There’s no two ways around it; if you’ve got a growing number of unpaid invoices or simply too many invoices that are way over your terms, you might be heading for cash flow issues.
It’s an issue that can easily snowball, especially when you start relying on credit, so identifying the problem early and acting quickly is crucial if you want to keep control of your credit management. Knowing that you need to reduce your debtor days is one thing…being able to reduce them in practice is a lot harder!
If your business is suffering from a rise in average debtor days, and you are finding you are spending large amounts of time and resources sending reminders to customers to encourage them to pay, well, there is another way.
Paycada has been designed to sit comfortably alongside your existing accounting software and uses clever data-driven automation to chase invoices before they become overdue so that you get paid on time. As well as facilitating fast and easy payments and streamlining your accounting process, Paycada gives you complete visibility and an overview of outstanding fees, so you always know where you stand with your invoices.
Most importantly, it’s proven to work. One of Paycada’s clients told us they had reduced their overdue debtor days by an impressive 47%, which had made a real difference to their business.
All of the service with none of the limitations
I know what you’re thinking! “Nothing comes for free, and the cost of using this service will likely write off any savings I end up making from my invoices being paid faster.”
Well, that’s where Paycada’s a bit different. Rather than paying a monthly subscription fee or paying per invoice, Paycada is free to use, and you only pay for the use of the platform if payments are made by card. All BACS payments are made without any additional cost.
Created out of an aim to make financial technology affordable and accessible for all, Paycada was designed to deliver enterprise-level automation to smaller businesses while being simple, easy to use and affordable.
There’s no tricky payment plan to navigate, and you’ll never be duped into signing up for a subscription you don’t want or need. You won’t be offered a cheap, limited service either, which forces you to buy lots of add-ons to be able to use the features you need from the platform. With Paycada, there are no limits to the amount of invoices you can chase or the amount of users linked to your account.
And if you don’t like it or aren’t getting the results you want, you’re free to cancel at any time with no penalty or subscription fee left to pay. After all, no one likes feeling chained to something they’re not getting any value from!
What if my customers still won’t pay?
We know that in an ideal world, all customers would settle their invoices as soon as they’re reminded, but of course, the reality doesn’t always play out that way. On occasion, you’ll get clients who just won’t pay, no matter how many times they’re chased. So, where does that leave you?
If you’re worried that some of your regular offenders won’t settle their outstanding payments through reminders and messaging alone, you have an option with Paycada to escalate the invoices you choose with their Enhanced Collection Service.
What about Paycada’s Enhanced Collection Service
Again, it’s a no-win, no-fee feature, so you’ll only pay a small fee if Paycada successfully collects payment for you. Think of it as an extra option in your back pocket that you can exercise as and when you need it to get those tough invoices paid.
If you think Paycada could make a difference to your accounts processes and you could do with reducing your overdue debtor days, then please do get in touch. We’d be happy to answer any questions you may have and go through a quick online demo of Paycada if that would be helpful – just get in touch to find out more.
