If I were to ask you, “does the service you provide for your clients include free banking?” what would your response be?
It may seem like a strange question to ask, but if your customers are regularly paying late and delaying on settling their invoices, you’re essentially acting as a free bank for them!
And worryingly, that comes at an extra cost that your business will inevitably have to pay.
Whether those late payments result in cashflow problems for your company, an inability to invest profits back into the business, or even additional expenses incurred due to resorting to borrowing or using an overdraft, those late payments from your customers are impacting your profits!
When cashflow is already tight there’s no room for an increasing aged debtors…so what options do you have, besides invoice discounting or factoring, or just living with it?
Get paid on your own terms
Did you know that 58% - that’s almost 3 in 5 - of all UK SMEs are currently waiting on money tied up in unpaid invoices*? Now, it might seem like it’s just become the norm to wait for payment to be made long beyond your payment terms, but at Paycada we don’t believe that’s right.
That’s exactly why we designed and created Paycada – a handy little tool that sits alongside your existing accounts package, it takes care of chasing customers, reminding them about payment term deadlines, and facilitating fast and easy payment, so that you get paid quicker and your business no longer has to suffer as a result.
Paycada enables you to take back control of your invoicing process, by sending out timely and cleverly-written messages that remind your customers that their payment is overdue, or that the payment deadline is nearing, and encourages them to pay quickly through an instant link sent in the message.
Paycada’s dedicated payment portal makes payment fast and easy for your customers so there are no delays – the portal can even be branded with your own company logo and includes clever little features such as remembering customer details and enabling multiple invoices to be paid at once.
By taking away the barriers to payment such as clunky payment systems, lengthy back and forth’s and complicated processes, your customers will benefit from being able to settle their invoices simply and quickly, while you can enjoy more money in the bank and less time wasted on chasing customers for payments.
Maintain your customer relations
At Paycada, we understand that your customer relationships so important, and the importance of using the right tone in all communications with them.
That’s why every message Paycada sends is designed and written with just the right balance of being able to effectively encourage customers to pay while also maintaining relations and simplifying the process for both sides.
Often the fear of damaging customer relationships, and putting them at risk by chasing too hard for payments, means that companies will hold back or end up skirting around the issue…and as a result they don’t see any change in the speed at which their invoices are settled.
Paycada takes care of all this. With you no longer having to bear the brunt of chasing payments or having difficult conversations with your customers you can rest easy, knowing that Paycada is doing the cajoling for you while taking a professional, friendly and pain-free approach.
How might Paycada fit into your business? To find out a little more about how it works and what benefits it can bring to your company, please do get in touch – I’d welcome an opportunity to talk with you.
*https://home.barclays/news/press-releases/2022/01/three-in-five-uk-businesses-are-owed-money-from-late-payments--f/
