ezyCollect Introduces Payment Plans: Transforming recurring payment management

Published in Accounting Times on October 20, 2023. 

Media Release

Fast facts:

• ezyCollect introduces Payment Plans, a user-friendly tool that simplifies payment scheduling, calculations, and customisation.
• Payment Plans eliminates manual inefficiencies, such as error-prone spreadsheets and calendar management.
• Integrated with the ezyCollect platform, Payment Plans offers insights, streamlines reconciliation, and ensures smooth payment recovery.
• Businesses can tailor Payment Plans to their needs, choosing from three structures: Fixed instalment amounts, Fixed number of instalments, or subscription plans.
• Businesses can request a demo of Payment Plans on ezyCollect’s website, experiencing this innovative solution firsthand.

Sydney, NSW, October 18, 2023: 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 speed up how businesses 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 way 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. Built 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.
• Automated 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.
• Accurate Reconciliation: Saving time and ensuring financial accuracy.
• Payment 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:

1. Fixed instalment amounts
2. Fixed number of instalments
3. 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. For more information about ezyCollect and the innovative Payment Plans feature, please visit ezycollect.io/payment-plans or contact:

Media contacts:

Shiju Thomas, Head of Marketing & PR
shiju.thomas@ezycollect.com.au
[+61 409 847 462]

About ezyCollect

ezyCollect is a fully integrated Accounts Receivables automation and Debtor Management platform that transforms business’ cash flow & automates the order-to-cash cycle. The product suite covers AR automation and workflows, integrated payments, credit risk scoring and digital credit applications. ezyCollect is trusted by B2B companies worldwide and manages over $14 billion in receivables.

ezyCollect brings cash flow & debtor management onto one automated AR platform with integrated digital payments and b2b credit scores. It’s a fully automated solution that untangles the complex and often manual accounts receivable function.

Businesses with ezyCollect get paid faster – we looked at the cash flow of 208 businesses before and after using ezyCollect, and their overdue receivables were reduced by 43% 12 months after starting with ezyCollect.

To learn more, visit ezycollect.io or follow us on Twitter, LinkedIn or Facebook.