PencilPay Completes Integration with NetSuite, One of the World’s Largest Cloud Business Management Software

PencilPay, the Australian software that helps small and medium suppliers act like credit providers, just announced its integration with NetSuite. NetSuite is an international cloud computing company that provides software and services to manage business finances, operations, and customer relations.

This cooperation opens a significant share of the market to PencilPay as this software is specifically tailored for small and medium-sized enterprises with solutions for ERP, CRM, PSA, inventory/warehouse management, and e-commerce. PencilPay’s SaaS tool helps product suppliers grow their wholesale channel, which makes integration with NetSuite mutually beneficial.

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“It took us around three months to build the full payments, data, and automation integration with NetSuite”, says CEO of PencilPay Tim Demetriou. “This year, we are planning to launch in the US, and such integrations prepare a good base for our expansion overseas.”

The NetSuite partnership is not the first significant step for Pencil. The company is already integrated with giants such as Xero, MYOB, QB, MYOB Adv, DEAR, Unleashed, and Equifax. PencilPay will continue to scale domestically in Australia and in other countries.

Every year there are hundreds of thousands of SMEs selling trillions of dollars worth of wholesale products to other SMEs on credit, with zero expertise in running a credit business. PencilPay has developed a fully integrated toolkit to manage the ID, contractual, risk, security & repayment workflows needed to service the 2,600 Australian SMEs that currently pay or get paid through PencilPay.

The company has seen significant growth across the alcohol, consumer goods, health and pharma, food service, coffee, clothing, and apparel verticals. This two-sided platform for wholesalers and their trade customers has fundamentally shifted the way product suppliers manage trade credit customers that buy “on-account”.  

About the Company

PencilPay is a fast growth B2B SaaS tool, founded by Greg Armstrong and Tim Demetriou.

When taking over a business in 2018, Tim found himself applying for trade credit terms with 20+ suppliers. The details were recorded in paper and pen and that was just the tip of the iceburg. 20+ suppliers means 40+ invoices per week. (Some big, most small)

With different due dates and cash flow constraints, paying in a weekly run isn’t an option, so payments are scattered throughout the week and are laborious.

Tim called Greg; Greg builds software.

Greg came back the next day with a sketch of the platform and the rest is history, including the retail business.

Key info

  • A SaaS tool that helps product suppliers grow their wholesale channel.
  • Cloud accounting & inventory integrations drive automation and huge time savings for sales and accounts teams.
  • Experienced founders from both a growth and software background.
  • 17% MoM payment processing growth in 2021.
  • Great revenue and product supplier growth from Suppliers in the Alcohol, Consumer Goods, Health and Pharma, Food Service, Coffee, Clothing and Apparel verticals.
  • Signed up over 90 Suppliers and 2500 retailers.
  • Intrernational Growth Opportunity with US & UK launch in May 2022.

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