underlying contract information, SKU's and pricing. PromptPay™ can be configured for advanced management analytics. Suppliers and Buyers have access to their invoice payments activity via secured access to Pagevity's user friendly dashboards.
"Alongside dozens of blue chip corporations, Paygevity made its own pledge to offer practical innovations that leverage the powerful economics existing within the supply-chain to provide more efficient and responsible prompt payment solutions," said Philip Kazlowski, COO, Paygevity.
"Our value propositon is simple: we compress the distance between two points and share the positive economic benefits generated from that proximity with our supply-chain participants. We use connective technology to enable and realize the value of that economic proximity. We collect data for analytics, reduce costs, improve efficiency and promptly pay. We put the work back into working capital," he added.
"The Paygevity PromptPay™ Platform facilitates business-to-business commerce worldwide, offering an enterprise payment solution -- across all industry sectors," said Kazlowski.
Paygevity believes the purposeful merging of technology and finance through PromptPay™ can contibute to advancing social and economic opportunity while fostering valuable and long lasting relationships for the global supply-chain community.
Paygevity's mission is to provide entrepreneurs access to the cash-flow they have already earned. Our mission is to provide buyers with the tools and capacity to achieve vendor management goals and meet the demand for increased financial flexibility. Our goal is to empower all businesses to grow. Paygevity seeks to advance professional supply-chain and payments management into a more value-conscious enterprise for both buyer and supplier. We believe that by providing advanced enterprise connectivity and communiations, data analytics and financial capacity, Paygevity can make a contibution to economic and social betterment.