TermSync, Inc., a Madison, Wisconsin-based accounts receivable automation platform, has completed a $630k funding.
Backers include a group of private investors, including TermSync board members Brian Wiegand and Mark Burish.
The company intends to use the new funding to invest in additional sales, marketing and engineering resources.
Led by founder and CEO Mark Wilson, TermSync provides a platform that monitors a company’s receivables, sends payment reminders and automatically draws funds from the company’s customer via ACH if payment has not been received by a previously agreed upon date.
Customers retain complete control and are allowed to delay or dispute a payment if needed simply by entering a reason.
The company currently manages over 2,000 payment term relationships with clients and their customers (over 99% paid on or before the due date).
Recent client acquisitions include Palmer Johnson Power Systems, DiscountOfficeItems.com and Oakbrook Corporation.