Austin startup Invoiced has reached a big milestone on its path to automating payments for the masses.
The startup announced Wednesday it is teaming up with Chase to bring its automated accounts receivable platform to more businesses.
While Invoiced already supported credit card payments, it did so though third party partners. The new Invoiced Payments product streamlines the process and makes it easier for clients to solve problems by just talking to one company -- instead of several, founder and CEO Jared King told Inno.
“They essentially just have one throat to choke, if you will," he said.
Invoiced's software automates payment, reconciliation and accounting. Typically, credit card processing takes a day or two to be vetted and get the money to the recipient's account. For Chase customers using Invoiced, King said it will give them a same-day deposit, which can help with cash flow.
The partnership is part of Chase's push to provide its big customer base with new options. In 2017, Chase acquired WePay for $400 million to add new payment solutions for customers.
King said he and his Invoiced team met WePay at a conference a few years ago. It was too early for Invoiced to talk about partnerships, but he kept them in mind as Invoiced matured.
“It took some time before it made sense to implement," he said. "But when the time came, they were at the top of our list.”
Invoiced, which has been bootstrapped since its founding, adds a flat fee for payments -- 2.9% plus a 30 cents per transaction fee.
King said Invoiced now handles more than $2 billion in payments on a monthly basis, and it has more than 23,000 businesses using its software for billing and collections.
Invoiced has doubled the size of its team -- now at 11 people -- and moved into a new office in downtown Austin. Among the new hires is Chris Couch, who previously co-founded Austin-based billing software company Go Transverse and was most recently with Treepodia.
“We’re making some significant investments into our future growth," he said.
