One of the biggest pain points for small businesses is not getting paid on time. From asking small businesses Monzo found that 74% said that making and receiving payments was too much effort and 57% spent more than an hour a week chasing payments. 74% of businesses Monzo spoke to said that they get paid late. Monzo has given 1,000 business customers early access to the product, with the businesses who used it being 70% more likely to be paid within 3 days compared to before.
With this new product, businesses can now request payment and get paid directly by creating a payment link or invoice in just a few taps. Monzo is reportedly giving businesses more flexibility with the ability to now accept payment by card or by free Easy Bank Transfer (Open Banking) – this will also improve things for their customers, who no longer need to type out manual bank transfers.
Every part of getting paid (invoicing, card payments, banking, easy bank transfers, automatic reconciliation) now sits in the Monzo Business account, with instant payment confirmations and complete visibility of overdue, due, and paid invoices at a glance.
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