Adrian Floate 7 December - 5 min read
Despite innovation in the payment methods offered to consumers, the way businesses pay each other has changed very little over the last 40 years.
Most transactions between businesses are dominated by bank transfers using ABA files, a system designed by the Australian Banking Association.
The problem with this method is that it limits businesses and has been described as the Achilles heel of accounting and payroll systems due to a lack of security and the risk of fraud exposure.
More and more businesses have expressed the desire to pay their suppliers via a credit card as it offers more benefits, but not all suppliers accept credit card payments.
How does a BPSP agreement help businesses?
Under this agreement, Spenda becomes a third-party provider bridging the gap between suppliers and the businesses they trade with. Enabling businesses to pay their suppliers via a credit card transaction even when the supplier doesn’t accept card payments.
With the BPSP agreement we are changing this and giving Customers and Suppliers more ways to trade and pay each other with reduced fees.
As with all Spenda solutions, the additional payment features enabled through the BPSP agreements support automatic reconciliation through our integration with Xero, QuickBooks and MYOB accounting software.
Our aim has been to produce cutting-edge technology to streamline the sales transaction process for businesses and customers. Through this agreement, we’re able to deliver financial services on more favourable terms for our customers.
With measures such as the Federal
Government’s JobKeeper Payment
Scheme ending on 28 March 2021,
a slight cooling in the country’s
economy wouldn’t have been a
surprise. However, that hasn’t been
Services-based businesses require many systems to run smoothly. From bookings and project management, to operations and payments systems, everything can take a lot of time to organise and manage, so it’s critical you have systems and processes that enable you to deliver a smooth customer experience, and get paid on time.
You might have heard a bit about Spenda and perhaps you are keen to learn more? Or maybe you have recently discovered our business? Either way, we thought we’d dive deeper into who we are, what we do and how we help businesses excel so they can trade faster and most importantly get paid quicker.
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