Square Invoices helping small businesses get paid on time
Square has announced the release of its standalone Square Invoices app which provides small businesses with a self-serve tool for creating, managing and sending electronic invoices no matter where they are.
The app provides a way for businesses to get paid quickly and easily in just a few taps, with 48% of invoices processed through Square in Australia being paid within one day, and all invoices on average paid within six days.
Square Australia country manager Ben Pfisterer says that the company realises the main concern for Australian small businesses is not getting paid on time.
“Waiting weeks or months to settle a bill is an instant path to a cash flow crisis, that’s why Square is introducing more products with greater functionality that will help business owners get paid quickly, no matter where they are,” he says.
Australia’s increasingly cashless economy is also impacting payment times, with Square’s data highlighting that invoices paid by cash, including bank transfer, take 10 times longer to be settled than those paid by card.
Ingrain Designs director Ben Purchase says Square invoices take the work out of getting paid.
“Before, we would typically wait at least a couple of weeks to get paid because we had to send invoices manually and wait to receive a deposit in our bank account. It was difficult to keep track of what we were owed and determine what payments were overdue. Now, the process is streamlined with my customers able to pay by card in just a few steps, so we’re getting payments the same day which makes a big difference to our operations,” he says.
With today’s launch, Square Invoices will now also enable businesses to send quotes to confirm details of future jobs through the app or on their desktop. This feature is especially useful for service businesses, like home and repair or event planning, when quotes are required to secure prospective customers.
To date, more than $US13 billion has been processed globally through Square Invoices. The Square Invoices app is now available in Australia, the US, Canada, Japan and the UK via App Store or Google Play.