At Square, we’re always developing new tools to help you get paid faster. With the recent launch of Square Invoices in Australia, we’re proud to see many small businesses sending invoices online and reducing the amount of overdue payments.
Unfortunately for some, payment delays are still a big problem. Australian businesses are waiting on over $19 billion in outstanding invoices, and it’s costing them time, money and growth — every dollar outstanding in an unpaid invoice is a dollar that isn’t being reinvested back into growing your business! That’s why it’s more important than ever for business owners to begin settling their outstanding bills — for their own bottom lines and for the economy at large.
We’ve crunched the numbers on thousands of invoices sent online with Square and found that SME owners in Australia can get their invoices paid 80% faster when sending online with Square when compared to traditional processes, and 97% faster than Australian businesses overall. We also took a look to see which industries and Australian states are seeing the fastest (or slowest) payments. Western Australia — with a payment delay of up to 4.5 days past the due date on average — we’re looking at you for fast improvement!
If you’re a business owner looking for a new tool to help you send invoices online, the key takeaway is that businesses using Square Invoices are getting paid up to 80% faster than small businesses using traditional processes and systems. That’s much faster cash flow, meaning you’ll have more to reinvest back into growing your business!
So what’s stopping you? Download Square Point of Sale, get set up with our free invoice software and start sending invoices today. Invoices are no extra charge, and you pay Square only 2.2% when your customer pays securely online.