Accounts receivable (AR) management solutions provider Invoiced has enhanced its platform through a partnership with U.K.-based GoCardless in an effort to streamline payment acceptance for business users.
The company announced in a press release Wednesday (August 1) that its collaboration with GoCardless enables businesses to support direct debit payments when they invoice their customers. GoCardless supports automated reconciliation, said its head of partnerships Josh Sasto in a statement.
Invoiced founder and CEO Jared King said the partnership also offers businesses more affordable transaction processing and enables firms to provide greater choice to customers.
The company cited data from the 2018 U.K. Payments Market report that found direct debit facilitated 4.2 billion transactions in the U.K. last year.
Invoiced is also enhancing its solution by supporting global businesses based both in and outside of the U.S. Invoices can request payment in multiple currencies, while companies can also create separate legal entities for their subsidiaries in other markets. Invoices are also compliant with that geographic market’s regulations, Invoiced said.
Companies are upping their demand for international invoicing and AR capabilities, according to payment solutions provider Flywire. Its CEO, Mike Massaro, told Karen Webster last year that businesses find their AR challenges are magnified when taken to a global scale. Historically, he said, “international invoices were force-fed into domestic systems.” Now, companies require solutions that can cater to specific needs that vary based on location.
Enhanced automation is critical for accounts receivable. Research published in 2016 by Tipalti found manual processes are still common, with 60 percent of surveyed professionals saying they manually input invoice data, while 58 percent manually input remittance notices data. More than 75 percent manually resolve payment issues.
That same year, GoCardless raised $13 million to expand. The company then focused on facilitating recurring payments processing services for companies that accept bank-to-bank payments.