LONDON--(BUSINESS WIRE)--A new company is set to radically reduce the time it takes businesses to get their invoices settled by clients.
Peasy links to accounting software and accompanies each invoice raised with incentives to settle early. The earlier it’s paid, the bigger the reward, resulting in dramatically improved cash flow. Rewards are funded by the supplier at typically between 1 and 5% of the invoice values.
Peasy automates the entire process from when the invoice is raised, and requires no further administration.
In trials with the National Association of Shopfitters (NAS), over 20% of payments were made within 14 days, and a 49% overall improvement on invoices paid within terms.
Even before the pandemic, 24% of UK businesses report late payments as a threat to survival1. Today, 68%, of UK entrepreneurs cite cashflow concerns2. Improved cashflow creates growth, jobs, and less reliance on government support. Peasy also saves time and costs associated with chasing debtors.
Peasy has partnered with Avios to offer travel rewards, although businesses can donate the value to Peasy’s partner charities: NHS Charities, Cancer Research UK and Trees for Cities. Just like business credit cards, rewards can be distributed or shared to anyone authorised within the organisation. Companies issuing the invoices can also earn points.
Peasy is free to use, with the only cost being the value of rewards when a customer pays early, so if it doesn’t achieve early payments, there are absolutely no costs.
David Landsberg, co-founder and CEO, comments: “We’re excited to be launching Peasy – a first-of-its-kind. The platform is designed to give businesses an edge and level the playing field so businesses with access to funds are incentivised to prioritise paying those without.
“We believe that as businesses return to a sense of normality following lockdown, they can leave behind their old collection practices and focus on improving their cashflow and strengthening the economy without having the distraction of chasing debtors. It really is time for businesses to draw a line in the sand and take control of their cashflow for greater certainty ahead.”
It takes just two minutes to sign up and you’re ready. For more information visit peasy.com or email carrot@peasy.com.
Notes to editors:
About Peasy
Peasy helps businesses improve cashflow by getting invoices paid early. The company takes away the hassle and awkwardness of having to chase debtors and offers incentives that are proven to work, including Avios.
The system not only rewards companies for paying invoices promptly but also strengthens relationships with customers. It saves the time and the costs associated with having to chase debtors and allows SMEs to focus on what really matters - rebuilding their business.
1 https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/745639/creating-a-responsible-payment-culture-call-for-evidence.pdf
2 https://www.business-school.ed.ac.uk/about/news/nationwide-survey-of-covid-19-impact
