Financial Services

Jacksonville Fintech Firm Builds on Major 2018 Growth

Jacksonville-based OnPay Solutions, a leader in accounts payable and accounts receivable software for enterprises, is building on a strong 2018 that saw 50 percent revenue growth and 900 percent growth in payments processed.

The company now boasts that more than 150,000 companies receive payments through its platform, OnPay Connect, and expects to double that figure this year.

In 2019, OnPay is working to improve the platform’s user experience, add data management tools and provide analytics reports specifically targeted towards CFOs.

Much of the data OnPay currently provides is valuable for controllers, CEO Neal Anderson noted, but OnPay’s new analytics would provide comprehensive data that can better inform c-suite decisions.

OnPay, which originally focused on digitizing antiquated accounts payable processes, spent much of 2018 building the other two legs of its stool: accounts receivable and invoice automation. Companies can now pay vendors, receive payments, collect payment remittance information and automate invoices all within the OnPay software environment.

“That’s really rare to have all three in one platform,” said Anderson.

OnPay’s platform streamlines manual processes like snail mailed paper checks and invoice spreadsheets, reduces costs and allows companies to keep control of their funds and vendor relationships, noted founder and COO Juliet Anderson. For OnPay’s clients, many of whom process tens of millions of dollars through the platform, those relationships are significant.

OnPay Solutions A/P and A/R solutions work with any ERP system from homegrown to SAP, Oracle, Microsoft Dynamics, Great Plains and NAV and many more.

More information can be found in the Jacksonville Business Journal.