From its inception, Paymerang has helped our clients fight fraud and protect their organization’s treasury.
That’s why we are proud to partner with the Virginia Association of State Superintendents (VASS), the Virginia Association of School Business Officers (VASBO), and former Virginia Governor Terry McAuliffe to help Virginia’s public schools learn how they can protect their data and our taxpayer dollars from cybercrime.
The Governor and Paymerang CEO Nasser Chanda held a spirited
session, with over 200 school superintendents and business officers, where they
discussed some of the resources available to localities and school divisions.
This includes partnering with the Fusion Center to do a cyber risk analysis,
which can often be done free of charge and with minimal staff time.
On day two of the conference we held a Q&A session with
thirty VASS and VASBO members, who heard from the current Governor’s
administration, Paymerang’s own Director of Cybersecurity Jeff Gainer, and the
Virginia State Police. The panel provided Superintendents and School Business
Officers with the opportunity to learn about the threat cybercrime presents to
their IT and financial infrastructure, and to ask questions of the foremost
experts dealing with this threat every day.
One key takeaway from our discussion is that fighting cybercrime
is not just one person’s job in an organization. It is important that
organizations have a culture of information sharing and threat alertness.
Acquisition Creates the Most Comprehensive ePayables Solution in
the Healthcare Industry
RICHMOND, VA, Dec 6, 2019 – Paymerang, LLC, a leading innovator in
procure-to-pay automation, announced the asset acquisition of Inworks
Servicing, LLC, a forerunner in accounts payable automation for the healthcare
“The acquisition of Inworks marks a key milestone in Paymerang’s
evolution. Since our investment from Aldrich Capital Partners last year, we
have rapidly scaled our platform through investments in product development, operations
delivery, sales, and marketing. We’ve built a leading position and proven brand
in our target markets,” said Nasser Chanda, CEO of Paymerang. “By combining our
healthcare business with that of Inworks, we establish a preeminent organization
in the sector.”
With the close of the acquisition, Paymerang is bolstering its healthcare offering, which is now the most comprehensive solution in the industry.
Hospitals, physician groups, and other providers can now streamline and secure their accounts payable processes like never before—enabling them to focus on their core mission of delivering first-rate patient care.
“Innovating and improving the accounts payable
function for healthcare providers has been key to establishing Inworks as a
successful company,” said Jim Wolfston, Chairman of Inworks. “Combining our
product suite and customer list of hospitals across the country into the
momentum of Paymerang carries tremendous potential. We look forward to tracking
Paymerang as it further accelerates its growth.”
With the acquisition, Paymerang adds a dedicated and
skilled team of healthcare payment experts and establishes a West Coast office
in Portland, Oregon—further deepening the company’s operations and customer
“We are thrilled with our investment in Paymerang,” said Aldrich Capital Partners Founding Partner, Mirza Baig. “The company has demonstrated strong growth and execution, and this acquisition adds a new dimension in its trajectory. We are proud to stand behind management and support all aspects of the company’s growth.”
To view the full press release click here.
Paymerang Named #1 Best Tech Startup in Richmond
We are proud to be named #1 Best Tech Startup in RVA by The Tech Tribune!
We are grateful for each and every one of our amazing team members and clients who makes our awesome company what we are today, and we look forward to our continued growth and success! Want to join our team? Check out all of our current openings here.
The Tech Tribune delivers the latest technology news, in-depth technology articles, and insights on the hottest technology startups all over the world. Their staff compiled the very best tech startups in Richmond, Virginia. In doing their research, they considered several factors including but not limited to:
- Revenue potential
- Leadership team
- Brand/product traction
- Competitive landscape
To see the full article and complete Top 10 list click here.
Commercial Payments International (CPI) connects the world’s top decision makers to discuss the latest developments in commercial cards and payments, share innovation and drive the industry forward. They do this through live events and interactive advisory boards that meet regularly throughout the year. Relationships forged at their events help the industry’s top executives meet today’s challenges and plan for the future.
Their annual summits take place in the US, Europe, Asia, and this year, for the first time, Dubai, where they will focus on the Middle East and Africa.
Each summit offers an unrivaled opportunity for peer-to-peer networking, as well as discussion and debate about the latest legal, regulatory and technological developments in the commercial payments industry.
According to a recent survey from the National Center for the Middle Market, more than 70 percent of middle market companies reported improved year-over-year company performance. *
CPI provided an expanded Middle Market Summit program this year, reflecting on the growing opportunities to better serve this varied market segment.
Paymerang CEO, Nasser Chanda, was honored to present to an audience of over 100 senior-level industry delegates—representing over 50 leading organizations.
Middle market specialists from multinational and large regional banks as well as heads of middle market banking from local banks were in attendance. Financial
institutions of all types, consultants and key suppliers were also present at the summit.
Opportunities abound to provide cards and payments services that help these companies continue to thrive. Eliminating time consuming manual processes, addressing their cashflow needs, and transitioning them into the digital age are just some of the ways financial services can help with improving performance.
* Q4 2017 Middle Market Indicator (MMI) conducted by
the National Center for the Middle Market (NCMM)
To view the full presentation click here.
