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BancPay cloud invoicing service launched

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17th Jul 2013
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US-based transaction automation and outsourcing specialist BancTec has turned its attention to online invoice processing with the launch of a new UK online service called BancPay.

Using cloud technology, BancPay accepts invoices from email, e-commerce systems and document scanners and outputs them in a standard electronic format that can feed straight back into accounting systems. As well as automating purchase ledger tasks, BancPay can also issue and track the progress of sales invoices within the user’s customer network.

The service is currently being offered free for new “walk up” users for up to 25 invoices a month, with fees rising from £15/month for 150 or fewer invoices up to £99 for 1,000-5,000.

While the pricing is kept low to attract small business users, BancPay plans to derive revenue from additional subscription services around the core offering, including dynamic discounting, supplier finance, payments and automated accounts payable workflows, BancPay product marketing director Ian Painter told AccountingWEB.

The company behind the service, BankTec has four decades of experience in electronic document processing and saw the cloud as a new way to deliver its services.

“It lets us take the processes away from clients and we do it in the back office. Invoices are another document type for us. The underlying technology is the same and we just extract information from the line item details and the amounts and feed proper data downstream into general ledger systems,” he said.

BancPay has already been piloted and launched commercially in Scandinavia and German, where it is now handling around 9m invoices a year, Painter added.

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