PaymentWorks, the digital supplier onboarding platform for secure, compliant, and optimized business payments, announced a stellar second half of the year to solidify a remarkable year for the company.
Highlights include:
Explosive Network Growth
The PaymentWorks network grew by 50% in 2023, continuing its exponential growth by adding customers and vendors at the same year-over-year rate.
Customer Base Expansion
Building on the momentum from the first half of 2023, the PaymentWorks customer base continued an expansion into all verticals.
Representative new customers include GL homes, Emerson College, Allina Health, the Cities of Clifton, NJ and Pembroke Pines, FL, the American Veterinary Medical Associations, Bastrop ISD, and St. Johns County Clerk of the Circuit Court and County Comptroller, among others.
Payments Indemnified Against Vendor Impersonation Fraud; Fraudulent Payments Stopped
PaymentWorks continues to be the only vendor management platform with a warranty for ACH vendor impersonation frauds, indemnifying billions of dollars of B2B payment transactions in 2023. Additionally, the platform stopped millions of dollars in fraudulent vendor payments for customers of all sizes, identifying bank accounts owned by fraudulent actors at more than 20 US financial institutions.
PaymentWorks EarlyPay Launched
With the launch of EarlyPay, an innovative payments and collection option, PaymentWorks customers saw an astounding 23% opt-in rate from their vendors, demonstrating significant market demand for payment acceleration. A true vendor-centric payment method, EarlyPay enables businesses to enhance working capital in a high-interest rate environment. Priced on each payment, with a sliding scale based on how quickly a vendor receives payment compared to their payment term, vendors are only charged a fee if they receive value from the service.
Inaugural Vendor Management Appreciation Day (VMAD) Holiday
December 12, 2023, was the first day ever dedicated to the people and processes involved in vendor onboarding and management. PaymentWorks bestowed VMAD awards on customers for excellence in vendor management: Rochester Institute of Technology, Columbia University, City of Vista, CA; City of Garland, TX; and to individuals from the University of California San Diego and Hutto Independent School District.
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