The new addition seizes the rising rates of e-invoicing adoption among businesses.
EzyCollect adds payment plans to accounts receivable platform
Fintech firm ezyCollect has introduced payment plans on its automated accounts receivable platform, seizing the rising popularity of e-invoicing and addressing a gap in the accounting software market for recurring payment management.
It said its Payment Plans module, released Wednesday as a beta version, allowed businesses to offer more flexible options to customers with extended payment needs.
Businesses could manage instalment-based invoice settlements, monthly subscription plans and annual commitments paid in instalments.
EzyCollect was founded by business partners AJ Singh and Raj Kuckreja in 2014, managing $14 billion in receivables for over 1,500 clients in 23 countries. The Sydney-based firm has been integrated with the likes of MYOB, Xero and QuickBooks.
CEO Arjun Singh said his firm addressed a gap in the accounting software market.
“While accounting software helps manage payments of total invoice balances, recurring payments have always posed a challenge,” he said.
“This hurdle often leads to accounts teams resorting to manual, time-consuming and error-prone methods like spreadsheets, which can be a drain on time and resources. Such inefficiencies can trigger disputes and prolong payment cycles.”
A survey by the University of Sydney and payments processor Stripe found late payments were a “key driver” for businesses adopting e-invoicing and digital payments technology.
Half of over 1,000 businesses surveyed said late payments were a serious threat to their survival, as they struggled to maintain cash flow amid high inflation and a slowing economy.
To encourage the payment of invoices, ezyCollect’s Payment Plans module gave businesses the option to offer payment plans according to their customers’ preferences.
The feature also configures each schedule for working days, weekends and public holidays and automates instalment calculations, removing the need for manual data entry or spreadsheets.
Payment Plans could be configured as fixed instalment amounts, according to a fixed number of instalments or as subscription plans. Businesses could then use the “Payment Schedule Reporting” feature to access insights on payment trends from their customers and make informed decisions.
Chief technology officer Ricardo Hori said the addition would make a positive impact on businesses using the software.
“Our goal with Payment Plans is to address the prevalent payment challenges faced by our clients and their customers,” he said.
“Businesses can now offer flexible payment options that are simple to set up and manage, ensuring a more reliable cash flow with minimal effort.”