A payment stack allowing businesses to take payments, collect debt, set up pay-later plans and get access to working capital.
If cash flow is a big problem in your business, you’re not alone.
Today, cash flow is the number one cause of business failure and late payments along with uncertainty in debt recovery heavily contribute to this problem.
Sometimes customers pay late because they’re also waiting for payments. Other times they avoid it, forget to pay, or sadly don’t pay at all, leaving you to chase or write off the debt. And with most businesses wasting around 12 days a year chasing unpaid invoices, who’s really got time for that?
Spenda isn’t just your average payments system. Our solution is designed to simplify and reduce operational and administrative burdens that lead to poor cash flow. We securely connect the customer and supplier ledger-to-ledger, and our system enables parties to select the invoices they want to pay and when.
Spenda provides business owners with the tools and systems they need to ensure they get paid on time.
Our connected platform allows your customers to easily pay their invoices via credit card transactions and bank transfers. It clearly displays what invoices they owe you and allows them to seamlessly pay one, all, or a selected number of invoices in one transaction. Immediate settlement is available for a low fee.
Switching to a fully digital system means never having to print, email or fax invoices to customers again. Our system enables customer payments to be triggered when a service job is completed, a delivery is made or a key milestone reached (such as a 30-day payment term). These payments are automatic and enabled through the tokenisation of your customer’s credit card.
In Australia alone, over 53 per cent of invoices are paid late, a further 20 per cent are paid to the wrong account, then another 20 per cent are paid to the incorrect amount. Our collaboration framework is focused on connecting the buyer and seller through ledger-to-ledger integration. This means you’ll both be working from a single source of digital truth, and you can say goodbye to data entry errors.
We take data and payment security very seriously and conduct strict Anti-Money Laundering (AML) and Know Your Customer (KYC) checks. Your customers must also demonstrate they own their credit card and the linked bank account.
With Spenda, there’s no more guesswork on how much you are spending on merchant fees because we deliver a flat rate on card payments and a capped fee on integrated account payments. Reconciliation and integration automation lowers the total cost of business payments and delivers a compelling ROI for both the merchant and their customer.
The cumulative time businesses spend on bookkeeping and administration can really hurt their productivity. Even 30 minutes a day adds up to a full week every year.
Our system is fully integrated with small business accounting software (MYOB, Xero and QBO) and specifically designed to make reconciliation a breeze. It supports ledger-to-ledger integration, linking the payment event to the reconciliation for both parties. ERP integration is also available through consultation and implementation support.
Get in touch and discover what our powerful credit and cash flow management tools could mean for your business.
Spenda’s payment solution improve your chances of getting paid on time, every time. It’s easy to use, collaborative and transparent for both parties, and most importantly, it’s suited to support any business.
With the option to view and pay a single invoice or all invoices in one place, managing your payments will be easier for you and your customers, allowing you to get paid faster.
Enjoy the assurance that comes with providing customers with more payment options such as credit card payments and bank transfers, and allowing them to schedule how and when they pay. No more guessing games on when to expect payment. Map your payments in real-time and visualise your cash flow.
Not only can we offer you a competitive blended flat rate and one of the cheapest online rates in Australia, but by on-charging your merchant fees to your customers, you’ll never have to pay a single cent again. Enjoy the benefits of our secure payment gateway without breaking the bank.
Stay on top of your cash flow at all times. Whether you’re reconciling your merchant account or other business bank accounts, our automated tools eliminate errors and create efficiencies through syncing between both parties (accounts payable and receivable).
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WHITEPAPER
B2B payment trends in Australia and key opportunities for SMEs to improve their cash flow in 2021
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