The payment method that helps your clients sleep at night
Learn how iwocaPay is changing accounts receivable for good
@iwoca
Daniella Camilleri, Product Marketing Manager, iwoca Daniella works with the iwocaPay team to help small businesses get their invoices paid sooner by making it easier for their customers to settle up. Coming from consumer fintech, she loves understanding what makes people tick and helping them get the most value out of a product.
When Stuart discovered iwocaPay, he was looking for a way to help his clients stop worrying about cash flow and focus on the future of their businesses.
M
anchester accountant Stuart Hurst leads the Northern Hub at Accounts and Legal; helping clients set and reach their goals using smart tech integrations to give a service that goes beyond traditional accounting. The challenge Unpaid invoices cause unnecessary stress and cash flow squeezes for
both clients and accountants. Over time, Stuart found himself doing more and more work to help his clients with cash flows especially during the pandemic. For 9 out of 10 of his clients, their payables were ‘massively outweighed’ - sometimes by over six figures - by their outstanding invoices. This was a stressful strain on cash flow. More
importantly, it is an avoidable problem. Generally, clients were taking a ‘hope for the best’ approach to getting paid, reluctant to chase payments for fear of damaging relationships with customers. ‘There’s a tendency to pay who screams the loudest. If you don’t ask for it you don’t get.’ Ultimately it leads to a chain of cash flow juggling, where someone’s waiting to be paid so that they can pay someone else. It’s a lose-lose situation for everyone involved and it needs to stop. The situation was worse for clients who were already giving their customers more flexibility and extended payment terms. It meant they were always footing the bill either by waiting for people to pay and not getting the money all in straight away or by just them not paying it. For clients that were looking to grow rapidly, they needed the cash to invest in their business and reach those heights. ‘Cash flow is the key to expanding, for accountants and their clients! It’s
54 / Issue 26
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