Electronic payment processing services provider, CashFlows, has launched an account, which it claims will help businesses better manage payments and their cash flow.
It also allows businesses to send their customers instant e-invoices and take on-the-spot payment for products and services.
Last week, the Forum of Private Business released research showing 51% of SMEs feel late payment has become worse during the past year and 20% believe it could threaten their ability to continue trading in 2012.
The CashFlows account has been developed to make it easier and more straightforward for businesses to make, receive and manage payments and stay in control of their money, the company claims.
How will the CashFlows account help businesses?
- The CashFlows account is said to be the first in the UK to allow businesses to make, receive and manage electronic payments from a single account, giving account holders instant access to their money whenever it is needed
- Businesses can use an integrated e-invoicing service, reducing the time and hassle of reconciling payments
- Businesses can offer their customer the full range of payment channels, including the CashFlows’ portable smart phone app, allowing businesses to take instant payments rather than relying on traditional invoicing methods
- An integrated online management system enables businesses real time understanding of their cash flow
Nick Ogden, chairman and CEO CashFlows, said: “Being able to access your money whenever you need it is vital for businesses. The CashFlows account is the new generation of business account which will make it quicker, cheaper and more straightforward for businesses to make, manage and receive their electronic payments.
“Mobile and online technology is evolving at an incredible pace, and so is the way consumers are paying for goods and services. Businesses are constantly innovating to meet consumer demand, but if the way they manage their payments is slowing them down it takes their focus away from doing business. CashFlows is committed to payments innovation to help businesses manage their payments and transactions in a way that hasn’t been possible before, so they can flourish and grow. Further services are already planned to be added to the The CashFlows Account during 2012.”