“Money, money, money, always funny in a rich man’s world!” so sings ABBA. It is indeed funny in a wealthy man’s (or woman’s!) world, but it’s not so amusing when payments are late, especially for businesses.
In a recent blog post published in February, Zoho cited Experian’s The Late Payment Survey: how is late payment affecting business, which stated that: “British businesses currently have to wait an average of 22.5 days beyond agreed credit terms to be paid by their customer.”
It’s no wonder that one of the latest announcements made by the smart software company, who are already big fans of intelligent integration between complementing systems, is that they will be teaming up with seamless online Direct Debit provider, GoCardless,– a match made in heaven we reckon!
If you’ve read some of our other blog posts, you’re no doubt familiar with the different aspects of the versatile Zoho. GoCardless however, is an integration advocate, flawlessly syncing with accounting software giants like QuickBooks and Sage Business. It allows teams to receive real-time notifications of any failed or cancelled payments so they can act quickly to remedy the situation. This ‘live’ payment data is sent to internal teams to influence how they engage with customers, in a smarter, more informed way.
Money Makes The World Go Round
…or so they say. We described the integration between Zoho’s financial platforms and GoCardless as a ‘beneficial blend’ above as it means businesses like yours can wave goodbye to late payments. With GoCardless, businesses accepting payments and clients making payments to you is pretty effortless. Direct Debit instructions can be established by your clients, who can simply pay you using a link in the invoice email they receive or via the Client Portal.
There is also the option for clients to save their account details for future transactions, making it super swift next time they purchase anything from you. When things are quick and easy people are more likely to have less trouble submitting payment on time. If payments are late, you can chase them up with ease using GoCardless’ real-time payment data.
With the new marriage between Zoho and GoCardless being stress-free to set up, hassle-free to use and free in general, it’s a winner for us.
Think of all those wonderful and fulfilling things you could be doing when you’re not chasing up payments, advising clients how to pay or closely monitoring your invoices. Dedicate more time to your marketing, come up with a creative new product, make a splash on the networking scene, work where you want or strike that all important work/life balance- who knows? The business freedom possibilities are endless!