40Seas, a dedicated platform to finance, manage and automate B2B payments worldwide, has announced the launch of its all-in-one Global Accounts Receivable solution to simplify credit, risk and invoice management.
The 40Seas Global Accounts Receivable platform centralizes invoice data in a user-friendly dashboard, allowing companies to easily track payment statuses, manage due dates, and expedite invoice approvals, mitigating the risk of payment delays. By connecting their ERP or accounting software, companies can enjoy a streamlined reconciliation process, matching invoices with purchase orders and delivery receipts in real-time, while collecting payments via credit card, direct debit or digital wire transfers in different currencies worldwide. The platform also enables companies to offer extended payment terms of up to 90 days to their customers, without absorbing any credit risk, so they can focus on driving sales volumes rather than debt collection and underwriting payments. 40Seas is available as an API or stand-alone platform, both of which can be seamlessly embedded into checkout portals to improve business flow and deliver more convenience to customers.
Gartner predicts that expenditure on accounts-focused automation and supplier e-invoicing software is set to reach up to $1.75 billion by 2026. The lack of standardized invoicing practices across industries and regions, means that reconciling invoices with purchase orders and delivery receipts can be extremely time-consuming and arduous. Fragmented workflows and limited visibility into invoice statuses can lead to administrative issues and payment delays, ultimately straining relationships with customers.
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The launch of 40Seas’ Accounts Receivable platform continues the company’s strong arc of growth over the past 18 months, having announced its $111 million funding raise in January 2023, which included a $100m credit facility from global shipping giant ZIM, followed by a $6m seed extension and onboarding of new strategic investors. Dozens of companies worldwide are already using the 40Seas AR platform, including e-commerce fulfillment platform Portless, mobile phone accessories brand APLONG, Chinese sourcing agent Jingsourcing, and global e-Bike brand Himiway.
Jonathan Frankel, COO of Portless said:Â “This partnership will not only reduce our support overhead and enhance our customer success, but it will also be a game-changer for our customers. Imagine running an ecom business with cash no longer being a constraint. Manufacture, sell, and fulfill directly to customers before needing to lay out a cent. This partnership with 40Seas fundamentally changes the economics of ecommerce.”
40Seas’ flagship B2B Order Now, Pay Later solution enables suppliers to get paid immediately upon shipment, helping them get a head start on their next production cycle, while providing buyers with deferred payment options so they can grow their business without tying up available lines of credit. By leveraging data-driven technology, 40Seas can scalably verify creditworthiness, assess risk and process financing much more efficiently than a traditional bank – making it faster, cheaper and easier for SMEs to access working capital.
Headquartered in New York with offices in Shenzhen, Toronto and Tel Aviv, 40Seas was founded by industry experts with more than 60 years of combined experience in cross-border payments, logistics, and trade financing.
Eyal Moldovan, 40Seas Co-founder and CEO said:Â “The launch of our Global Accounts Receivable platform represents the latest step in our mission to digitize and streamline key steps in B2B global trade. For too long, error-prone, manual AR processes have undermined productivity for enterprises across the industry spectrum. In today’s increasingly congested supply chain landscape, improving cash flow management through automation is an absolute prerequisite for longevity. Our real-time tracking enables companies to easily monitor invoice statuses, identify bottlenecks, optimize workflows and drive business growth.”
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