Embedded Finance Workflow Company Monite Launches Payment Links to Drive Growth of B2B Platforms

Monite, a startup with built-in financial workflows using APIs for the first time, introduces links to pay bills. It’s a simple solution that allows billing and accounting platforms to earn between two and five times per user, helping their customers get paid 40% faster.

While many SMBs are making it easy to bill their customers through financial platforms, paying bills is still a problem as they often arrive in an email inbox in PDF format and must be paid manually. This usually leads to errors, increases the average collection period to 90 days, and creates cash gaps.

Today, Monite introduces its Bill Pay Links: a way for SMBs to avoid charge chasing, get paid instantly and securely, and keep their business running smoothly. This product is for accounting and billing platforms that can improve the user experience and increase revenue per user by five times by earning an additional commission on every invoice payment their customers receive.

What’s more, with Monite, accounting and billing platforms can increase payment coverage to almost 90%, offering their customers the widest range of payment options based on the capabilities provided by the best providers in the field: cards and local payment methods (Stripe), open banking deal (Yapily) and other payment methods such as BNPL, which will appear in the future. Building a similar payment stack in-house usually means partnering with at least one provider for each payment method and performing compliance, anti-fraud and other functions while spending around $500,000 hiring a dedicated payment team and dedicating over 1 year of work . . At the same time, the implementation of the Monite solution is very simple and takes only six days and the help of two developers.

Invoicing and accounting platforms typically miss out on revenue opportunities because they only monetize SaaS fees but miss out on payment monetization. Adding payments has historically been a challenge as platforms have had to risk losing money on some transactions due to the ICC++ model offered by providers. Monite, on the other hand, offers mixed pricing and takes the risk of losing money by allowing platforms to earn a flat fee per transaction. Along with this, Monite takes full responsibility for the compliance and anti-fraud issues that are critical for B2B payments.

Ivan Maryasin, CEO and co-founder of Monite, spoke about the significance of the new product: “Bill payment links are designed to make payments quick and convenient. Companies like lexoffice or sevDesk can now add new revenue streams with secure and fully compliant payments while saving on margins and receiving hands-on advice and support from Monite. At the same time, small and medium enterprises can enjoy the benefits of all payment methods while reducing the risk and dependence on one supplier.”