The world of electronic supplier payments is growing rapidly. Companies are making the transition to eliminate check writing and move to secure electronic payment (ePayment) platforms. The time savings, fraud prevention, and cost savings have already convinced many companies to outsource their accounts payable disbursements. Traditionally, banks have been the trusted adviser in this new world, but are they the best choice? Sending over some card payments, ACH transactions and wire transfers does not constitute a holistic ePayments solution. And yet, that is exactly what many companies are doing. Fractional bank solutions do not provide the best opportunity to transform your AP department. CFOs and Controllers should be asking the following questions:
- Will I still need to reconcile my accounts?
- Do I need to open a line of credit to process my card payments?
- Who does all the work in enrolling new vendors after initial setup, and what level of service is provided to these vendors?
- Will you make sure I am compliant with NACHA, OFAC and PCI?
If the answer to any of these questions results in additional work for your AP department or does not mitigate your risk—a fractional bank solution is not in your best interests. A complete ePayment platform will allow you to gain operating efficiency, reduce or eliminate check writing, provide generous cash rebates, ensure compliance and protect your funds in the most secure environment possible.
To learn more about a complete ePayment platform visit us here or contact us now [email protected]
Paymerang Volunteers at Habitat for Humanity Chesterfield ReStore
Our team volunteered at the new Habitat for Humanity Chesterfield ReStore. Locations like this one help fund the building of affordable housing across the Greater Richmond area. We were able to help organize the store, sort donations for sale, assist in accepting donated items. Most importantly, we loved giving back to our community!
The Habitat ReStore is a retail outlet offering building and home improvement supplies for sale to the general public at greatly reduced prices. The new, gently used, and salvaged supplies are donated by individuals, contractors, and suppliers. Every purchase made at Chesterfield’s new ReStore supports the construction of Habitat for Humanity homes for members of the community.
Since its inception, Habitat has helped build over 400,000 homes for more than 2 million people around the world.
The Richmond Habitat chapter joined the affordable housing effort in 1986. Since then, they’ve built more than 300 homes for deserving families. Along with their partner families, generous volunteers, and donors, they have restored the hope and dignity that poverty housing often strips away. Paymerang is proud to be a part of their mission to bring people together to build homes, communities, and hope.
To learn more about Habitat for Humanity’s new Chesterfield ReStore location click here or to join our awesome team click here.
Paymerang Hosts Financial Seminar for Employees
Here at Paymerang we want the best for our employees. We believe that when employees are given the opportunity to learn and grow they will accomplish amazing things. We value our employees and want them to be successful both in the office and in their personal lives.
This week, we provided our employees the opportunity to learn more about financial wellness.
John Holcomb, a local Certified Financial Counselor who also manages a local Mortgage group led an in-office financial seminar. The seminar was based on topics requested by our team members.
Our team discussed: budgeting, savings, establishing credit and eliminating debt.
John came to us with over 20 years of industry knowledge in banking and mortgage operations. He was able to provide our staff with excellent tips and simple actions to take in order to secure a sound financial future. Our staff was encouraged to actively participate in the discussion by asking questions and sharing their experiences. Many employees reported gaining a wealth of knowledge and feeling encouraged by having access to this type of training at work.
We are grateful to John for sharing his time and expertise leading this financial seminar and the opportunity to provide this service to our great employees!
Rethinking Checks’ Role In B2B Payments Friction
Paymerang CEO, Nasser Chanda, recently spoke with PYMNTS about the evolution of B2B payments—in particular, the shift to electronic payments and the continuing role of traditional paper checks. Since our story began in 2010, we’ve had one simple goal in mind: to facilitate electronic supplier payments and make business payments easy, for payors and payees alike.
Paymerang recognizes that vendor relationships are the lifeblood of our clients’ businesses—happy vendors enable successful operations—and we do not want to disrupt that relationship long-term. We are flexible in working with vendors during the enrollment process, offering choice and ensuring that payment settlement is friction-less, whether by electronic payment or check. Typically, these suppliers recognize that their customers want to shift from paper checks to more secure and efficient methods of payment, such as a virtual card or ACH. Flexibility in working with vendors and persistence in settling payments has allowed Paymerang to keep vendors happy while achieving a world-class electronic payment acceptance over the years. Our payment network spans 70,000+ suppliers from coast to coast, with 75% receiving electronic payments over traditional checks.
You can view the full PYMNTS article “Rethinking Check’s Role in B2B Payments Friction”.
Today was a red-letter day at Paymerang! At a special event that included Virginia Governor Ralph Northam, we announced that Aldrich Capital Partners made a $26 million growth investment in our company. This investment will help us grow organically and through acquisitions in the Procure-to-Pay space.
You can view the full press release here.
Governor Northam met the Paymerang team and shared his delight at the innovative work we are doing for our clients across the country within healthcare, education, media, manufacturing, services and banking. Our partnership with Aldrich Capital will allow us to invest aggressively in operations, new product development and marketing. This partnership will result in over 100 new jobs over the next five years within the highly valued Fin-Tech sector.
Nasser Chanda, CEO of Paymerang, stated that Aldrich is the right investment partner for Paymerang. “When I met Mirza Baig, founding partner of Aldrich Capital, I knew that he would support us as a true partner, interested in our vision,” he said. We will accomplish great things together for our employees, our clients and our market.
Baig echoed our CEO’s comments and added, “This the largest investment that we have made in the state of Virginia and we believe whole-heartedly in the Paymerang team.” He also praised Governor Northam for his efforts to stimulate economic growth, invest in education and create 21st century jobs.
We look forward to sharing more details about this exciting new venture with Aldrich Capital in upcoming blog posts.