From XU Magazine, 
Issue 33

Faster payments, for free, that reconcile instantly

Embedded payment links on your Xero invoices with Crezco

Discover how to reduce late payments, fees and time-spent on administrative tasks. Too good to be true? Our customers disagree...
This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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It is a truth universally acknowledged that the propensity to be paid is inextricably linked to the convenience of payment. Inconvenient payment methods, like manual bank transfers, are subject to human inertia and human error. Few businesses hurry to pay their suppliers, but if you introduce friction to the payment process you will easily lose their attention as they look to address something less painful.

Credit-control and cashflow plagues all SMEs, introducing a more convenient checkout cannot help those unable to pay, but it is a free option to make life easier for those who can. Unlike card payment checkout solutions, subject to high fees and slow settlement times, Crezco processes payments up to £1,000,000 in real-time for free!

Wait, free? How so?

We process account-to-account payments and have directly integrated with over 400 banks and 500 million bank accounts in the UK and EU. There is an upfront cost to this, but not an ongoing cost. We have no middleware payments suppliers so our ‘cost of goods sold’ is non-existent. 

If it doesn’t cost us, we think it shouldn’t cost you. As crazy as that might sound, you used to pay to send an SMS, but no longer do with instant messaging. We thought we’d make payments equally cheap and convenient.

“Nothing comes from nothing”. Once again, how is Crezco free?

We are a VC backed fin-tech. More than anything on our balance sheet, our most valuable asset is happy customers. With happy customers the rest comes easy (relatively). Single domestic payments are free and will remain free, but we have built further premium (“paid for”) products like bulk payments and international payments which bring value to our users and bring revenue to our company. 

What are account-to-account payments? 

Account-to-account (open banking) payments move cash from one account, say your client’s account with HSBC, directly to another account, perhaps your account with Barclays, via domestic payment rails, like Faster Payments. There are no middle clearing, settlement and merchant accounts which need to settle the funds first. Payments are instant, free and frictionless and there is no need for customers to share debit card or account details.

How does account-to-account payments collection work?

Crezco integrates with your favourite accounting software providers, like Xero, QuickBooks, QuickFile and Zoho. We recently won Xero’s Emerging App of the Year. Just connect Crezco to your chosen accounting software and go back to work as normal. Each sent invoice will now have an embedded payment link attached. Your customers click the link to make an account-to-account transfer. No need for your customers to enter card details or manually process the payment, which leaves room for human error and inertia, as long as the invoice is under £1,000,000, Crezco will process the payment in real-time for free and handle the reconciliation within your accounting software. Our clients call it a “no brainer”. You increase the convenience for your customers, and save yourself time and money. 

How does bulk payment work? 

We love our Accounts Receivable solution, and so do our customers, but businesses make payments too, not just collect them, so we have built an Accounts Payables solution. Whether paying suppliers or employees, you can create contacts and bills in Crezco and pay them with one click. To make it easier, just import your Xero bills into Crezco and you are ready to go.  

The first account-to-account international payments solution 

In addition to our Accounts Receivable and our Accounts Payable solutions, we have built the first international account-to-account payments solution in the world! This means you can now seamlessly receive and make payments to over 100 countries in 50+ currencies. Domestic bank transfers are painful, international bank transfers are significantly more so, and Crezco is here to make it easy.

Okay, so what are the five key benefits of Crezco? 

  • Get paid faster: adding Crezco payment links to your invoices increases convenience for your customers, eliminates human error and settles payments in real-time 
  • Reconcile automatically: Crezco reconciles all your payments within your accounting system immediately, saving you hours of administration 
  • Save on fees: Crezco is the only payment solution to settle payments under £1,000,000 instantly for free - it is only the premium optional products Crezco charges for 
  • Onboard clients: Crezco has built a partnership dashboard for accountants to easily add and manage their clients, helping them save time and money 
  • Fraud protection: Crezco has built a proprietary machine-learning data analytical system, called Sentinel, protecting against invoice fraud, push-payment fraud and chargebacks 

Why leave it there?

To learn more about Crezco and their account-to-account payment solution

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