A new approach to B2B payments that provides greater security and delivers instant payment when the job is completed or when a pre-set status is met, such as the end of payment terms, removing the need to chase payments.
Today, cash flow is the leading cause of business failure. 30 per cent of businesses say they only have enough cash flow to survive for three months or less. Late payments and uncertainty in debt recovery contribute to cash flow problems in SMEs.
Not only does restricted cash flow mean businesses need to cover the shortfall of working capital while waiting for payments to process, but it also holds businesses back from growing altogether.
Couple this with the fact most businesses are still reliant on manual processes to manage and reconciling accounts receivables you can see Australia has a payments problem.
There is no universal silver bullet to improve business cash flow. Unlike other companies, we know that one solution rarely suits every business. That’s why we work with your business to understand the specific problems that are causing inefficiencies in your business before we propose a solution.
On average, SMEs spend 12 days a year chasing unpaid invoices. 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 made or a key milestone reached (such as a 30-day payment term). These payments are automatic and enabled through the tokenisation of your customers credit card.
53% of invoices in Australia are paid late, with 20% paid to the wrong account and another 20% the wrong amount entirely.
Our collaboration framework is focused on connecting the buyer and seller through ledger-to-ledger integration to ensure they are working from a single source of digital truth.
The cumulative time businesses spend on bookkeeping and administration can really hurt the productivity of SMEs. Even 30 minutes of bookkeeping a day add up to a full week every year. If your business requires closer to two hours each day that’s a whole month you are potentially wasting every year.
The Spenda system is fully integrated with small business accounting software (MYOB, Xero and QBO) and specifically designed to make reconciliation a breeze.
ERP integration is also available through consultation and implementation support.
Collaborate on repayment plans with customers, otherwise known as Buy Now, Pay Later.
No more guessing when you will get paid. Instalment payments mean better control over your cash flow as you are no longer guessing when you might get paid. Payments are automatically transferred from the customers account to your business accounts on scheduled dates.
The average business spends X hours chasing customers for payment. 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 made or a key mile-stone reached (such as a 30-day payment term). These payments are automatic and enabled through the tokenisation of your customers credit-card.
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