Tide has added a new tool to help its business customers to deal with late payments.
In Brief:
Its new Invoice Assistant helps businesses to chase and match invoices.
This process is automated and will help detect and prevent non-payment.
It will set up Direct Debits and notify the business when these are paid.
What does this mean?
Tide has cited a study saying that small business owners currently waste 1.5 hours per day chasing invoices. Despite various laws in place around payment times, many businesses still struggle with customers paying late and this can have a huge impact on cashflow, especially for an SME. Tide’s service to automatically chase payments aims to ensure invoices are paid “at least four days earlier”.
