Companies Combine Services to Make Revenue-generating Accounts Payable Program Even More Convenient and Cost Effective
Portland, Ore, October 1, 2012
Inworks® Servicing, LLC, a payment solutions provider specializing in management support, technology and financial services for healthcare and higher education, today announced it will partner with Bora Payment Systems LLC to offer Buyer-Initiated Payment as part of its Strategic AP™ accounts payable optimization program.
Bora Payment Systems, LLC ("Bora"), a leading provider of electronic payment solutions for businesses, helps companies and their suppliers save processing time and expense through their Buyer-Initiated Payment service for purchase cards. Bora's relationship with Inworks represents an expansion of its electronic payment solutions within the industries of healthcare, academic medicine, and higher education.
The Inworks Strategic AP™ program offers a comprehensive set of solutions that combine AP strategic planning, payables automation and no-cost funding. The program pays client invoices with Inworks funding, according to terms arranged with each supplier. Clients are allowed to make payments on beneficial terms through a more streamlined transaction method. Electronic payment of suppliers can optimize the precision, accuracy and timeliness of payments, thus empowering the client organization to manage payables more effectively, and engender goodwill with its suppliers.
By providing the Bora Buyer-Initiated Payment service option for its customers, Inworks broadens the scope of its Strategic AP program, which helps hospitals and healthcare institutions maximize days cash on hand and increase working capital through automating and funding of their customers' accounts payable. In addition to enabling customers to maximize working capital, the Buyer-Initiated Payment option helps ensure full supplier participation in the Strategic AP program.
According to Don Carlson, Inworks CEO, "As the only payment solutions provider with industry expertise, we are able to offer strategic AP planning as an integral part of our service at no cost with the broadest possible methods and technology. We think the financial advantages of BIP will be very attractive to our clients and their suppliers."
Inworks Servicing, LLC
About Inworks Servicing, LLC
Inworks Servicing, LLC, is a company of CollegeNET, Inc., a developer of web-based administrative and accounting technology for colleges, universities and healthcare. Based on 30 years of industry-leading technology the company's web payment solutions provide a highly secure and reliable vehicle for automated electronic transactions. Inworks combines this technology with specialized healthcare finance expertise to help hospitals and healthcare systems boost efficiencies, maximize working capital and realize incremental income. The company is based in Portland, Oregon. www.inworks.com
About Bora Payment Systems, LLC
Bora Payment Systems, LLC, owns and operates the Payer Direct Hub® (PDH), a business-to-business Buyer-Initiated Payment service for purchase cards. PDH allows commercial card clients and resellers to pay invoices from a single website with minimal or no integration. The system reduces AP expense and boosts P-card revenue share for payers, while helping suppliers cut costs through reduced labor and Bora control over interchange rate qualification. Payer Direct Hub provides significant cost incentives to large suppliers who may be resistant to P-card transactions. www.BoraPaymentSystems.com