Collecting money with Xero is now faster and easier than ever with a new partnership between two Australian software companies.
Payments technology company IntegraPay has teamed up with cloud-based collections automation business ezyCollect to accelerate accounts receivables recovery for small businesses using the Xero accounting platform.
Under the new partnership, businesses that have signed up for ezyCollect’s automated invoice reminder add-on can integrate with the IntegraPay add-on to make it easier for their customers to make payments using a range of different options including credit card, BPAY and bank debit.
The combination of regular reminders and easy payment options offered by the new solution can have a dramatic impact on accounts receivable with some clients reducing overdue debt by more than 50% and reducing bad debts by more than 90%.
IntegraPay Chief Executive Officer Chris Urry said the partnership brought together two solutions with a shared goal of helping clients to collect payments faster and more efficiently.
“Collecting outstanding invoices is one of the biggest challenges for small and medium sized business,” he said. “By combining regular, automated reminders using ezyCollect and giving clients a range of payment options using IntegraPay, debtor days are smashed and cash flow become much easier for businesses.”
“Individually, we have both been able to demonstrate the value of our systems… combining them together on the Xero platform will give businesses a great opportunity to get ahead of their receivables and improve their bottom line.”
According to a study from Dun & Bradstreet, more than 90% of business fail due to poor cash flow. The leading cause is bad receivables management.
ezyCollects software solves this problem by intelligently automating unproductive, manual and repetitive tasks done by accounting departments. This allows businesses to focus on the most important part of their business – growing sales and building customer relationships.
The results speak for themselves, with most customers seeing a 50% reduction in overdue debts in under three months.
ezyCollect CEO Arjun Singh said the partnership with IntegraPay brings together two unique platforms.
“We both understand the importance of cashflow to business success and have developed solutions that unblock the payment pipeline at key points,” he said. “The combination of ezyCollect and IntegraPay has the potential to slash your overdue debtors in weeks.”
The IntegraPay Xero add-on brings together a number of important features, including utilising all the most popular payment methods, and for the first time allows you to include BPAY as a payment option.
IntegraPay allows customers to pay Xero one-off invoices or recurring payments using a range of other options including credit card, bank transfer or regular direct debit, straight from the invoice.
Customers click on the Pay Now button on their invoice to be directed to a menu of payment options. From there they simply select the solution that works for them and make the payment.
IntergaPay’s Xero payment solution automatically reconciles payments from the invoice in Xero to reduce manual data entry and administrative costs while removing the risk of reconciling a payment with the wrong invoice.