As someone who has been closely following the payments industry for over a decade now, I can tell you that Prime Revenue is a global leader in B2B payments. Ever since its inception in 2002, the company has been focused on improving working capital and automating digital payments to connect the supply chain. By automating digital payments, they constantly strive to make payments more visible, giving companies more control and improving cash flow. PrimeRevenue has its headquarters in Atlanta and offices in Hong Kong, Prague, London, and Melbourne. If you’re looking for a reliable and trustworthy partner when it comes to B2B payments, then I highly recommend PrimeRevenue.
I’m a big fan of the PrimeRevenue Platform. Backed by more than a hundred funding partners, it’s truly a one-of-a-kind platform and processes over $300 billion in payments annually to speed cash flow, ensuring that the businesses are paid almost always on time. Prime Revenue’s other financial solutions, like On-Time Payments, Supply Chain Finance, Dynamic Discounting and Selective Receivables Finance, are accessible from their platform.
So what problems are Prime Revenue solutions addressing? Let’s take a look.
The Payments Landscape & Prime Revenue’s Offering
I have mentioned this many times before, but let me reiterate. The Payments industry is always seen as a high-growth sector. Global B2B payments are estimated at $120 trillion per year, but most businesses lack flexible payment solutions that can improve their cash flow and help facilitate global trade. Either the businesses are too small, have bad credit, or don’t spend enough to qualify.
PrimeRevenue’s team has been working hard to develop innovative payment solutions that fill these needs. With their innovative payments platform, businesses of all sizes can enjoy the benefits of simplified payments, including improved cash flow, greater efficiency in the global supply chain, and a strengthened bottom line. Contact us today to learn more about how we can help your business!
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A Vision and Focus that is Constantly Evolving
Since its inception, Prime Revenue’s main goal has been to help customers and suppliers improve their cash flow. The founders and the leadership team strongly believed that by helping buyers get paid more quickly and giving suppliers a faster way to get paid, they could make a real difference in the business world. I would say, they were spot-on with their vision.
Today, as many as 30,000 organisations around the globe use Prime Revenue’s technology-enabled solutions to improve their cash flow.
Over the years, you’ve probably heard from your customers and partners that B2B payments still have a lot of issues and gaps. Late payments continue to plague suppliers, and it can be difficult to make accurate financial forecasts because it’s hard to see how payments are processed and if they’re correct. In addition, buyers still have to use multiple supplier platforms for their different payment groups, which wastes time and money.
As a supplier, you want to be paid on time for the products and services you provide. Having closely followed the company, I came to realize that Prime Revenue’s solutions target precisely this market by combining innovative technology and their deep payments expertise. Prime Revenue offers a suite of solutions that goes beyond early payment solutions like supply chain finance, dynamic discounting, and accounts receivable finance. Thus they pave the way for suppliers to get paid quickly and efficiently across the global supply chain.
The company continues to release new solutions and features that help organizations streamline their B2B payments. In short, I can say that the company is on a serious mission to enhance cash flow by automating digital payments, enhancing visibility, and improving control across the supply chain.
Prime Revenue’s CEO – PJ Bain – the visionary behind the company’s rise, maintains that payments remain the core focus of his company. But as a payments company, “we have always been focused on helping businesses support the financial health of their entire supplier base. Our industry-leading early payment solutions have been successful in doing this, and we are now expanding our focus to offer new solutions that make on-time payments easier. This will help more businesses keep their suppliers healthy and thriving,” explains PJ Bain in one of his columns.
Prime Revenue’s proprietary payment solution – the SurePay platform, has been at the heart of the company’s offerings to the payments industry. Let’s now take a look at what this platform promises to offer.
The SurePay Platform
In October 2021, PrimeRevenue announced an expansion to its product offering – the launch of a new product that will make B2B payments more efficient for both buyers and suppliers. Prime Revenue’s SurePay Platform was the industry’s first way to improve payment services for the entire supply chain by putting buyers’ supplier bases on one easy-to-use payments platform. I remember reading about this launch, where the company claimed that, with this platform, buyers and sellers would be able to see and know more about payments, making cash flow more reliable and predictable.
