ForwardAI Launches Instant Payments to Improve SMB Cash Flow

ForwardAI, a fintech providing aggregated direct data access to accounting and ERP platforms, has launched Forwardly, the first of its kind real-time payment (RTP) enabled cash flow management tool for small and medium sized businesses in North America. 

Forwardly was designed to help small business owners and accountants simplify their cash flow through instant payments. The powerful B2B payments platform, which is available at no cost to users, helps small businesses get paid in seconds and is available 24/7 and 365 days a year, eliminating the need to consider bank hours or closures. Additional benefits for businesses include: 

• Speed – Get paid three days faster than ACH or any other legacy payment option. 
• Save Money – Save 60-80% compared to credit card processing fees. 
• Save Time – Seamless integration with bank accounts and accounting systems eliminates manual tasks; direct two-way sync with leading accounting platforms means payments are reconciled instantly.
• Bank Agnostic – No need to create a new bank account, change banks, or pre-fund a settlement account or wallet. 

“Cash flow is the most critical component of a business’s financial health, and in today’s economic climate, it’s more important than ever for small businesses to have visibility and control over their finances,” said Nick Chandi, CEO and co-Founder of ForwardAI. “Forwardly helps businesses accept payments faster, retain money longer, and spend less on processing fees, which ultimately means less time spent worrying about keeping cash in the bank. We’re pleased to be offering a tool that can deliver meaningful savings for accountants and business owners.” 

Powered by ForwardAI’s recently released Precise API V2, which aggregates data from major accounting systems, Forwardly improves business workflows, seamlessly integrates with bank accounts and accounting systems, and utilizes instant and automatic reconciliation for leading accounting platforms, including QuickBooks Online and Xero. Forwardly utilizes The Clearing House’s RTP network, and will support the Federal Reserve’s FedNow Service upon its launch in July, which will open the door to an additional 10,000 supported banks. 

“I’ve worked in accounting for more than 20 years and have witnessed many changes and improvements in payment processing systems that small businesses use,” said Christanne K. Wright, EA Founder of Your Wright Resource LLC. “The major pain points for small business clients have always been high fees for credit card processing and three-to-five day wait times to receive funds. I’m thrilled to introduce Forwardly’s platform to my clients as it significantly reduces fees and provides them with immediate payment receipts. Forwardly is truly a game-changing long-term payment solution for my small business clients.”

Hari Venmuri, owner of AvVa Consulting Inc., said improving the payments process is a critical need for his clients. 

“As a CPA, I place tremendous value in providing the best service to my clients, specifically by improving the payment workflow experience for them,” he said. “Forwardly’s new real-time payment solution checks all the boxes. When I tell my clients I can save them money on fees and accept payments faster, they can’t wait to sign up.”

ForwardAI recently completed its Service Organization Control (SOC) 2 Type II certification, which further validates the company’s commitment to upholding strict IT security protocols that protect its systems, users and accounting data from unauthorized access, and puts users minds at ease due to the layer of protection followed, minimizing incident impacts when needed.

For more information on Forwardly and to get started, visit: www.forwardly.com or stop by Booth 165 at the upcoming Scaling New Heights® conference on June 25-28, 2023 in St. Louis.