Settle has launched its groundbreaking Purchasing suite. This collection of tools is crafted with e-commerce founders in mind, aiming to simplify the often complex world of purchasing and procurement. The goal is to address the growing needs of small e-commerce businesses.
With supply chain disruptions and economic instabilities presenting unprecedented challenges, streamlined and efficient procurement processes are now paramount for the sustainability of small-scale e-commerce operations. Settle’s CEO, Alek Koenig, pinpointed a glaring gap in the market where most of the available procurement solutions cater mainly to large enterprises. This often leaves smaller e-commerce ventures grappling with manual processes fraught with delays and potential errors.
“Our new solution aims to level the playing field for these smaller players by giving them enterprise-grade purchasing and procurement capabilities at SMB pricing. This aligns with our vision of helping founders save time, reduce risk, and ultimately focus on what matters most: growing their businesses.” said Koenig.
A notable highlight of Settle’s offering is its affordability and easy adoption. Unlike many other platforms demanding long-term commitments and exorbitant setup fees, Settle provides an accessible starting point with a free subscription model.
The Purchasing suite’s features are impressive:
- Unified Purchase-to-Pay Journey: This tool metamorphoses the entire purchase-to-pay cycle into a smooth, integrated experience. Crafting purchase orders (POs) is simplified, and these can be directly emailed to vendors in a snap.
- Easy Auditing Process: Users can effortlessly spot discrepancies through a comparative view, juxtaposing purchase orders, invoices, and receipts.
- Organized PO Management: The suite provides the flexibility to search and monitor POs effortlessly with the aid of customizable tags.
Feedback from the e-commerce community has been positive. High-growth ventures like HigherDOSE are already leveraging the capabilities of Settle’s Purchasing suite for their end-to-end procurement management. Sumir Kadkha, COO of HigherDOSE, shared, “Having used Oracle, NetSuite, and other ERP systems in the past, Settle is perfect for our stage of the company—it has a clean interface and holds everything in one place, making it really easy to track POs and pay bills.”
Settle’s announcement comes hot on the trail of the company securing a whopping $145M credit facility with Silicon Valley Bank, emphasizing its growing influence in the fintech domain and its unwavering commitment to uplifting small businesses in the e-commerce sector. Small business owners looking to optimize their purchasing processes have a new, powerful tool in their arsenal, promising both efficiency and affordability.
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