A new generation account for businesses trading online promises to make outstanding payments a thing of the past.
That is according to Cashflows, the UK’s leading provider of e and m-commerce payment solutions, which has responded to concern about a nationwide increase in unpaid invoices.
Last week the Forum of Private Business released research revealing that more than half of small businesses believe the trend for late payment got worse last year – and 20% believe it could prevent them from continuing to trade in 2012.
The new Cashflows Account aims to target this issue by allowing entrepreneurs to make, receive and manage electronic payments from a single account.
Whereas traditionally, businesses have suffered a delay while customer payments move from their merchant account into their business bank account, the new solution will give entrepreneurs instant access to their money whenever they need it – including via a portable smartphone app.
The account also includes an integrated e-invoicing service, to reduce the hassle of reconciling payments, among other facilities.
Nick Ogden, CEO of Cashflows, said: “Mobile and online technology is evolving at an incredible pace and so is the way that consumers are paying for goods and services.
“Being able to access your money whenever you need it is vital for businesses…so they can flourish and grow.”