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Technology reducing payment times

Staff reporter
Staff reporter
25 May 2016 1 minute readShare
One hand types on a laptop, while the other holds a credit card

A new payment service has been launched, which aims to allow SMEs to be paid faster and more simply, in turn enabling business owners to better manage their cash flow.

Square Invoices has been launched in Australia, delivering multiple means of receiving payment through one app.

“Optimising cash flow is critical to the survival and growth of any business and, unfortunately, Australian small businesses experience some of the slowest invoice payment speeds in the world,” said Ben Pfisterer, Square Australia country manager.

“Research shows us that over $19 billion is locked away in outstanding invoices owed to businesses, and with 90 per cent of small business failures a result of poor cash flow, we’re proud to bring tools to Australian sellers to ensure they’ve got every way to get paid.”

Mr Pfisterer said technology is empowering businesses to spend less time on operational tasks such as invoice generation and chasing overdue payments, while also delivering options for more prompt payment delivery.

Square Invoices allows sellers to create, customise and issue invoices directly from the Square Register app on a smartphone or tablet, or from a dashboard on their desktop. Invoices are then emailed directly customers, who can pay by their preferred payment method.

Technology reducing payment times
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Staff reporter
Staff reporter

Adam Zuchetti is the former editor of MyBusiness and a senior freelance media professional, specialising in the fields of business, personal finance and property. In 2020, he also embarked on his own business journey – inspired in part by the entrepreneurs and founders he had met through his journalistic work – with the launch of customised pet gifting and subscription service Paws N’ All.

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