Tradeshift shifts up a gear with Instant Payments for businesses

Tradeshift, the free invoicing platform aiming to be a kind of social network for B2B processes, broke cover last year and since raised a significant $7m round from Notion Capital and already has angel investment from former MySQL CEO Mårten Mickos and founding investor in Last.fm Stefan Glaenzer, alongside PayPal.

Dubbed “Skype for invoicing”, now Tradeshift is shifting up a gear to address a big problem. Getting paid fast is probably the biggest problem companies face today, and its new the Instant Payment solution is designed to address that. The new service will be offered to selected suppliers in beta and will roll out over next six months, but, we can give exclusive early access for Techcrunch readers. To qualify, register for a free Tradeshift account and then go to tradeshift.com/instantpayments

Instant Payments allows businesses – and particularly SMEs – to receive instant payment for invoices approved through the platform. Companies can get interest rates significantly lower than other funding options. Obviously the new service integrates with Tradeshift’s existing e-invoicing solution which is free to suppliers, so therefore quite disruptive in the market. Some estimates state that in the UK alone, SMEs are owed over £24 billion by late payers.

Tradeshift does have competitors, such as OB10 which operates an Electronic Data Interchange. In February OB10 signed an agreement with Virgin Atlantic to service the company’s global invoice process management for their US and UK operations. There is also the well-established Maventa.com. However, none leverage open Web technologies in the way Tradeshift does.

Last June Tradeshift announced a raft of new partners in the SaaS accounting space, for example, and claims 50,000 registered companies across 180 countries including the UK’s National Health Service and Danish and French governments.