Frequently Asked Questions
What Is PayMe?
PayMe from Aztec Exchange allows suppliers to sell their invoices, including export invoices, in exchange for early payment. It’s a no-cost way to secure your supply chain while decreasing costs and increasing revenue.
How Does PayMe Work?
PayMe seamlessly integrates into e-invoice system. It’s cloud-based so it’s easy to deploy on virtually any e-invoicing platform. Suppliers simply select the invoices for which they want early payment, and provided it’s approved, they’ll receive payment within 24 hours, less a small fee. You then pay the SPV the invoice according to the schedule previously established by the supplier.
How Does PayMe Differ From Factoring, a Loan or Line of Credit?
With PayMe, the supplier is not subject to any credit screening. It’s not a loan, it’s simply the suppliers’ money paid early. This approach helps the over 80 percent of suppliers who might not otherwise qualify due to credit concerns or high factoring rates get their invoices paid sooner.
How Easy is it To Integrate Into My Existing Systems?
Because we use cloud-based technology, it’s easy to integrate with your existing systems, whether proprietary or from an outside vendor. And we’ll work with your team and those from your e-invoice provider to deliver on an integration schedule that meets your needs.
How Much Does It Cost to Use PayMe?
It’s available to you at no cost. The only time there are any fees is if you decide to extend trade payable days. Those fees are all disclosed prior to the origination of that transaction.
What Are the Benefits of PayMe to My Company?
The biggest benefit is that PayMe extends payable days without affecting suppliers’ liquidity. Accounts payable can now become an additional source of revenue. It will be more efficient because suppliers have real-time access to invoice status, translating into fewer inquiries about invoices to your AP department.
What Sort of Support and Marketing Materials Do You Provide?
We provide you with all the marketing and communication materials you need, whether for communicating to your existing customers or future partners. This includes a video, emails, brochures, ads as well as website assets. It’s a turnkey solution.
What Markets is PayMe Available In?
PayMe is available through a number of e-invoice suppliers and we’re continually looking to add more. Any supplier, regardless of location, is eligible to receive early payment through PayMe provided the company they’re invoicing meets certain credit requirements.
Who Handles the Onboarding and Customer Care?
PayMe handles this process from start to finish, and all at no additional cost to your company.
What Are the Different Funding Options?
PayMe offers a variety of different funding options. Please contact our business development team for more information.
What Are the Fee Rates Typically Charged to Suppliers?
We offer complete transparency when it comes to the rates we charge suppliers. This is why we disclose them all before the transaction is processed.
Is There a Minimum or Maximum Number or Value of Invoices That PayMe Will Purchase?
While there is no minimum invoice value, the aggregate of your invoice batch must be at least €1,000.
How Often Can Suppliers Use PayMe?
Suppliers can use PayMe as often as they want. It’s based on their needs.