CHERRY is a B2B payment processing solution that integrates with existing accounting software to automate invoice payments without requiring users to log into their bank. This technology eliminates manual data entry and reduces errors by generating virtual checks directly from the accounting application, streamlining transaction approval and processing.
Funding
$4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many businesses face challenges with manual accounts payable processes, leading to duplicate data entry, increased errors, and reduced productivity. Existing accounting solutions often require users to navigate outside the application to make payments, creating cumbersome workflows and potential security vulnerabilities.
Solution
CHERRY provides a B2B payment automation platform that integrates directly with existing accounting software to streamline and modernize accounts payable processes. The platform automates invoice payments by generating virtual checks (vChecks) directly from the accounting application, eliminating the need to log into a bank portal. CHERRY automates payments and synchronizes transaction-related data directly from the accounting software to the recipient, streamlining transaction approval controls, all within existing accounting workflows. The system offers features such as multi-factor authentication, BEC (Business Email Compromise) and takeover security, and payee name verification to enhance security and prevent fraud.
Target Audience
CHERRY primarily targets medium to enterprise-sized businesses, particularly skilled nursing facilities and nursing homes, seeking to automate and streamline their accounts payable processes.
Features
- Seamless integration with existing accounting software such as QuickBooks, NetSuite, SAP, Workday, and Acumatica
- Automated generation of virtual checks (vChecks) for secure and efficient payments
- Streamlined transaction approval workflows with digital review and approval processes
- Automated reconciliation to reduce manual effort and improve accuracy
- Multi-factor authentication and BEC/takeover security measures to protect against fraud
- Enhanced transaction metadata for improved tracking and reporting
- Automated positive pay to prevent unauthorized transactions
- Payee name verification to ensure accurate payments
- Flexible payment options including ACH, virtual cards, and RTP (Real-Time Payments)