Fortis and Lockstep Partner to Offer ERP-Integrated Solutions for Automating Collections, Accepting Online Payments and Improving Cash Flow

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Mar 09, 2022, 09:01 ET

NOVI, Mich., March 9, 2022 /PRNewswire/ -- Fortis, a payment and commerce technology leader for software providers, marketplaces, developers and businesses, today announced its partnership with Lockstep, further strengthening its breadth of ERP accelerated payment offerings. The partnership gives customers full access to Lockstep® Receivables, an award-winning, ERP-integrated accounts receivable (AR) automation software that automates collections, enables online payment acceptance and improves cash flow. Lockstep customers can now access the world-class Fortis payments and commerce technology, which transforms commerce into a competitive advantage.

Through Lockstep, Fortis business and ERP clients can optimize their existing systems by accelerating cash collection, eliminating double data entry and gaining access to Level 3 discounted rates for B2B and/or B2G transactions, ultimately delivering a powerful, omnichannel processing environment with a fully compliant solution. The Fortis-Lockstep partnership helps organizations streamline the collection process significantly decreasing receivables and enhancing their cash positions.

The partnership provides an array of benefits with no installation, setup, training or support fees. Lockstep helps companies optimize collections with a customizable rules engine that automates multichannel outbound communications and assigns team activities to drive on-time payments. Lockstep clients can now have a secure and full-featured Fortis experience within their existing solutions, such as the self-service portal where customers and AR professionals can access statements and invoices, dispute resolution tools and receive a holistic overview of AR activities.

"We're incredibly excited about the benefits and unlocked potential in the ERP space this partnership will deliver to both companies and our shared customers," said Greg Cohen, CEO and chairman of Fortis. "Fortis and Lockstep have a shared vision of how automation and integration can strengthen efficiency, and we are equally committed to delivering best-in-class customer service and providing a one-stop solution for invoicing and payments. These shared values make for a seamless partnership."

"Lockstep Receivables enables accounts receivable to automate their manual collections process and provide an online customer portal, so we are thrilled to partner with Fortis to further streamline the end-to-end experience," said Matthew Shanahan, Chief Strategy Officer at Lockstep. "Our clients can improve cash flow by removing the friction of legacy payment processes. Fortis will be embedded into our online customer portal to enable a fully integrated online payment experience so that finance departments can get paid easier and faster."

With the objective of becoming the payment solution of choice for business leaders who want to make commerce a competitive advantage, Fortis has rapidly expanded its product portfolio and extended its market reach. The partnership with Lockstep is a great example of how Fortis leverages software alliances and additional offerings to enhance the commerce experience for customers. Learn more about Fortis at www.fortispay.com.

Lockstep's connected accounting solution supports over 4 million companies and the new partnership with Fortis will allow those businesses to expand and scale in an integrated and compliant manner. Lockstep integrates with over 85% of the world's financial systems. For more information on Lockstep, visit www.lockstep.io.

About Fortis

Fortis delivers comprehensive payment solutions and commerce enablement to software partners and developers, processing billions of dollars annually. The company's mission is to forge a holistic commerce experience, guiding businesses to reach uncharted growth and scale. As the solution of choice for the future of payments, Fortis moves commerce closer to invisible with a proprietary platform that supports and strengthens the commerce and payments capabilities of software partners. For more information, visit www.fortispay.com.

About Lockstep 

Award-winning Lockstep® connects the world's accounting teams to help them work better together. The pioneer in Connected Accounting, Lockstep develops tools and platforms for fintech developers and accounting teams to automate workflows between the accounting systems that are at the heart of all businesses. For developers, Lockstep API is the easy, modern platform for building fintech applications that work with their customers' accounting systems. For accounting teams, Lockstep's applications automate accounts receivable and accounts payable workflows improving efficiency and cash flow. Based in Seattle, Lockstep has won numerous awards including the 2022 BIG Innovation Award, 2021 Top Cash Management Solution by CFO Outlook and The Cloud Awards Most Promising Start-up. Visit www.lockstep.io for more information.

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SOURCE Fortis