Ola Polczynski 28 January - 5 min read
Despite innovation in payment methods offered to consumers, the way businesses pay each other has changed very little over the last 40 years.
Inefficiencies in operational processes and payments practices plague many businesses and directly contribute to cash flow problems. 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.
Creating solutions to deliver less debt and improve cash flow
Today, new innovations in payments are able to bring about smarter ways for businesses to get paid quicker and drive better cash flow management for buyers and sellers.
Business is rarely one-size fits all and more and more business owners have expressed the desire for flexibility and choice in how they pay their suppliers. Giving your customers more ways to pay will ultimately mean your business gets paid quicker.
Payment Options with Spenda:
Providing a highly functional payment platform for business is one of the key drivers at Spenda. With that in mind, we have been working hard to create flexibility that allows businesses to take control of their cash flow and take/make payments in the way that best suits them.
Our collaboration framework is ultimately focused on connecting the buyer and seller through ledger-to-ledger integration to ensure they are working from a single source of digital truth.
These improvements to the payment options have been made possible due to the Business Payments Solutions Provider (BPSP) and Business Payment Aggregator agreements that we’ve recently entered into. Coupled with the Workflow Payments concept, we’re able to give businesses better flexibility and more options when it comes to getting paid.
Furthermore, under the ‘Intent-to-Pay Framework’, businesses can collaborate on a repayment plan, otherwise known as Buy Now, Pay Later, and automate everything so the supplier knows when they will be paid and both businesses have a better view of their cash flow.
Click here to learn more about our payment offering and get in touch with us to see how we can tailor the best solution for your business.
Chasing late invoice payments is a burden for any business, and still, more than half of B2B payments in Australia continue to be processed late, costing businesses, on average, $115 billion every year.
When you’re running a large operation with hundreds of invoices processed each month, the resources required to manage your payments grow quickly, especially when ageing receivables become a problem. While customers may not pay their invoices for various reasons, it happens too often, causing a range of challenges and increased risk.
Digital payments helped businesses get paid safely and efficiently throughout the COVID-19 lockdowns and associated restrictions. But as economies reopen many challenges still face businesses including supply chain disruptions, the ‘great resignation’, rising inputs such as fuel, and the expense of reopening. These business challenges make now an opportune time to build on the processes optimised throughout the pandemic, especially across B2B trade.
© 2022 Spenda. All rights reserved