An announcement this week by Sage said the company is integrating Stripe to add invoicing capabilities to its solution for SMB users of Sage Business Cloud Accounting. This means businesses can send electronic invoices to their customers and receive faster payment via credit and debit cards in the U.K.
Last December, Sage released a report that found 17 percent of all payments in the U.K. are made late, and 9 percent ultimately have to be written off as a loss.
Stripe will power the eInvoicing feature that customers can view on an array of platforms, while Sage supports payment functionality. The companies said the integration will limit SMBs need to chase down unpaid debts.
“Sinking resources into needlessly laborious tasks isn’t a good use of time for any business,” said Stripe U.K. Country Manager Iain McDougall in a statement. Stripe develops tools and features that make running and growing an internet business easier. “We’re excited to work with Sage to improve payments experiences and simplify payment reconciliation for their customers, all the while reducing payout times for many suppliers.”
“Today’s launch is an example of innovation and collaboration in FinTech, providing customers with world-class products that will revolutionize the way they work, no matter what stage of their business journey they are at,” added Sage EVP Payments and Banking Seamus Smith.
“We know cashflow is the lifeblood of business — yet businesses in the U.K. spend an average of 15 working days chasing late payments,” Smith continued. “This is unacceptable. These are problems that can be easily fixed with the right technology solutions, designed to make invoicing and other admin tasks seamless. Accelerating payments is an absolute priority for any business, and I’m delighted to see Stripe’s integration embedded into the Sage platform to target this importance issue.”