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.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.