Precoro Integrates Payment Automation to Streamline the Procure-to-Pay Process with Stripe
In a significant development for finance teams, Precoro has officially launched a new feature called Precoro Payments, designed to streamline the procure-to-pay process by integrating payment automation capabilities powered by Stripe. This innovative solution marks a transformative step aimed at closing the longstanding gap between invoice approval and payment execution.
Traditionally, finance teams have faced hurdles in linking the approval of invoices to the execution of payments, often relying on manual data entry and navigating through multiple disjointed systems such as external banking portals and ERP updates. With Precoro Payments, users can seamlessly initiate payments from approved invoices without switching between various platforms or re-entering data. This logical step streamlines workflows and significantly reduces the risk of human errors that often accompany manual processes.
As the CEO of Precoro, Andrew Zhyvolovych remarked, "Finance teams shouldn't have to bridge the gap between invoice processing and payment execution with manual steps or fragmented systems." The new feature not only facilitates ACH, same-day ACH, wire transfers, and international invoice payments directly from within the procurement workflow but also ensures that all payment data is automatically synchronized with existing ERP systems.
This integration promotes total control over the accounts payable (AP) lifecycle and represents the final crucial step for companies aiming to automate their invoice management processes. Precoro Payments builds upon existing features such as AI-powered invoice capture, invoice-to-purchase order matching, and configurable approval routing. Together, these capabilities create an uninterrupted procure-to-pay flow that encompasses everything from the initial purchasing request to the final payment execution, all without any manual handoffs.
The operational mechanics of Precoro Payments are straightforward. Once an invoice receives approval, finance teams can initiate payments immediately from the same record. The system automatically populates key payment details, such as supplier information, payment amounts, and currency used. This automation not only minimizes the potential for errors but also shortens the time required between approval and payment, thereby improving cash flow management for businesses.
In terms of payment methods, organizations have the flexibility to execute payments using ACH, same-day ACH, or wire transfers. Given the crucial nature of financial transactions, Precoro has incorporated built-in review and draft options to enhance validation before final payment initiation. Users are also provided with real-time updates regarding payment statuses, empowering finance teams with continuous visibility into their transaction workflows. Whether payments are processing, completed, or require attention, teams can manage every aspect effectively.
A notable feature of Precoro Payments is its ability to maintain a complete, traceable audit trail throughout the procure-to-pay cycle. Each payment is linked directly to its corresponding invoice and purchase order, creating a transparent and accountable financial management process.
Founded on the principles of transparency and efficiency, Precoro has carved out a niche in the procurement sector by offering a unified platform that brings together various procurement workflows. Catering primarily to mid-sized businesses, Precoro empowers its clients with unparalleled visibility and control over spending before it enters the ERP system. The platform's holistic management capabilities enable organizations to transition from ad hoc purchasing processes to structured, scalable procurement practices.
As of today, Precoro boasts more than 1,000 clients across over 80 countries, each benefiting from the integrated solutions offered by the platform. By adopting Precoro Payments, businesses can not only enhance their procurement workflows but also foster better financial governance and operational efficiency.
For those interested in modernizing their procurement processes, further details about Precoro and its innovative features can be found on their official website, precoro.com. The collaboration with Stripe Payments for money transmission services is a strategic move aimed at enhancing the financial transaction experience for users and ensuring that all funds are securely managed at Fifth Third Bank, N.A., a member of the FDIC.
Traditionally, finance teams have faced hurdles in linking the approval of invoices to the execution of payments, often relying on manual data entry and navigating through multiple disjointed systems such as external banking portals and ERP updates. With Precoro Payments, users can seamlessly initiate payments from approved invoices without switching between various platforms or re-entering data. This logical step streamlines workflows and significantly reduces the risk of human errors that often accompany manual processes.
As the CEO of Precoro, Andrew Zhyvolovych remarked, "Finance teams shouldn't have to bridge the gap between invoice processing and payment execution with manual steps or fragmented systems." The new feature not only facilitates ACH, same-day ACH, wire transfers, and international invoice payments directly from within the procurement workflow but also ensures that all payment data is automatically synchronized with existing ERP systems.
This integration promotes total control over the accounts payable (AP) lifecycle and represents the final crucial step for companies aiming to automate their invoice management processes. Precoro Payments builds upon existing features such as AI-powered invoice capture, invoice-to-purchase order matching, and configurable approval routing. Together, these capabilities create an uninterrupted procure-to-pay flow that encompasses everything from the initial purchasing request to the final payment execution, all without any manual handoffs.
The operational mechanics of Precoro Payments are straightforward. Once an invoice receives approval, finance teams can initiate payments immediately from the same record. The system automatically populates key payment details, such as supplier information, payment amounts, and currency used. This automation not only minimizes the potential for errors but also shortens the time required between approval and payment, thereby improving cash flow management for businesses.
In terms of payment methods, organizations have the flexibility to execute payments using ACH, same-day ACH, or wire transfers. Given the crucial nature of financial transactions, Precoro has incorporated built-in review and draft options to enhance validation before final payment initiation. Users are also provided with real-time updates regarding payment statuses, empowering finance teams with continuous visibility into their transaction workflows. Whether payments are processing, completed, or require attention, teams can manage every aspect effectively.
A notable feature of Precoro Payments is its ability to maintain a complete, traceable audit trail throughout the procure-to-pay cycle. Each payment is linked directly to its corresponding invoice and purchase order, creating a transparent and accountable financial management process.
Founded on the principles of transparency and efficiency, Precoro has carved out a niche in the procurement sector by offering a unified platform that brings together various procurement workflows. Catering primarily to mid-sized businesses, Precoro empowers its clients with unparalleled visibility and control over spending before it enters the ERP system. The platform's holistic management capabilities enable organizations to transition from ad hoc purchasing processes to structured, scalable procurement practices.
As of today, Precoro boasts more than 1,000 clients across over 80 countries, each benefiting from the integrated solutions offered by the platform. By adopting Precoro Payments, businesses can not only enhance their procurement workflows but also foster better financial governance and operational efficiency.
For those interested in modernizing their procurement processes, further details about Precoro and its innovative features can be found on their official website, precoro.com. The collaboration with Stripe Payments for money transmission services is a strategic move aimed at enhancing the financial transaction experience for users and ensuring that all funds are securely managed at Fifth Third Bank, N.A., a member of the FDIC.
Topics Business Technology）
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