40Seas, a dedicated platform to finance, manage and automate B2B payments worldwide, has officially announced the launch of its all-in-one Global Accounts Receivable solution, which is designed to simplify credit, risk, and invoice management practices. According to certain reports, the stated solution comes bearing an ability to centralize invoice data in a user-friendly dashboard, and therefore, make it possible for companies to track payment statuses, manage due dates, expedite invoice approvals, and mitigate the risk of payment delays. This translates to how, by simply connecting their ERP or accounting software to the new AR solution, companies can enjoy a streamlined reconciliation process, a process where they’ll be able to match invoices with purchase orders and delivery receipts in real-time. Not just that, these companies can also come expecting the means to collect payment via credit card, direct debit or digital wire transfers, and that too, across different currencies worldwide. On top of that, users who choose to leverage 40Seas’ latest brainchild can offer extended payment terms of up to 90 days to their customers, and they can do so without having to absorb any credit risk, Such a mechanism, like you might guess, treads a long distance to help users drive sales volumes instead of expanding debt collection and underwriting payments.
“The launch of our Global Accounts Receivable platform represents the latest step in our mission to digitize and streamline key steps in B2B global trade. For too long, error-prone, manual AR processes have undermined productivity for enterprises across the industry spectrum. In today’s increasingly congested supply chain landscape, improving cash flow management through automation is an absolute prerequisite for longevity. Our real-time tracking enables companies to easily monitor invoice statuses, identify bottlenecks, optimize workflows and drive business growth,” said Eyal Moldovan, Co-founder and CEO of 40Seas.
To understand the significance behind this development, though, we must take into account one Gartner report, which claimed that expenditure on accounts-focused automation and supplier e-invoicing software is set to reach up to $1.75 billion by 2026. The trend in question is, by and large, driven by the fact that a lack of standardized invoicing practices across industries and regions can make reconciling invoices with purchase orders and delivery receipts extremely time-consuming. Furthermore, fragmented workflows and limited visibility into invoice statuses can lead to administrative issues and payment delays, thus ultimately straining relationships with customers. Fortunately, 40Seas’ new accounts receivable solution looks to address that very gap.
Beyond that, though, the stated development delivers a rather interesting follow-up to the company’s recent raise of around $111 million that arrived back in January 2023, bringing with it a $100m credit facility from global shipping giant ZIM, followed by a $6m seed extension and onboarding of new strategic investors. The solution also joins 40Seas’ flagship B2B Order Now, Pay Later solution, which enables suppliers to get paid immediately upon shipment, helping them get a head start on their next production cycle. On the flipside, it also delivers at your disposal deferred payment options to allow growth of your business without tying up available credit lines. All in all, with its proprietary data-driven technology, 40Seas can scalably verify creditworthiness, as well as assess risk and process financing much more efficiently than a traditional bank, making it faster, cheaper and easier for SMEs to access working capital.
“This partnership will not only reduce our support overhead and enhance our customer success, but it will also be a game-changer for our customers. Imagine running an ecom business with cash no longer being a constraint. Manufacture, sell, and fulfill directly to customers before needing to lay out a cent. This partnership with 40Seas fundamentally changes the economics of ecommerce,” said Jonathan Frankel, COO of Portless.
