CashFlows has launched a new generation account which will help businesses to better manage payments and their cash flow.
With late payments a critical issue, the CashFlows Account 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 that 51% of SMEs feel late payment has become worse during the past year and that 20% believe that it could even 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.
How will the CashFlows Account help businesses?
• The CashFlows Account is the first in the UK that allows 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 Smartphone 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 that 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. CashFlowss 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."
How is the CashFlows Account different?
The introduction of the CashFlows Account marks an unprecedented shift in the way that businesses can manage all their electronic payments.
Previously, businesses have had to wait for customer payments to move from their merchant account into their business bank account, creating a delay in the access to their money and often adding on extra charges on payments made between companies.
The CashFlows Account gives businesses a single account into which payments are received and accessed directly - removing the need for separate merchant and business bank accounts. Payments in and out of the CashFlows Account are free and instant, giving businesses full access, control and use of their money, all of the time. CashFlows also offer a specialist e-invoicing service.
The new account offers a fully integrated payment management service, saving businesses the time and expense of setting up multiple services with different banks. These currently include:
• Use of a full range of payment channels including online, mobile, mail and telephone orders, voice pay and e-invoicing.
• A CashFlows Business Card which allows businesses to pay suppliers, purchase goods direct from their account and issue them to staff for payroll use.
• A range of other services to support businesses including foreign exchange and an online management system enabling you real time understanding of your cash flow.