Kabbage, a US-based fintech backed by Softbank, has launched a payments service that is said to cut the time it takes SMEs to get paid from 90 days to 24h.
Kabbage Payments, which is being launched following a test launch, is one of a number of products being launched by the US fintech in the coming months, geared towards small businesses. Kabbage says two thirds of its more than 200,000 customers rely on invoicing to receive payments and that it can take as long as 90 days for them to get paid.
The US fintech says that its new payment service will be able to cut the time down to 24 hours. Kabbage Payments works by allowing customers to create a unique URL, which customers can then use to send payment requests through text, email or the web to collect card payments quickly.
Kabbage says the technology eliminates the need to manually create new accounts, open new payment orders and duplicate work for recurring invoices. Other features of Kabbage Payments include a dashboard, free customer support and no monthly fees for invoices.
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