Outsourced CFO service provider Amplēo has partnered with VenConnect, a vendor and supplier payment platform, to improve supply chain finance for businesses in Utah and the Rocky Mountain states.
As part of the arrangement, which was announced in a press release Tuesday, March 29, Amplēo has joined VenConnect’s Partner Program, which provides a free solution to optimize and maximize customer cash flow.
VenConnect offers a software-as-a-service (SaaS) platform that allows customers to streamline payment processes for their vendors and vendors. Businesses said it allowed customers to hold on to cash longer, while suppliers and vendors could choose how they wanted to be paid based on their situation and cash flow needs.
“Customers and their suppliers have different and often competing cash flow priorities, and our solution eliminates this tug of war while improving the customer-supplier relationship,” said Clint Weston, CEO of VenConnect.
“Cash flow has never been more important to supply chains, and finding a mutually beneficial financial solution for customers and their suppliers is rare,” added David Chase, CEO and Managing Partner at Amplēo. “VenConnect has developed an intuitive financial solution that removes barriers from both sides and moves the supply chain forward.”
Learn more: Shippers and carriers are losing paper to integrated payments and automated documents
PYMNTS looked at the challenges facing the complex web that is supply chain on Tuesday, March 29 during our conversation with Pete Rogers, CFO of Echo Global Logistics.
Rogers told Karen Webster of PYMNTS that supply chains, even if the pandemic recedes a bit, are still rocked by inefficient document and payment flows. At the same time, inflation continues to drive up operating costs and driver shortages continue, putting more stress on cash flow than ever before.
While none of this is new, Rogers said the pandemic has highlighted all the pain points, accelerating trends “that have been in the background for the past 10 to 15 years.”