PencilPay provides a digital platform that automates wholesale account onboarding and payment processing, enabling SMEs to streamline their trade relationships and reduce manual tasks. By integrating payment methods and workflows, the solution accelerates cash flow, minimizes debtors, and enhances on-time payments.
Funding
$20K 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
Wholesale businesses often face challenges with manual, paper-based processes for onboarding accounts and managing payments, leading to delayed payments, increased debtor days, and inefficient workflows. These manual tasks consume valuable time and resources, hindering cash flow and overall operational efficiency.
Solution
PencilPay offers a digital platform designed to automate wholesale account onboarding and payment processing, streamlining trade relationships for SMEs. The platform enables businesses to quickly qualify and onboard trade accounts with configurable, country-specific applications that capture verified company information and stored payment methods. By automating tasks such as data entry, verification, reconciliation, and payment processing, PencilPay accelerates payment times, reduces total debtors, and enhances on-time payments. The system integrates with existing accounting, ERP, and inventory software to provide a centralized and efficient solution for managing wholesale accounts.
Target Audience
PencilPay primarily targets wholesale businesses, distributors, and manufacturers that sell to other businesses on credit terms, particularly those in industries such as building materials, consumer goods, and healthcare.
Features
- Configurable, country-specific wholesale account applications with e-signature capture
- Automated verification of company information and storage of bank or credit card details
- Integrated payment processing for deposits, pre-dispatch payments, and payments on terms
- Automated payment reminders and multi-channel collections to minimize debtors
- Customizable workflows tailored to specific industries, such as building materials, consumer goods, and healthcare
- Integration with accounting, ERP, and inventory software
- Real-time reporting and analytics on payment performance and account status