Business banking platform Tide has partnered recurring payments specialist GoCardless to launch a service that will allow Tide members to collect invoice payments by Direct Debit.

The late payment of invoices is a serious issue for small businesses, with recent research by Tide revealing that more than 60 per cent of small businesses regularly have invoices paid late, with almost 16 per cent of those paid over four weeks late. This creates a cash flow problems that put them in serious danger of collapse, particularly in the current climate.

Tide and GoCardless have therefore collaborated to come up with an invoice payment service that gives small business owners control over when they are paid, helping them to get paid faster, as well as cutting out chasing payments.

Tide members will be able to schedule the collection of payments from their customers when the invoice is due and track the progress of these payments with low, per-transaction fees.

Oliver Prill, Tide chief executive, said: “Being able to set up Direct Debit payments for invoices will be game changing for our members, making the payment process quicker and smoother for both the small business owner and customer.

“We look forward to rolling out this service with the GoCardless team and giving time back to our members.”

Hiroki Takeuchi, chief executive at GoCardless, added: “Tide members will now be able to automate both the invoicing and payment process, putting them in control of their payments and improving cash flow. We believe that this partnership will help small businesses thrive.”

Share Story: