Sourcery, a digital payments and commerce platform focusing on the food and hospitality industry, announced the official launch of its accounts receivable solution. Extending the benefits of the company’s buy-side cash flow management solution to vendors who receive payments through the platform, the new offering debuts following successful pilots with on-demand distributor Restaurant Cheetah and Oregon-based Smith Teamaker.
Sourcery’s AR solution, developed in partnership with Restaurant Cheetah, directly addresses challenges throughout suppliers’ accounts receivable processes. The SaaS platform organizes and automates across the workflow, driving significant reductions in labor expenses and missed payments. Additionally, Sourcery makes it easier to transfer vendors’ customers to ACH and reduce processing fees for both credit cards and ACH payments.
Sourcery, whose SaaS technology serves businesses including local restaurants, multi-location chains and corporate kitchens, is on track to process more than $100M in business-to-business payments in 2016. The addition of accounts receivable is part of the company’s longer-term platform enhancement strategy, funded by a recently-closed $5M venture round.