Let me ask you a question; how many of the invoices you send out are actually paid on time?
If the answer’s less than half, you’re not alone. In fact, it’s thought that 78% of SMEs are affected by late payments, with the average SME debt growing to around £25,000 a year*.
That’s a huge proportion of money not going into your pocket when it should. Just think what you could do with all the money you are currently owed as a business if it was sitting in the bank right now!
While late payments may well be something you have come to expect, it really shouldn’t be the case. Unpaid invoices create cash flow problems, backlogs and inefficiencies and they can negatively impact the client and supplier relationship.
And while chasing payments is never fun, it can also lead to some really difficult conversations. Very often the fear of damaging supplier relationships by chasing too hard for unpaid invoices means that companies circle around the issue. It’s invariably a lose-lose situation; unpaid invoices continue to stack up and the cycle never changes.
That’s where Paycada comes in. Seeking to reduce aged debtors quickly and efficiently, it sits comfortably alongside Xero to simplify the process and ensure you get paid on time.
Say goodbye to late payment chasing emails, follow-up phone calls and difficult conversations
Sending nagging emails to chase unpaid invoices or trying to track down suppliers on the phone to follow-up on late payments, takes precious time and resources. Time that would be better spent on the hundred and one other tasks you no doubt have to take care of.
The trouble is, the longer unpaid invoices sit on your aged debtors report, the more time, effort and resources are required to get those invoices finally paid.
Paycada does all the legwork for you. Designed to simplify your accounting processes and provide hassle-free payment options, your suppliers will benefit from a slick customer experience while you’ll benefit from automatic invoice tracking that enables you to stay across all late payments.
Sitting next to Xero, Paycada will send suppliers gentle reminders that are strategically timed and worded to encourage early payment while maintaining crucial business relationships.
What’s more, Paycada includes a personalised payment portal that enables customers to view their invoices online and pay via card or bank transfer simply by clicking on a link in the body of the reminder email. It even enables payment of multiple invoices with just one easy payment – all are then reconciled automatically in XERO.
Automation with the human touch
We know how important your relationships with your suppliers are. We also understand that there is a really fine line between encouraging suppliers to pay for invoices in a friendly and polite way that reinforces and strengthens the client/supplier relationship, versus unpleasant communications that can cause friction and damage important relationships that have been built up over time.
With Paycada, all communications sent can be customised to achieve the right tone for your specific working relationship and can be tailored to how friendly and personable you want them to be.
Your company logo and branding can also be added to your chasing emails as well as the online payment portal, so those paying the invoices know exactly who they are dealing with.
Clever personalisation combined with Paycada’s automated reminders can track and adapt to customer behaviour and are strategically designed to contact payees with the right prompt at the right time. Together, they work to increase cash flow, reduce the need for uncomfortable conversations and make sure you get paid on time with all your customer relations still intact.
And of course, if you are dealing with a tricky supplier who continues to avoid payment, our team of professionals can go beyond the digital to chase for payments, so you don’t have to.
If you’re looking for a seamless, hassle-free and friendlier way to deal with invoicing and late payments, we’d welcome a conversation – to discuss how Paycada can help, just drop us a line and we’ll get in touch for a friendly, no-obligation chat.
*Statistic taken from The Federation of Small Businesses website
