LONDON and NEW YORK, Jan. 27, 2021 /PRNewswire/ -- YayPay announced today it has been recognized as a Leader in the IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Receivable Automation Applications for Midmarket 2020-2021 Vendor Assessment (doc # US47032320, December 2020). The new recognition comes after YayPay was previously named a Major Player in a similar IDC MarketScape report issued just two years ago.
Founded in 2015 and acquired by Quadient in July 2020, YayPay helps companies automate their accounts receivable (AR) processes, transforming a critical but complex back-office function in an increasingly digital economy. The AR process has become even more critical during the pandemic and economic downturn as companies have rushed to shore up liquidity and retain, as well as build upon, existing customer relationships.
YayPay's software as a service (SaaS) platform identifies credit risks and helps reduce potential losses from bad debts. The software automates the entire AR process, from invoice generation and follow-up, to customer communication, cash collection and credit risk assessment, all of which are based on data and not manual interventions, thereby reducing errors and boosting productivity. YayPay's platform is leveraged by more than 3,000 users globally and integrates with other software applications including ERP, CRM, billing and email.
The IDC MarketScape report highlighted YayPay's investment into the vision of "Autonomous Commerce," incorporating artificial intelligence (AI) and machine learning to adapt and learn from data. YayPay combines AI with real-time reporting to allow companies to better predict when their invoices will be paid, providing transparency and visibility into the AR collection process, cash flow management and bad debt risk.
On average, companies that use YayPay's AR software achieve a 34% reduction in Day Sales Outstanding (DSO) or "debtor days," and a 3x increase in productivity. Over the last 12 months, YayPay's customer base has more than doubled as more companies have begun using its AR solution.
An excerpt of the IDC MarketScape report can be found here: https://www.yaypay.com/idc-marketscape-leader-2021.
YayPay founder and CEO Anthony Venus said: "We are excited to be recognized as a Leader in the IDC MarketScape report for midmarket SaaS AR Automation and to have risen from a Major Player to the Leaders category. The recognition by the IDC MarketScape is a testament to YayPay's laser focus on innovation over the past two years, which culminated in being positioned as a Leader in the latest IDC MarketScape," said Anthony Venus, CEO, YayPay. "YayPay has become the fastest growing AR Automation software company through its one-platform solution that automates the entire accounts receivable process. With its built-in intelligence, YayPay cuts invoice processing and dispute response time dramatically."
IDC analyst Kevin Permenter added: "I have been following YayPay over the last few years and have been impressed with their product vision and speed to market. YayPay is recognized by the IDC MarketScape for its focus on delivering strong user experience and customer service, communications capabilities for collections management, and AI/machine learning applications for credit risk assessment and cash forecasting. I believe they are positioned for rapid growth well into the future."
About IDC MarketScape
The IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor's position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
YayPay is a predictive AR automation solution that leverages data and automatic payment communications to accelerate collections. YayPay provides real-time account information, calculates key AR metrics with one click, and predicts cash flow by leveraging machine learning algorithms. Integrated with multiple accounting, ERP, billing, and CRM applications, YayPay is designed to build a streamlined collections process to help organizations better predict AR invoice payment, manage customer relationships, and increase revenue. Visit www.yaypay.com. YayPay is part of Quadient (www.quadient.com), the driving force behind the world's most meaningful customer experiences.