The partnership between Raistone and IDS enables IDS clients to get invoices paid in as quickly as one day.
NEW YORK – September 22, 2020 —Raistone Capital, one of the world’s largest providers of Accounts Receivable finance, and IDS Xchange Services (IDS), the procure-to-pay eCommerce platform exclusively for healthcare, today announced a partnership enabling thousands of healthcare businesses on the IDS platform to accelerate the receipt of payment of their invoices.
Through this partnership, effective immediately, healthcare suppliers using IDS will no longer need to wait 90 days or more to receive payment for their invoices. Instead, using Raistone’s invoiceXcel platform, these companies can now get paid the full value of these invoices, less fees, as quickly as the day they submit for payment. The automated data exchange between IDS and Raistone provides frictionless financing, lower costs and larger financing lines. Raistone, through its own balance sheet and that of its financial partners, has allocated an initial $1 billion to the program.
“This partnership allows us to jointly tackle a huge pain point for healthcare-related businesses. Our groundbreaking, integrated solution automates everything from invoicing through accelerated payments to healthcare suppliers,” said Dave Skirzenski, CEO of Raistone Capital. “Paying healthcare suppliers quickly will help these vital businesses at a time when so many rely on the essential services they provide. We are always thrilled when others can benefit from our solution, but never more than when we can support small businesses that play such a critical role in supporting our nation’s health.”
“COVID-19 has put a huge strain on healthcare-related suppliers worldwide. Many hospitals and healthcare providers are working to conserve cash and have extended the terms they pay suppliers. This puts a huge strain on suppliers who need the working capital to fulfill new orders,” said Les Keay, Vice President at IDS Xchange Services. “While the CARES Act provides some relief for meeting payroll needs, it does not cover buying new inventory to fulfill new orders. Receivable financing integrated in the IDS platform is a game-changer providing a robust procure-to-pay platform enabling suppliers to unlock the cash in their invoices faster.”
For more information, visit http://bit.ly/RaistoneIDS.