Receipt Bank has launched Pay, an app that enables small businesses to upload, track and pay invoices in a single application. This means that small business owners can complete accounts payable functions from within a single application. They can upload an invoice using the device camera. The information on the invoice is then extracted using the Receipt Bank’s award-winning extraction engine. Users can then check and edit invoice information.
Once uploaded, users can browse both paid and unpaid invoices. They can sort the invoices by the due date and make decisions about which ones to pay. Then, from within the app, they can initiate payment through all major UK banks using the Plaid open-banking platform.
Receipt Bank CEO Adrian Blair commented: “Pay completely transforms our offer for businesses by making payments pain free.”
“What’s unique is that this ends the need to switch between three different apps; Pay brings uploading, managing and paying invoices all into a single app. It really transforms how businesses can manage their cash flow with their accountants.”
The new app, PAY, is available shortly for UK iOS users. According to Receipt Bank, it is also currently working on a web version which will work on any mobile device. No release date was given. Pay fully integrates with Receipt Bank and Receipt Bank integrates to Xero, QuickBooks and Sage solutions.
Receipt Bank is also working on new functionality for Pay. A spokesperson said: ”We’ll be adding split and multiple payment functionality for businesses with more complex supply chains, and building out access for accountants and bookkeepers in early 2021.”
How can you get Pay
The app is available to Receipt Bank users on Business Plus and Premium packages. It is free until November 10th and will then cost £7.99 per month in addition to current tier charges. The product will be available globally in 2021. Pay will likely follow the same internationalisation as Plaid which operates in the USA, Canada, the UK, and has beta versions in France, Spain, Ireland and the Netherlands currently. It did not share any further details with Enterprise Times and will announce more plans next year. It may choose to partner with another payments platform to accelerate growth faster.
This additional cost seems quite high for an app that has such a focused functionality. When asked about this Receipt Bank answered:
“Considering Pay includes three functions in one app – upload, manage and pay – it is a really cost-effective solution for small businesses. When you look at the pricing of existing payment management solutions on the market Pay compares favourably with the market leaders.”
Customers seem to agree. John Toon, Manager at Beever and Struthers, commented: ”Receipt Bank Pay offers a first glance at a truly seamless supplier payment experience. Harnessing the best of tech to offer simplicity, peace of mind and security. Who doesn’t want the ability to pay invoices whenever, wherever with just two clicks?”
Enterprise Times asked Receipt Bank for which kinds of organisations this solution is targeted at. The response was: “Pay works incredibly well for businesses with a frequent volume (<100) of invoices on a monthly basis.“
Enterprise Times: What does this mean
Regardless of the current cost of the app, it will fulfil a useful function for small businesses according to Receipt Bank. Business leaders will need to consider the cost benefits closely. This is not just down to the efficiency savings from using the application.
With better visibility and control over payments, business leaders are better able to manage their cash flow. Cash flow is the main cause of business failure. Fortunly found that 78.5% of small business fail in their first year, and 29% of business fail because they run out of cash. Understanding commitments and payment terms can help organisations to manage cash flow better, pay when items are due or prioritise key supplier to ensure their business continues to run successfully.