We decided to try to improve cash flow and remove as much of the administration work as possible from our accounts department as it was becoming quite tiresome for them chasing up invoices that hadn’t been paid on time. FastPay was very easy to set up and met very little resistance from our existing client base.
Engaging FastPay has provided 3 distinct benefits:
- Less time spent chasing invoices for payment
- Improved cash flow
- We have also found a new client’s lack of willingness to go onto direct debit a fairly reliable indicator of lack of cash flow or credit worthiness
Many of those that refuse to go onto direct debit often fail to pay on time manually and a high percentage, compared to those happy to go onto direct debit, end up being terminated and debt collected for non-payment.
I would recommend FastPay as an excellent service to boost cash flow, cut down on admin and streamline the collection of client revenues.