“This AP module will allow clients to automate their workflows in a single unified portal,” Hack said. He noted the introduction will focus on current clients and on ERP partners, which include Sage, Acumatica and QuickBooks. Sometime later, the marketing effort will expand beyond that base. Payables is built on a partnership entered with Transcard this year, which included plans for a supplier network. For the most recently ended quarter, Paya reported net income of $2.2 million, more than double the slightly more than $1 million a year earlier. Net income benefited from $1.4 million in income stemming from an interest rate cap agreement. Revenue reached slightly less than $66 million, an increase of 19.4 percent from $55.3 million in last year corresponding period. Revenue from integrated products was $41.5 million, up 26.1 percent from $32.9 million a year earlier. With the ability to meet with clients in-person as the pandemic winds down, Paya is seeing more qualified and larger prospects, Hack said.
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PAYA PAYABLES DEBUTS THIS QUARTER Featured
Payments company Paya is launching Paya Payables during the current quarter. CEO Jeff Hack noted the plan to make the product commercially available during this week's webcast for earnings for the first quarter ended March 31.