Forwardly, the instant payment solutions for small to medium-sized businesses and accounting firms, has launched a new advanced Bill Payments system. The new accounts payable automation will allow small businesses in the U.S. to pay bills instantly with 24/7/365 processing while providing multi-level approval features and flexibility to send partial and scheduled payments.
The enhanced technology integrates with Forwardly’s existing accounts receivable capabilities, offering businesses and accounting firms a comprehensive suite of payment services that eliminates time-consuming manual data entry and fragmented legacy processes.
“Traditional bill payment methods are outdated, and businesses today require innovative solutions to handle increasing challenges when making ends meet. Our goal at Forwardly has always been to empower small businesses with tools that simplify financial management,” says Nick Chandi, CEO of Forwardly. “By adding Bill Payment to Forwardly, we’re providing unparalleled flexibility and efficiency, enabling businesses to manage their cash flow more effectively.”
Real-time payments have seen exponential growth and are in demand among businesses. The Clearing House’s RTP Network has reported that 150,000 businesses are sending payments over its network, a 50% increase since December 2022. It’s projected that real-time payments could replace up to $37 trillion in ACH and check-based B2B payments in the U.S. by 2028.
Forwardly Bill Payments enables more small businesses to capitalize on the benefits of real-time payments and will redefine how businesses view their AP. With a single click, users can process the entire bill payment workflow in seconds and schedule payments for free using modern payment systems like the FedNow Service, the RTP Network, and same-day ACH.
- Intelligent Bill Processing: Automatic import of bills, payment authorization, and real-time payment status tracking.
- Simple Payment Process: Businesses can pay bills in one go. Vendor payments are settled and accurately with just one click through Instant payments.
- Vendor Onboarding & Management: A secure system for vendors to add their business and payment details without sharing them directly.
- Accounting and ERP Systems Integration: Seamless integration with popular platforms like QuickBooks Online and Xero for auto reconciliation.
- Real-Time Alerts & Notifications: Keeping businesses informed on scheduled payments and bill approvals.
The new Bill Payment functionality is now available for small and medium-sized businesses and accounting firms in the U.S. For more information, visit Forwardly.com
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Tags: Small Business
