The global automated accounts receivables marketplace was estimated at $1.7 billion in 2019 and is expected to grow at an annual rate of 12.1% to reach $3 billion by 2024 according to research by MarketsandMarkets.
The US is also one of the largest markets in the world for accounts receivable financing with an estimated volume of $120 billion in receivables financed through installments payments last year.
Nowhere is the sector growth and disruption by technology in the traditionally people-intensive, hands-on accounting departments more evident than in Invoiced’s impressive 2019 business performance.
$10 billion in client A/R handled
The Austin, Texas-headquartered fintech announced that it handled more than $10 billion of client account receivables globally in 2019.
Invoiced also reported 220% growth in new mid-market customer accounts over the previous year including Uber, Ticketmaster, Boys and Girls Clubs, Sprint and the Dallas Stars.
“With a highly productive and eventful 2019 behind us, we could not be happier about what we’ve accomplished in every aspect of our business,” said Jared King, co-founder and chief executive of Invoiced. “The momentum and recognition we earned this year are extremely rewarding and point to an even bigger 2020 for both the company and our thousands of customers,” he added.
What’s the appeal of automated A/R?
Invoiced and it’s A/R fintech competitors are finding an eager market with businesses from small to large who see the advantage of automation and simpler, streamlined customer payment options resulting in faster payments, increased capacity without larger human resources and administrative overhead.
The company says its clients get paid 14 days faster on average by automating collections and utilizing its cloud-based service.
Like the consumer e-commerce and payments market, the service is all about reducing friction for customers by offering more payment options such as subscription billing and installment payments. As well, Invoiced helps its business customers manage financial risk, increase efficiency, and reduce operating expenses.
Like many other technology solutions, the other advantages of automated accounts receivables are real-time reporting, higher-level data analysis, more delivery channels for invoices that include letters, email, and even text messages, and a simple, easy to use customer portal.
Cost-effective automated A/R
These innovations are surprisingly cost-effective when you look at the range of features that include a customized online payment gateway and portal for Invoiced clients and customers, virtual terminals, AutoPay, multi-currency support, key A/R metrics and reports, ERP and systems integrations, and many other options and customizations available.
Pricing is refreshingly transparent and starts at $100 per month for a Basic account including up to 100 customers and five users. An Advanced account at $500 per month adds 500 customers and 10 users as well as higher volume limits, advanced billing, and premium customer support.
The company launched Invoiced Payments in partnership with Chase, the largest US bank in 2019 and it expects continued growth with new partners and new industry segments in the coming year in the 92 countries it now operates.
Visuals courtesy of Invoiced
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