US-based fintech start-up Kabbage has released a new payment processing solution for small businesses, following successful trials.
The new Kabbage Payments solution allows businesses to create, send and manage invoices for payments. It enables users to create a unique URL for their business and send payment requests to the vendors.
The unique payment URL is expected to significantly reduce manual work involved in the process including repetitive invoice work and maintenance of payment orders.
Payment requests through the platform can be made through texts, emails and online.
Kabbage designed the solution with an aim to help businesses settle invoice payments in as quickly as 24 hours.
Furthermore, the Kabbage Payments dashboard offers users a complete overview of all payments activities.
The overall service also includes free customer support from the Kabbage team.
Kabbage CEO Rob Frohwein said: “Since 2011, we’ve helped hundreds of thousands of small businesses access over $8 billion in funding. We know first-hand a primary need is to cover cash-flow gaps while waiting to be paid.
“Kabbage Payments not only expands our suite of products, but the very definition of our company.
“We deeply believe in the mission of small businesses and understand what they need to succeed—namely, more time building their businesses and less time worrying about cash flow.”
Only existing Kabbage customers can gain access to Kabbage Payments currently. The solution is expected to be rolled out to the wider public soon.
Besides, Kabbage has several new products for small businesses in the pipeline to help them improve their cash flow.