Closing the loop for SMB bill payment automation, Entryless announced the addition of a payment system that extends the existing Entryless platform with a supplier payment system. To support their efforts, they have hired Sukanta Ganguly as CTO, a serial entrepreneur with experience in payments.
Focusing on ease of adoption and priced in a revolutionary way, Entryless Seamless B2B Payments can cut down on the busy work and expensive errors of the manual processes that most small businesses find themselves using to pay bills.
“It costs over $35 per bank wire or check, including the value of staff time, to pay a bill in a typical company. People are reading the bills from attachments to emails, hand entering the data into their cloud accounting software, and paying through their bank’s bill pay portal,” said Entryless founder Mike Galarza. “With today’s technology, doesn’t it seem like it should be more efficient than that?”
Launched less than two years ago, Entryless is in use by thousands of companies and accountants worldwide to automate bills. Many large franchisees and accounting firms in particular swear by Entryless. Entryless entirely removes the need to manually enter supplier bills onto cloud accounting systems.
“People have grabbed onto the concept of Entryless,” said Galarza. “Entryless dramatically reduces the time they spend entering bills, they pay suppliers faster, and have less data entry errors – because there is no data entry required.”
With the addition of Entryless Seamless B2B Payments, users can input bills in any format, review and approve them, synchronize with their accounting system, and pay suppliers. All activities are accurately captured by the accounting application.
As the new CTO, Ganguly adds extensive experience in digital payments. He has founded three companies. His experience with payments include being CTO and head of products at Loco Mobi, which provides mobile payments for parking spaces.
“I know that Sukanta will keep us revolutionizing payments,” Galarza said.
“Changing the way payments work is not an easy job, but this is the place to be doing it,” said Sukanta. “Entryless is positioned to offer the next generation of business service. Excited to be a part of it.”
Entryless is set apart by ease of use and pricing. Entryless requires no change in the ways that suppliers deliver bills. A sophisticated and proprietary OCR system reads the relevant information from a bill, whether it is photographed by a smart phone, dropped into the Entryless web app, or emailed to a dedicated email address.
“Our competitors’ pricing schemes do not seem fair to their customers,” said Galarza. He specified Bill.com, a similar application. “They charge $1.99 per bill for the service Entryless offers free for the first 300 bills a month. Including the per user fee, Bill.com would cost a company $600 a month for a service that would be free with Entryless.”
Rather than a complex per-payment pricing model, Entryless charges a monthly fee for each user authorized to pay bills. That user can authorize any number of payments.
“I think that the amount of time people are spending paying bills is a waste. We can be to small businesses what American Express was to consumer payments when they popularized the card payment,” said Galarza, “By adding payments, we bring a powerful offering to the marketplace. Adopting Entryless gives you end to end control of an efficient supplier payment system.”
“Some people assume that accountants and business operators have to spend all this time entering bills and paying people. Along with our customers, we are proving that time can be freed up for better pursuits,” said Galarza.
Entryless Seamless B2B Payments is available to select companies. It will be launched to the public in a matter of weeks.