Interopay Inc. provides accounts payable automation through seamless integration with accounting systems, enabling businesses to sync invoices and generate remittance letters efficiently. Their platform eliminates paper processes and enhances cash control while maximizing American Express rewards for invoice payments.
Funding
$1.6M 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 still rely on manual, paper-based processes for accounts payable, leading to inefficiencies, errors, and a lack of visibility into cash flow. These manual processes consume valuable time, increase the risk of late payments, and make it difficult to track and manage vendor relationships effectively.
Solution
Rewardworks provides an accounts payable (AP) automation platform that streamlines invoice processing and payment workflows, integrating directly with existing accounting systems to sync invoices and general ledger (GL) data. The platform enables users to select invoices for payment, automatically generate and send remittance letters to vendors, and track payment statuses for improved visibility. By leveraging virtual credit cards, Rewardworks allows businesses to pay invoices while maximizing rewards and cash-back rebates from card providers. The system avoids holding client funds, ensuring businesses maintain control over their cash while simplifying AP processes.
Target Audience
Rewardworks primarily targets businesses of all sizes seeking to automate their accounts payable processes, reduce manual effort, and improve cash flow management.
Features
- Automated invoice syncing and GL data integration with existing accounting systems
- Virtual card payment processing to maximize credit card rewards and cash-back rebates
- Automated remittance letter generation and delivery to vendors
- Payment status tracking for enhanced visibility and control
- Vendor onboarding services to optimize B2B payments
- Support for American Express virtual credit cards