June 22, 2022, ROCKAWAY, NJ – Lucrotec is pleased to report that its latest investments in R&D and operations is paying dividends. Transaction automation (machine-to-machine rather than manual) increased by 18% from January 2022 to April 2022; while virtual and ghost card transaction automation increased by over 30% due to new payment routing development efforts. Lucrotec provides a B2B managed payment service to large and mid-sized businesses, helping to automate accounts payable payments to its client’s suppliers.
Lucrotec doubled its R&D staff during 2021 to increase investment in payment automation. Lucrotec’s payment volumes ballooned 336% from 2020 to 2021. Accurate, timely machine-to-machine payments help both A/P and A/R departments reduce re-work and friction between enterprises and their suppliers, resulting in much higher supplier adoption of the Lucrotec solution vs. legacy solutions.
“Our vision has been to create supplier friendly payments, delivering automation not just for our clients’ accounts payable department, but also for their suppliers’ accounts receivable staff. In this way, we differentiated ourselves from the legacy offshore payment outsourcers; as well as from e-mail bank card programs. We drive business results for our clients while paying their suppliers in a professional, supplier-friendly way,” said Rob Smith, CTO at Lucrotec.
Lucrotec is a thriving FinTech company that provides a managed payment service to its clients. Lucrotec delivers operational efficiencies for accounts payable and accounts receivable, better payment security, and vendor expense transparency. It does so without IT integration, OpEx/CapEx expenditures, or disrupting established accounts payment processes.
Additional information about Lucrotec can be found at www.lucrotec.com, requested via e-mail at firstname.lastname@example.org, or by calling 1.855.677.6348.