Anchor automates B2B billing and payments to provide our clients with an end-to-end solution that allows them to focus on getting their job done, not the time-consuming paperwork. On our platform, companies can enter into “live online agreements” with their customers that codify their commercial relationship. The platform can be integrated into the service provider’s technology stack and incorporates their customers’ payment information. From there, it automatically generates the invoices based on the pre-agreed billing plan or specific services and sends them using a pre-determined procedure.
As soon as the customer releases the funds, the platform automatically collects them on behalf of the service provider and takes over the invoice reconciliation.
The idea behind the platform is to remove a major pain point that every business has to deal with as manual billing and payment management takes up a lot of time and human resources on both the sender and receiver side. Our platform allows any business offering paid services to focus on what they do best and leave the paperwork to our solution.
How did you come up with the idea for the company?
As a serial founder and entrepreneur, I know firsthand how frustrating and time-consuming B2B billing and payments can be. This is twice the case when the company is in its infancy. They want to focus on the product, driving growth, brainstorming ideas for marketing, anything but the bills and statements. It’s just such a colossal waste of time for everyone involved.
The truth is, things don’t have to be that complicated, I thought. The service provider wants to do the best possible work and receive the payment that is due. The customer wants to get the job done as well as possible and pay for it. Nobody wants to manually fill out the invoices and handle banking documents, which exposes them to the risk of fraud, errors and late payments. So what they want is perfectly matched, all it takes is a comprehensive mechanism that turns their interaction into a seamless process with no manual labor.
And that’s how Anchor was born. It targets real needs and challenges that every business faces. It takes the pressure off both sides in a B2B relationship by ensuring their collaboration always follows established rules and removing the risk of human error from billing processes.
How has the company performed during the pandemic?
Before the pandemic, Anchor was in an early stage where we only had a first idea of what we wanted to do. At that point, getting to know the needs and expectations of our future clientele was crucial in order to set the direction we would be moving in, so every two weeks I would be commuting back and forth between the US and Israel or with potential clients so to speak. We made great strides, but with the pandemic, the playbook changed.
Before long, travel was all but off the table due to border closures, lockdowns, and other security measures. This also seemed to have prompted many to adopt a more conservative attitude towards the business. With so much uncertainty, no one wanted to think about new products or make new connections. We had to think of new ways to connect with our potential customers and nurture our relationships.
However, the trend towards digitization soon caught on. Everything moved online, including work and communication, and people became more open to relying on various technical solutions in their personal and professional lives. This gave us a big boost as companies coming online need fintech infrastructure to operate. As more and more people realized how much time and effort our platform saves them, we started building momentum again, and we’re very pleased with the traction Anchor has achieved so far.
What can we expect from Anchor in the future?
In the long run, of course, nothing short of a total revolution in the way businesses manage their payments! In the nearer future, however, we will be announcing some exciting partnerships that will be revealed in the coming months. Currently we are mainly working on expanding our presence in the USA, but soon we will also enter the European market.
https://techround.co.uk/interviews/meet-rom-lakritz-anchor/?utm_source=rss&utm_medium=rss&utm_campaign=meet-rom-lakritz-anchor Meet Rom Liquorice, Co-Founder and CEO of FinTech Company: Anchor