If you’re in business in the UK, you’ll likely have dealt with late payments and outstanding invoices at some point.
The impact of those late payments will, of course, differ, but one thing’s for sure: the longer they are left to build up, the greater that negative impact will be on your profits and cash flow.
Outstanding invoices don’t discriminate either – they can affect every type and size of business, from one-man-bands to SMEs, right through to multi-national corporations. Across the board, it is an issue for businesses up and down the country; it’s thought that more than 1 in 5 insolvencies are primarily caused by late payments for goods or services and UK small business owners are owed an eye-watering £32 billion in late payments.
Apart from the obvious impact on cash flow and profits, there is also the mental strain involved with regularly chasing invoices, not to mention the additional resources that must be spent and the worry and frustration that comes with never knowing if you will be paid on time.
That extra mental load can take its toll, particularly when finances are tight, and it can soon feel almost impossible to turn things around and take back control of your invoicing process. Almost.
Take the credit control workload off
We’ve all been there; one or two late payments by the odd customer soon turns into multiple customers regularly paying late, and before you know it you’re chasing for outstanding invoices to be paid simply, and it becomes part of the norm.
This shouldn’t be how business works! So what could you do?
Paycada has been designed to help businesses transform their credit control by working alongside your existing accounts software, enabling you to spend more time taking care of business instead of chasing late payments.
How does it work?
As soon as an invoice is created using your normal accounting software, Paycada will get to work to collect payment by sending clever, tone-appropriate reminders to customers in advance of payment deadlines.
Customers can then pay quickly and easily through a link in the message that will direct them straight to Paycada’s user-friendly payment portal, where customer details can be remembered, and multiple payments can be made at once.
Using a combination of automation, effective reminders and the facilitating of easy payment, Paycada will speed up your invoicing process, making every step more efficient and ensuring that your customers settle their invoices quickly and on time.
And if they don’t? Paycada will be there to do the chasing for you.
You stay in control
We know how important it is to remain in control of your invoicing process, so while Paycada will do all the groundwork for you, you can still make choices based on how you run your business and your client/customer relationships.
For instance, it may be that you have some customers you would like to be chased for payment and some you would prefer not to be, and with Paycada you remain in control of that.
Similarly, maintaining strong relations with customers, while crucial for business growth and success, is often a delicate balancing act that can be put at risk when payments are chased regularly.
That’s why Paycada always uses tone-appropriate messaging and has the ability to adapt to customer behaviour so that every communication and interaction helps to build and maintain strong relationships.
The best bit?
While Paycada will take care of the chasing of invoices on your behalf, you can continue to track, analyse and report on all invoicing, with full visibility across every transaction and interaction so you know exactly where your business stands in relation to late payments.
If you’re interested in finding out a bit more about Paycada and how it can transform your current invoicing process, feel free to reach out – we’d be happy to answer any questions you may have and can run through a quick demo with you, if that would be helpful.
