The partnership will combine Pennylane’s new subscription management functionality, enabling businesses to automate the creation of recurring invoices and accounting, with GoCardless’ global bank debit network, allowing them to automatically debit their customers when each payment is due.
This means SMEs and startups no longer have to use manual processes, such as keeping a log, to remind them when to send their next invoice. This ensures invoices are always sent on time, eliminating barriers which slow down the payment cycle, and removes the need to duplicate and update invoices.
When it comes to collecting payments, the partnership helps to accelerate the process; on average, business get paid 47% faster with GoCardless, according to the official press release. Users also benefit from lower failure rates and improved visibility of their cash flow, gaining greater certainty around the exact date when they’ll get paid. In addition, this integration gives joint customers easy access to the latest payment technology as GoCardless launches a series of Open Banking-enabled features in 2021.
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