ezyCollect, a pioneering force in accounts receivable automation that helps businesses get paid faster, is excited to unveil the beta release of Payment Plans, a highly adaptable and efficient instalment payment management feature built to streamline and expedite how business manage recurring payments.
In an era where businesses increasingly recognise the importance of structured payment plans for accommodating customers with extended payment needs while aligning with specific business processes, ezyCollect introduces a game-changing solution to manage instalment-based invoice settlements, monthly subscription plans, and annual commitments paid in instalments, among other options.
Ricardo Hori, CTO of ezyCollect, emphasised the significant impact of Payment Plans for business, explaining, “Our goal with Payment Plans is to address the prevalent payment challenges faced by our clients and their customers. Businesses can now offer flexible payment options that are simple to set up and manage, ensuring a more reliable cash flow with minimal effort.”
With ezyCollect’s Payment Plans module, businesses can offer tailored payment plans that cater to their customers’ preferences while retaining full control over their accounts receivables. Integrated seamlessly into the ezyCollect accounts receivable automation platform, Payment Plans deliver a range of advantages, including:
- Minimising Unpaid Invoices: By offering customers personalised payment schedules to suit their preferences.
- Streamlining Recurring Payments: Through automated instalment calculations, eliminating the need for manual data entry or spreadsheets.
- Customisable Payment Structures: To adapt to unique business and customer requirements.
- Actionable Insights: The Payment Schedule Reporting feature provides a deeper understanding of payment trends.
- Effortless Reconciliation: Saving time and ensuring financial accuracy.
- Seamless Recovery: Via the Collect Now feature, addressing setbacks with minimal disruption to payments.
- Efficiently handle business days for payments: Save businesses from the time and hassle of managing and customising each schedule for working days, weekends and public holidays, as the system automatically configures that for you.
Currently, users can configure Payment Plans in three ways:
- Fixed instalment amounts
- Fixed number of instalments
- Subscription plans
Arjun Singh, CEO of ezyCollect, emphasised the need for innovation in this field, stating, “While accounting software helps manage payments of total invoice balances, recurring payments have always posed a challenge. This hurdle often leads to accounts teams resorting to manual, time-consuming and error-prone methods like spreadsheets, which can be a drain on time and resources. Such inefficiencies can trigger disputes and prolong payment cycles.”
Businesses eager to implement ezyCollect’s Payment Plans can now access the Beta version via the ezyCollect website.