YayPay raises $5.3 million for its accounts receivable service

A couple of years after participating in TechCrunch’s Startup Battlefield, YayPay is raising $5.3 million from QED Investors, Birchmere, Fifth Third Capital, as well as 500 Fintech Fund, Aspect Ventures, Gaingels, Techstars and Zelkova.

YayPay is trying to optimize the workflows in your company’s finance department. In particular, too many mid-sized companies waste a ton of time chasing money because of unpaid invoices. YayPay lets you track all those invoices, check the status and the service helps you remind them that they have to pay.

More recently, the company introduced cash flow forecasts. YayPay looks at previous invoices and predict the potential day of your payment. This way, you can know when you should be paid, and you can predict how much money you’re going to have in your bank account.

The services integrates with existing ERP solutions and lets you collaborate as a team so that you can see who’s doing what and focus on neglected clients.

It’s also a good way to find old invoices and look at historical data in a central place. So far, YayPay has processed more than 150,000 invoices, representing over $100 million in receivables.