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PayPie, a platform that brings transparency to the financial markets using a risk score algorithm based on business accounting, recently launched the beta version of its fintech blockchain platform with a working QuickBooks Online (QBO) integration.
PayPie partnered with Intuit, a financial powerhouse, to deliver a QBO integration at beta launch, instantly enabling the service to help millions of QBO users to achieve a transparent understanding of how to improve their finances while also providing them with fast and affordable business financing possibilities.
Platform Live And Available
PayPie’s initial credit assessment and financial analytics insights are now live and available to all small and medium size enterprises (SMEs) using QBO as their primary accounting solution in the U.S., the U.K., Canada and Australia. The beta version allows businesses to seamlessly connect their QBO accounts to PayPie to have access to a completely automated financial analysis.
The platform stands to disrupt the way SMEs improve their finances and tackle ongoing cash flow problems.
PayPie’s credit risk algorithm evaluates multiple data points based on a company’s financial history and harnesses the power of blockchain technology to assign the business a unique PayPie credit score for complete transparency and reliability. SMEs also receive a complete set of analytics of their financial performance, followed by custom insights on how to improve their finances.
Meeting A Market Need
“SMEs have a real need to constantly improve their finances and access affordable financing to maintain a healthy cash flow, but that’s often a challenge that most businesses struggle to overcome,” said Nick Chandi, PayPie CEO. “By partnering with the fintech powerhouse Intuit to deliver a QuickBooks Online integration at beta launch, PayPie instantly enables a service to help millions of QBO users to achieve a transparent understanding of how to improve their finances while also providing them with fast and affordable business financing possibilities to come.”
The PayPie platform is designed to enhance financial opportunities for millions of SMEs worldwide and to connect them with prospective invoice buyers who can make better-informed decisions on its unique built-in credit risk assessment.
Key Challenge: Cash Flow And Working Capital
One of the biggest challenges for SMEs is maintaining positive cash flow and sufficient working capital. Many have positive sales and valuable equipment and property, but without liquidity, a company’s assets and receivables (often payable in 90 to 120 days) cannot pay for day-to-day costs such as salaries and suppliers, and they cannot be used to take advantage of market opportunities or implement existing business plans and expansions.
Insufficient cash flow and working capital results in SMEs missing out on significant opportunities every year, and is a factor in the failure of many SMEs.
Lenders currently lack real-time financial insight into SME borrowers, and lending decisions are often based on historical data that may not reflect the borrowers’ current financial condition, which restricts lenders’ ability to determine borrowers’ current financial health.
As a result, traditional financial institutions turn down an estimated 72% of funding requests, while approvals can take two to seven business days for due diligence, and two to five business days to get money in the bank.
Hence, there is an unmet market need for a trusted platform that lets businesses build a transparent financial track record that helps them obtain better access to short-term lending.
Integration of blockchain technology with accounting data is a way to improve transparency, automate lending, and accelerate processes. The clarity of events in an accounting solution along the supply chain via the blockchain enables faster payment, increased efficiency, reduced risk of fraud and lower costs.
For information, visit https://www.paypie.com.
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