New Square Invoices App Helps Australian Small Businesses Get Paid Fast
Today, global payments provider Square, Inc. (NYSE: SQ) announced it is releasing the standalone Square Invoices app, providing small businesses with a self-serve tool for creating, managing, and sending electronic invoices no matter where they are.
From sending quotes and requesting deposits, to issuing recurring invoices and automated reminders, the Square Invoices app adds all the extra functionality small businesses need to ensure they get paid fast.
Australian payment times have been identified as among some of the worst in the world, with invoices paid on average 27 days late. With the Square Invoices app, businesses can get paid quickly and easily in just a few taps – no more mailing invoices and chasing payments. In fact, 48% of invoices processed through Square in Australia are paid within one day, with all invoices, on average, paid within 6 days.
“We know that getting paid on time is a big concern for Australian small businesses,” said Ben Pfisterer, Square’s Australian Country Manager. “Waiting weeks or months to settle a bill is an instant path to a cash flow crisis, that’s why Square is introducing more products with greater functionality that will help business owners get paid quickly, no matter where they are.”
Australia’s increasingly cashless economy is also impacting payment times, with Square’s data highlighting that invoices paid by cash, including bank transfer, take 10 times longer to be settled than those paid by card.
“Square Invoices takes the work out of getting paid,” says Ben Purchase, Director of Melbourne’s Ingrain Designs creating bespoke handmade furniture with recycled or reclaimed timbers. The ability to send an invoice straight from his phone, set up automated reminders, and enable customers to pay instantly by card has significantly reduced the amount of time Ben spends chasing payments.
“Before, we would typically wait at least a couple of weeks to get paid because we had to send invoices manually and wait to receive a deposit in our bank account,” he said. “It was difficult to keep track of what we were owed and determine what payments were overdue. Now, the process is streamlined with my customers able to pay by card in just a few steps, so we’re getting payments the same day which makes a big difference to our operations.”
With today’s launch, Square Invoices will also enable businesses to send quotes to confirm details of future jobs through the app or on their desktop. This feature is especially useful for service businesses, like home and repair or event planning, when quotes are required to secure prospective customers.
To date, more than (USD)$13 billion has been processed globally through Square Invoices. The Square Invoices app is now available in Australia, the US, Canada, Japan and the UK via App Store or Google Play.