Adrian Floate 16 December - 3 min read
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:
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.
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