And now, roughly a year after the launch, I understand that it was a worthy claim! Speaking to other industry experts, I have come to understand that SurePay does make it easy for buyers to ensure that their suppliers are paid on time. My research about the platform revealed that buyers only need to approve invoices, and SurePay handles the rest. The platform’s automation and transparency make cash flow tracking easy for buyers and sellers, which allows them to make more accurate predictions and quick financial decisions.
I can definitely affirm that Prime Revenue’s SurePay Platform is the first tool of its kind, dedicated to streamlined B2B payment services and making early and on-time payment solutions easy to access for the entire global supply chain. Therefore, I am not at all surprised that the platform enjoys solid patronage from customers across the globe. You won’t be either; what if I tell you that more than 40,000 suppliers in 90 countries use the SurePay Platform?
In the words of the COO, Gavin Cicchinelli, “The success of our organization is the result of tireless innovation as well as PrimeRevenue’s commitment to extending the power of supply chain finance and streamlined B2B payments to companies across a range of revenues and industries.”
Innovation as a Core Principle
Gavin’s thought process is echoed by the company’s CEO, PJ Bain, when he went on to announce, “As we grow, a natural evolution for PrimeRevenue is to expand into a new sphere of B2B payments. For us, that means developing innovative solutions that serve the entire supply chain – regardless of industry, jurisdiction, currency, or early payment offering.”
With this zeal for innovation, the company continues to foray into different realms of the payment industry, expanding its scope of services. Last year, in the month of August, the company announced that it had added a new feature to its receivables platform, which will help banking partners grow their receivables finance programmes. It should be noted that this was the first time this functionality was made available in the market. Industry experts observed that it fixes many of the issues that have been plaguing the industry for years. Many, including me, hoped that with this new feature, businesses could selectively finance their receivables, making it easier than ever to get the cash they need to grow their business.
As a leading fintech provider, the company has consistently earned the industry’s recognition for its remarkable achievements.
Industry Recognition – A Leader in the Fintech Space
In May 2022, Global Trade Review (GTR) named PrimeRevenue, Inc. the world’s best alternative trade or supply chain finance provider in the Global Awards category of the GTR Leaders in Trade Awards.
Earlier, Global Finance Magazine also named Prime Revenue the world’s best supply chain finance provider. In December 2021, they honored PrimeRevenue as the World’s Best Supply Chain Finance Provider for the Best Platform Connecting Buyers/Sellers/Financial Institutions.
Discovering new Avenues – Forging new Relationships
As I have noted, Prime Revenue’s success story is scripted by its passion for exploring new avenues and opportunities. Early this year, Prime Revenue got into a partnership with eFactor network to expand access to finance for agribusinesses in Latin America. The company expressed hope that this partnership will help the Agri companies get the financing they need to grow their businesses.
Now, as recent as September 2022, the company struck a deal with IFS Capital Limited. This, in my opinion, is an interesting deal as the partnership brings supply chain finance to Southeast Asian companies, allowing buyers to optimise their working capital management and give suppliers faster access to cash. I also feel that this partnership will surely benefit all the stakeholders involved, as it provides companies with a simple and more affordable way to finance their operations.
Valuing Customer Success
If a company is experiencing great success, can it squander its customers? Absolutely not. That’s why I am absolutely impressed with the efforts that Prime Revenue takes to value its customers. The company has never ceased to come up with different ways to support its clients.
The company has doubled down on its commitment to improving its working capital solutions based on feedback from customers and potential customers. The company’s new SVP of Global Customer Success, Jason Green, is one example of this investment.
Another step in this direction is the company’s VoC – Voice of the Customer program. Since its launch in 2019, the program has focused on collecting customer and supplier data to better understand service usage. I am told that the company meticulously analyzes the data to identify areas for improvement, and changes are made based on this analysis. It was also heartening to know that the programme also went on to track user satisfaction by talking to customers. They sure have some active brains working on their customer retention strategies.
For more information about the company, do follow them on their social media handles,
Twitter: @primerevenue | LinkedIn: www.linkedin.com/company/primerevenue.
I’ll soon be back with yet another business that is making waves in the BFSI space. Stay Tuned!
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