A payment platform that lets customers settle multiple invoices in one transaction could be a ‘game changer’ for ending late payments.

Australian business software developers have created SpendaCollect, which allows customers to track, group and batch-pay all of their outstanding invoices simultaneously.

The unique software will also offer postpay options, where customers can negotiate payment options, including  Buy Now, Pay Later and pay-by-instalments.

Providing customers with easy and flexible payment options is the key to getting paid quickly.

Buy Now, Pay Later financial services, in the business-to-customer (B2C) space, have enjoyed exponential growth in Australia by allowing customers to pay off goods and services in interest-free instalments.

We’ve essentially flipped the service to also cater for business-to-business (B2B) transactions.

Allowing businesses to process all of their invoices in one place saves time, money and resources for all parties.

The advantages of the SpendaCollect e-invoicing software include:

• Prevents errors – Automated, digital systems remove errors caused by manual data entry.
• Clear, flexible payment options – allow customers and suppliers to agree on payment terms and ensures certainty on debt recovery for the seller.
• Automated reminders – provides automatic reminders when invoices are overdue.
  
• Automated updates and reconciliation – the accounting system of the customer and business is updated in real-time when a payment is settled.
  
• One receipt – when customers pay off multiple invoices at once, they receive one digital receipt for the transaction.