In a bold move to reshape the way service-based businesses handle transactions, Alternative Payments has announced a $22 million funding round backed by MissionOG and Third Prime. The capital will help accelerate the company’s vision of delivering modern, automated B2B payment solutions to industries long neglected by traditional fintech.
From IT service providers to blue-collar sectors, Alternative Payments is targeting the pain points that have historically held back these industries — delayed invoicing, outdated systems, and poor payment visibility. Now, with fresh backing and soaring momentum (the company’s processing volume has grown nearly 5x since 2024), the team is doubling down on making friction-filled financial workflows a thing of the past.
“Innovation in payments is a powerful catalyst for growth, especially in these uncertain times,” said Baxter Lanius, CEO of Alternative Payments. “By accelerating how and when businesses get paid, we’re not just improving cash flow—we’re unlocking greater efficiency, stability, and confidence for companies around the world.”
Automation at the Core of the Platform
At the heart of Alternative Payments’ offering is a fully integrated checkout and payments infrastructure designed for service-based businesses. The platform helps clients automate everything from invoicing and accounts receivable to reconciliation and client-facing financing.
Companies using the platform benefit from features like:
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Auto-pay rules that instantly charge customers based on pre-set criteria
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Real-time payment tracking and reconciliation across ERP and accounting software
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Financing options like “Pay in Installments” for B2B customers
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Immediate access to payment methods, including ACH, credit card, and B2B BNPL
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Seamless integrations with platforms like QuickBooks, NetSuite, Xero, and Plaid
All of these are aimed at simplifying a historically cumbersome B2B payment process. In fact, customers using the platform report being paid 40–50% faster than before.
Mission-Driven Investment
Alternative Payments isn’t just modernizing workflows; it’s opening doors for industries that have largely been ignored by the fintech boom. From managed services providers to contracting companies, many businesses still rely on manual, paper-based processes and clunky third-party tools to get paid.
“Alternative Payments brings much-needed modernization to sectors where legacy systems have created bottlenecks for years,” said Rob Metzger, General Partner at MissionOG. “Their focus on automation, ease of use, and advanced analytics positions them to lead the transformation in how businesses manage payments and cash flow.”
One Hub for Everything Payments
What truly sets Alternative Payments apart is its fully integrated, end-to-end ecosystem. Branded as a complete “payments hub,” the platform empowers businesses to streamline every aspect of their transaction process. Companies can set auto-pay rules tailored to specific customer segments, automate bookkeeping to eliminate manual data entry, and securely collect and store payment information during the contracting phase.
With tools designed to boost cash flow and reduce overdue collections, businesses can operate more efficiently and with fewer financial delays. Moreover, the platform is built for scale, supporting seamless expansion without the typical cross-border friction that plagues many legacy systems. This all-in-one approach eliminates the need for patchwork solutions, making it especially valuable for small and mid-sized service providers looking to modernize.
Summary
Alternative Payments is entering a new era of growth, fueled by a $22 million investment that’s set to supercharge its expansion. With plans to scale its go-to-market team and further enhance automation across the platform, the company is positioning itself to better serve an ever-growing customer base. Global expansion is already underway, alongside deeper integrations with top-tier partners—all part of a broader strategy to bring modern, efficient payment solutions to traditionally underserved industries.
At the same time, the company is doubling down on its infrastructure to ensure secure, seamless, and compliant global transactions. Its platform is already equipped to support cross-border payouts, multi-currency operations, and localized compliance, giving it a significant edge as it scales internationally.
In a funding climate where fintech investments are slowing, Alternative Payments stands out—not just for raising capital, but for tackling a critical gap in B2B payments that’s long overdue for disruption. With a powerful product, a clear mission, and momentum on its side, the company is well on its way to becoming the essential payments backbone for service-based businesses around the world.