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Payments your way: Introducing flexible Payment Plans

August 18, 2023

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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In the ever-changing business landscape, taking care of your customers’ needs is essential. When you offer them flexible ways to pay, you’re not just keeping them happy but also ensuring you get a steady stream of cash into your business while avoiding overdue invoices.

That’s where our latest solution, Payment Plans comes into play. It’s not just a payment method to accept instalment payments; it’s a smart choice that helps you get more money flowing and keep your business sustainable.

Benefits of offering Payment Plans for your business

With Payment Plans, you can offer payment solutions that suit your customers and still have complete control over your accounts receivables.

Minimise unpaid invoices

By offering convenient payment options, you encourage customers to pay their bills according to their preferences, helping you decrease the number of unpaid invoices.

Simplify Recurring Payments

Bid farewell to manual calculations. Set up quarterly, monthly, or weekly recurring payments and let the system handle the maths.

Customise flexibility

Payment Plans allow you to craft payment structures that align with your business requirements and customers’ preferences. This might mean offering fixed monthly amounts, adjusting the number of instalments, or even introducing subscription-based plans.

Gain financial control

Payment Plans allow you to apply for instalment payments at the invoice or customer level. This control enables you to optimise your accounts receivables in a way that works best for your business.

Get valuable insights into payment behaviours

Understanding payment trends and tracking progress is critical to making informed decisions. Payment Schedule Reporting provides insights to help you confidently drive flexible payment strategies.

Automate your reconciliation

Imagine payments reconciling themselves as soon as the balance is settled. This isn’t a dream but the reality of Payment Plans, freeing up your time and energy.

Breeze through setbacks

Ensuring a seamless recovery process is crucial when instalment payments encounter a hiccup. Payment Plans’ “Collect Now” functionality swiftly guides you back to balance, ensuring minimal disruptions.

Get started with Payment Plans

Please get in touch with your Customer Success Manager to learn more about adding Payment Plans to your ezyCollect account.

Why leave it there?

To learn more about EzyCollect

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