Indian fintech Zagger reportedly launched a product called Zoyer that consolidates accounts payable (AP) and credit card payments into one platform.
The platform simplifies and automates B2B payments for small and medium-sized enterprises (SMEs) and enterprises, streamlining B2B debt and enabling effective management of operating cash flow and business performance, IBS Intelligence reported Thursday (September 15).
“Beyond digitizing invoicing and basic payment flows, with Zoyer we are laying a solid foundation for growth by enabling businesses to manage cash through better working capital allocation and providing a line immediate credit linked to credit cards,” said Zaggle’s CEO. Avinash Godkhindi said in the report.
By integrating Zaggle-branded card products directly into AP workflows for seamless payments, Zoyer enables businesses to securely and efficiently manage vendor payments, utility payments, and tax payments, depending on the report.
It also offers earned rebates and cashbacks to help businesses optimize processing costs, and it provides access to immediate credit so businesses can meet their working capital needs, according to the report.
Zoyer is the latest addition to the company’s integrated card product line, combined with software-as-a-service (SaaS)-based business spend solutions, the report said.
“Companies and [SMBs] have a strong need to digitize B2B payment processes so that they can quickly adapt to changing market dynamics,” Godkhindi said, according to the report. “But the segment remains largely underserved by solutions in place and limited self-managing credit cards or corporate cards.”
Zaggle announced it was entering the neobanking space in May 2021, saying it intended to examine the “major challenges” facing SMBs and help SMB owners monitor the financial health of their businesses. businesses and manage cash flow.
Read more: Zaggle launches Neobanking service for SMEs
As PYMNTS reported at the time, the Indian economy is home to around 20 million family businesses which account for 88% of the physical market.
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