- Lloyds launches new invoicing and payment collection tool
- Get Paid will give business customers a central location for invoicing and payments
- It will roll out later this year to UK business customers
Lloyds has launched a new tool designed to help its business banking customers spend less time on admin and more time actually running their business.
The new Get Paid invoicing and payment collection tool will look to support business customers with their payments admin within their existing Lloyds app and online banking platform.
Powered by Lloyds’ strategic partnership with BankiFi, the service will come at no additional cost and without the need to purchase separate invoicing or accountancy software.
Get Paid
“Businesses shouldn't have to pay extra for the tools they need to get paid," said Ruchir Rodrigues, BCB Client Strategy & Commercial Director at Lloyds.
"By building invoicing and payment collection directly into the Lloyds banking experience at no additional cost, we're making it easier for customers to manage cashflow and spend more time growing their business.”
Get Paid will mean Lloyds business customers can now carry out tasks such as creating and sending invoices, issue secure payment links and track paid and outstanding requests through the Lloyds app and online banking.
Customers will also be able to send invoices and use automated reminders, cutting down on time being spent following up payments from their customers. Late payments are a particular concern for many SMBs, with recent UK Government research finding nearly half (49%) reporting their business customers typically take longer to pay than the agreed terms.
The Office of the Small Business Commissioner also recently estimated 14,000 businesses close each year because of late payments and UK businesses are owed around £26 billion in overdue payments at any given time, an average of £17,000 per business.
Lloyds says the launch will contribute towards its view of "embedded accounting", as having all these systems in one central location will also let customers manage more of their day-to-day finances in one place, with less need to move between separate systems and records.
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