In today’s digital age, where everyone operates digitally, whether it’s paying for groceries or paying almost anyone for the most insignificant of purchases. However, when it comes to accounts payables, it does consume a lot of time and is troublesome to tackle.
Paymerang was founded with the goal of streamlining invoices and automating accounts payables to save hours of tedious work. Founded in 2010, it deals with various departments and helps ease heavy workloads effectively.
Paymerang Attachments CEO, Nasser Chanda came with enthusiasm for start-ups and later emerged as an amazing business leader, delivering fantastic products accompanied by fantastic customer experiences while contributing massive financial growth to the organization.
Paymerang as a platform saves Accounts Payable (AP) departments saving thousands of hours annually while enriching their feasibility with utmost efficiency. It works on avoiding fraud risks and earning rebates while reducing paper use and operating costs.
Let’s delve in and learn more about Paymerang through the highlights of the interview:
Please brief us about your company and the ideas that led to its inception.
Paymerang, a Richmond-based fintech company, was founded in 2010. The company understood that Accounts Payable departments were overwhelmed with heavy workloads.
The solution was simple – empower Accounts Payable staff with an automated solution that eliminates the manual tasks that consume an AP specialist’s day across several industries, including healthcare and K-12 education.
With automation in place, they can focus on strategic initiatives and mission-critical tasks with more free time.
Kindly tell us about yourself and your professional milestones so far. What has been your motivation to venture into the Electronic Invoicing niche?
I began my career at PricewaterhouseCoopers as a CPA and learned quickly that finance departments today are asked to do more with less. In addition, they’re faced with more compliance and fraud risks.
The concept of automation and electronic payments resonated with me as ways to help these finance teams become more efficient and secure. With the time they gain back, we can help elevate these teams to become more strategic in their organizations. That’s why I joined Paymerang in 2016.
Finance automation has a bright future, and Paymerang is at the heart of it. We started with Payment Automation, which allows our clients to eliminate manual, burdensome checks and bank reconciliations. After successfully growing our Payment Automation business, we decided to expand into Invoice Automation.
This product allows our clients to receive invoices electronically, extract data through AI, route them for approval electronically and post them to the general ledger with the push of a button and zero paper. One of our valued education clients asked us to build our Invoice Automation solution after enjoying the use of our Payment Automation product.
What are the core values of the company? How are you driving the company to achieve its vision and mission statement?
Paymerang is a values-driven organization that prizes integrity, passion & positivity, simplicity, teamwork, customer focus, and grit.
Our team members show up to work daily and embody these core values in everything they do.
At Paymerang, we win as a team and lose as a team. Seeing everyone come together and accomplish big goals and dreams is incredible.
What are the company’s key offerings that make it stand out from the others? How is it revolutionizing the industry?
Paymerang currently offers a full AP platform with both Invoice and Payment Automation to clients. While these solutions aren’t unique to Paymerang, we distinguish ourselves apart from competitors by listening to our clients and regularly updating our products to make them more intuitive and user-friendly.
One notable attribute of Paymerang is our industry focus and our premier white-glove customer service and our dedication to delivering an exceptional experience for our clients. We are revolutionizing the industry with what matters most to them. It’s all about what the end-user is gaining from using our products.
How are you adopting emerging technological solutions to advance output in the Electronic Invoicing niche?
Paymerang’s collaboration with Amazon Web Services (AWS) empowers the business to employ the most modern and secure technologies that bolster our cloud solutions. Intelligent data capture reduces processing time for finance departments and is more accurate than systems used by other competitors.
We use AWS Optical Character Recognition, which converts an image of text into a machine-readable text format. We also utilize Amazon Textract, a machine-learning service that extracts text and structured data from any document or image. Paymerang’s Invoice Automation eliminates hours of manual data entry and speeds up invoice approval.
What are the ongoing challenges that you are facing? How do you infuse your leadership skills to turn them into opportunities for the success and growth of the company?
Paymerang is not immune to the challenges like the Great Resignation and potential recession impacting other companies nationwide. While we’ve lost employees, we are still managing to grow faster and retain top talent.
At times like this, we stick to our values and know that if we give 100%, that’s all we can do. Nothing brings me greater joy than walking into the office daily and collaborating with others as we identify ways to help Paymerang grow and continue its success.
As an experienced leader, what advice would you like to give to budding entrepreneurs who wish to enter into a similar industry?
First and foremost, define your values early in your career and stay true to those values as you grow and become more successful. Challenges will be inevitable, no matter what industry you are a part of, but staying true to your values can help you better navigate the unexpected.
Also, don’t be afraid to take risks and inspire your employees to do the same. Remember that company culture is important, and it’s crucial to build an environment where people are engaged and collaborative. Always remember that you win as a team and lose as a team.
What are the future goals of the company? How do you envision upscaling its operations and reach in 2022 and beyond?
Paymerang has witnessed unparalleled growth since 2018, growing from 27 employees to over 230 while expanding company operations, new product development, sales, and marketing.
We aim to keep this momentum and continue that growth while maintaining the same fantastic culture we currently have. We will make strategic decisions based on data analysis that aligns with our goal of being a leading cloud-native AP Automation provider when upscaling operations.
Please share any clientele, awards, or recognitions that correctly highlight your current market position.
Paymerang ranked no. 2918 on this year’s Inc. 5000 list, for the third year in a row, the most prestigious ranking of the nation’s fasting growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment – its independent businesses. Ranks are based on percentage revenue growth from 2018 to 2021. This achievement also marks Paymerang as the fastest-growing software company in Richmond, Va.
Paymerang’s ranking on the 2022 Inc. 5000 list was based on a three-year growth rate of 186%. Previously, Paymerang ranked no. 2373 in 2021, with a growth rate of 178% based on percentage revenue growth when comparing 2017 and 2020. In 2020, Paymerang also made the list of the Inc.