Last Updated
Overview
PencilPay offers a comprehensive solution for managing wholesale accounts and payments. Although the initial setup involves integrating with existing ERP and accounting systems, this creates a fully automated workflow. Moreover, this automation is key to eliminating manual tasks, securing future payments, and providing robust financial control.
Overall Rating
Based on 3 users reviews
5
Rating Distribution
Positive
100%
Neutral
0%
Negative
0%
Starting Price
Custom
PencilPay Specifications
- Sales Orders
- Invoicing
- Sales Tracking
- Customer Management
What Is PencilPay?
PencilPay is a specialized FinTech platform designed for B2B companies that sell goods on payment terms. It streamlines the entire accounts receivable lifecycle, from customer onboarding to final payment reconciliation. Key PencilPay features include digital credit applications that securely capture payment details upfront and automated charging on invoice due dates. This approach helps small and midsize businesses eliminate manual administrative work, mitigate the risk of late payments, and gain direct control over their cash flow.
PencilPay Pricing
The PencilPay cost ranges in the following four plans, alongside a 14-day free trial:
- Payments Only: $0/3 users/month
- Core: $59/3 users/month
- Core+: $129/5 users/month
- Enterprise: $249/10 users/month
Disclaimer: The pricing is subject to change.
PencilPay Integrations
The software supports integration with multiple platforms, such as:
- Xero accounting solution
- QuickBooks
- NetSuite
- MYOB
- Cin7 Core
- Unleashed
- WooCommerce
Who Is PencilPay For?
PencilPay is ideal for a range of B2B industries, including:
- Wholesale food suppliers
- Construction supplies
- Alcohol distribution
- Consumer goods brands
- Clothing and apparel brands
- Health and medical suppliers
- Packaging suppliers
Is PencilPay Right For You?
PencilPay is the right fit for businesses looking to transition from reactive collections to proactive credit management. Its standout capability is embedding payment authorization into the initial customer onboarding, which fundamentally secures future revenue. The platform is built with security at its core, adhering to PCI DSS compliance to ensure all sensitive payment data is protected. By automating tedious financial tasks, the platform empowers businesses to extend credit more confidently and focus on scalable growth.
Still not sure about PencilPay? Contact our support team at (661) 384-7070 for further guidance.
PencilPay Features
Deposits And Prepayments
This feature enables businesses to collect customized deposits or full prepayments directly from quotes and sales orders. It helps secure funds to begin production or confirm an order, which improves cash flow and mitigates the financial risk associated with large or custom jobs.
Onboarding Wholesale Customers
PencilPay replaces manual, paper-based forms with a streamlined digital onboarding process. It allows businesses to create configurable online applications that verify customer data in real-time and securely capture payment details upfront, significantly speeding up the time to first order.
Credit Risk Management
The software provides tools to manage credit risk effectively during the onboarding process. Businesses can perform real-time checks on customer details, such as their legal entity and trading history. In this regard, it reduces the risk of unreliable clients and helps to make informed credit decisions.
Fast Order Processing
This capability allows businesses to process payments in seconds for orders placed offline, such as via phone, email, or a sales representative. It accelerates order fulfillment and helps get prepaid orders shipped faster by using a customer's securely stored billing method.
Automated Accounts Receivables
This function streamlines the entire collection process by automating manual tasks. It includes features like personalized reminder workflows for upcoming and overdue payments, as well as the ability to bundle multiple outstanding invoices into a single, structured payment plan for customers.
Pros And Cons of PencilPay
Pros
Seamless integration with accounting software programs
Supports robust automation of core wholesale processes
Effective reduction in overdue invoices
Cons
Requires customer adoption of the digital portal
Lacks advanced customization for forms
PencilPay Reviews
Total 3 reviews
5
All reviews are from verified customers
Rating Distribution
5
Stars100%
4
Stars0%
3
Stars0%
2
Stars0%
1
Stars0%
Share your experience
Chequita A.
Construction, 11-50 employees
Less than a year
“Quick onboarding”
Pros
Switching to this tool has made our onboarding workflow much faster and more efficient. We can securely collect and keep records of account contacts, directors, payment details and other company information all in one place. It also makes running credit checks for new business customers and handling account applications very easy. One of the best parts has been the support from their team. Their turnaround time has been fantastic and they've been genuinely pleasant to deal with throughout.
Cons
A few customers are not very open to using a digital platform like this one and would rather avoid it. When any technical hiccups come up, their patience tends to run out pretty quickly. That is not really an issue with the software itself just something we have had to deal with. I am also still figuring out the best way to use the system within our business and I would love to see more of the information customers enter in Pencil flow into Xero automatically. It would be especially helpful if it could populate blank fields only like ABN and credit limits.
Rating Distribution
Ease of use
8
Value for money
10
Customer Support
8
Functionality
8
Kiritea T.
Food & Beverages, 101-500 employees
Less than a year
“Inventory and invoicing time saver”
Pros
Linking our inventory system with our invoicing software through it has saved us a huge amount of time and taken away a lot of stress. Their support agents were very hands-on during the setup and they've always been quick to respond and genuinely helpful whenever any questions came up.
Cons
If I'm being really picky, I'd love an option to remove old payees from accounts though that's probably only something worriers like me would really care about.
Rating Distribution
Ease of use
10
Value for money
10
Customer Support
10
Functionality
10
Nate F.
Automotive, 1-10 employees
Less than a year
“cuts admin time fast”
Pros
It fits right into our back-end systems and saves us a huge amount of manual data entry. I can approve and invoice and before long it's processed, paid and already sitting in our accounting system.
Cons
Getting used to it took a little time to wrap my head around but it wasn't overly difficult. The team was there the whole way through, answering my questions and helping sort out any issues that came up.
Rating Distribution
Ease of use
8
Value for money
10
Customer Support
8
Functionality
10
Frequently Asked Questions
What types of pricing plans does PencilPay offer?
The PencilPay price ranges in the following four plans: Payments Only ($0/3 users/month), Core ($59/3 users/month), Core+ ($129/5 users/month), Enterprise ($249/10 users/month). Request a personalized PencilPay pricing quote for your business.
What language does PencilPay support?
PencilPay is primarily available in English.
What other apps does PencilPay integrate with?
PencilPay integrates with various third-party platforms, including Xero, QuickBooks, NetSuite, MYOB, Cin7 Core, Unleashed, and WooCommerce.
Does PencilPay have a mobile app?
No, PencilPay does not offer a dedicated mobile app.
Does PencilPay offer an API?
The official website of PencilPay does not specify its API availability.
What level of support does PencilPay offer?
PencilPay software provides support through Zoom, email, live chat, and a help center.
Who are the typical users of PencilPay?
The typical users of PencilPay features are wholesale suppliers, manufacturers, and distributors in industries such as construction supplies, consumer goods, wholesale food, and alcohol distribution.