Tide’s Bill Assistant will assist SMEs robotically monitor and handle late invoices.
Picture supply: Laurence Kreiger/Tide
If the final 12 months is something to go by, it’s protected to say that enterprise banking has turn out to be much more of a significant lifeline for small companies up and down the nation, and immediately, Tide is hoping to deal with one in all their largest threats.
Enterprise banking platform Tide is immediately launching a brand new software to assist SMEs receives a commission on time.
The Bill Assistant permits small companies to chase down late invoices robotically, insure towards non-payment, arrange direct debits and notify them after they receives a commission.
Because it stands, small enterprise house owners waste one and a half hours day by day chasing down late invoices, however with Tide’s new software invoices will receives a commission not less than 4 days earlier due to the automated chasing characteristic.
“The Tide Bill Assistant tackles quite a few ache factors skilled by small companies—most significantly, automating handbook and time-consuming processes and giving reassurance that they are going to be paid promptly,” Alastair Travis, VP of enterprise providers at Tide stated.
“The automated chasing characteristic is a very vital addition to the Tide platform, with small enterprise house owners usually feeling uncomfortable chasing their shoppers for fee, an automatic e mail permits a level separation from the non-public relationship and helps maintain money circulation on monitor.”
Tide is planning to roll out the brand new software to its prospects in mid-Could and it’ll value roughly £10 monthly and is an add-on to the free bill elevating service at the moment provided to all Tide prospects.
“Tide’s mission is to save lots of small enterprise house owners time (and cash) on their banking and admin, to allow them to deal with operating and rising their enterprise. Nothing could possibly be extra true to this mission than serving to our members to receives a commission, and to receives a commission on time, defending their invaluable time and their money circulation,” Laurence Kreiger, CEO of Tide UK added.
“The addition of the Bill Help to the Tide platform demonstrates our transfer in direction of offering a completely complete monetary platform, providing a set of extremely related merchandise that assist our members handle all points of economic admin, not simply their banking wants.”
In response to analysis from Tide, its prospects spend between three and 4 hours per week creating invoices and managing bills, however with the brand new software, this complete course of shall be streamlined, taking the burden of small enterprise house owners’ shoulders.
Alongside this most up-to-date product launch, Tide has been busily increasing its enterprise banking providing for its prospects.
The fintech built-in with SME accounting agency Crunch in March 2021 and again in December 2020 introduced a digital workplace tackle service in collaboration with digital workplace tackle specialist Hoxton Combine, to assist the ever-growing record of latest corporations utilizing its providers.
Earlier this 12 months, Tide additionally revealed that, due to the Covid-19 pandemic, it had doubled its consumer base over the previous 12 months, that means it’s now residence to greater than 400,000 small enterprise banking accounts.