Paymerang has achieved unparalleled progress within the hospitality trade over the previous two and a half years. At present, 4 of the highest 10 home U.S. administration firms use Paymerang’s world-class Accounts Payable (AP) Automation, additional exemplifying Paymerang’s success inside this sector.
Partnering with M3 Accounting Providers, the hospitality trade’s main cloud-based monetary and information administration platform, propelled Paymerang’s growth inside the vertical. Since 2020, Paymerang has skilled a 1,786% improve in {dollars} processed for hospitality purchasers, a 1,204% improve within the variety of distributors paid by hospitality purchasers, and a 1,619% improve within the variety of funds processed by hospitality purchasers. Paymerang has processed funds for over 900 hospitality entities and properties this yr alone.
“Paymerang boosts effectivity and safeguards funds within the hospitality trade,” mentioned Michael Prall, Vice President of Paymerang. “This permits resort house owners, managers, and operators to give attention to bettering their backside line whereas additionally offering an exquisite visitor expertise.”
Paymerang’s progress in hospitality can also be pushed by its dedication to connecting with key members within the trade. Company Allied Companions embody Hospitality Monetary and Expertise Professionals (HFTP) and the Asian American Lodge House owners Affiliation (AAHOA). Moreover, referral companions embody Membership Important and, as soon as once more, M3.
“Paymerang’s partnership is invaluable to M3,” mentioned Kristy Ingram, M3 Companion Channel Gross sales Govt. “They’ve streamlined the Accounts Payable course of for 1000’s of resorts throughout the nation, saving our purchasers numerous hours whereas serving to hold them secure from fraud.”
Paymerang’s highly effective finance automation expertise eliminates fragmented cost methods and gives a single, streamlined answer for the lodging trade. Fractional options have all the time been a problem for resorts, however they rapidly grew to become an much more vital hurdle as soon as the pandemic began and prompted substantial disruption in 2020. Throughout that point, the trade suffered income losses averaging $2.4 billion in weekly misplaced wages1, and practically 3.9 million hotel-supported jobs have been misplaced since 20202. Paymerang’s Cost Automation expertise helped its hospitality prospects navigate staffing shortages and heavy turnover by eliminating the handbook, repetitive duties that overwhelm AP workers and offering enterprise continuity.
Including to the record of advantages of Paymerang’s Cost Automation is bigger safety and enhanced fraud safety. A 2020 international research by the Affiliation of Licensed Fraud Examiners (ACF) decided that the standard group loses 5% of revenues yearly due to fraud3. The median loss for the meals service and hospitality trade estimating $114,000. For resorts, information exhibits that organizations lose 5% to six% of annual income from fraud perpetrated by staff and friends.
The variety of examine fraud occurrences stays excessive within the hospitality trade due to the reliance on handbook processing. Organizations implementing Paymerang get elevated safety advantages by encrypted account information and multi-factor authentication. Paymerang additionally has inside safety measures to cease tons of of fraud assaults towards purchasers and has saved firms thousands and thousands of {dollars} annually. Moreover, Paymerang gives customers with Constructive Pay, an automatic cash-management service firms use to discourage examine fraud. Banks use Constructive Pay to match the checks an organization points with these introduced for cost, and any examine thought of suspect is distributed again to the issuer for examination.
When staff not should spend additional time on handbook accounting processes like slicing checks and cost reconciliation, they will give attention to different initiatives with the 1000’s of hours they save yearly by switching to an digital cost system. These embody monetary efficiency, visitor retention, property administration, and worker studying and improvement alternatives.
Paymerang acknowledges that hospitality professionals are challenged with fewer sources in at present’s quickly altering financial system and labor market, making a vital want for AP automation. Implementing Paymerang takes lower than 10 hours, and seamlessly integrates with a spread of ERPs, together with M3 Accounting Providers, Microsoft Dynamics, and Sage Intacct, Inc.
Paymerang is happy with its rising presence within the hospitality trade and appears ahead to rising its market share. As Paymerang continues to develop, it commits itself to reworking hospitality finance and offering an efficient answer to fragmented methods.
About Paymerang
Paymerang gives a streamlined bill and cost automation platform that brings Accounts Payable (AP) departments into the trendy age. Paymerang’s platform saves AP departments 1000’s of hours yearly, enhances visibility, will increase accuracy, improves effectivity, and earns rebates whereas lowering paper, fraud dangers, and working prices. Be taught extra at https://www.paymerang.com/.
Megan Yardis
Content material Advertising and marketing Supervisor
804-301-1249
