ezyCollect Unveils Beta Release of Payment Plans Feature

Published 7 months ago

ezyCollect, a leader in accounts receivable automation, has launched the beta version of its novel feature, Payment Plans. This feature aims to revolutionise the management of recurring payments for businesses.

Transforming Recurring Payment Management

The Payment Plans feature provides a streamlined solution for businesses to manage various types of recurring payments, including instalment-based invoice settlements, monthly subscription plans, and annual commitments. The introduction of this feature comes as businesses increasingly acknowledge the significance of structured payment plans in accommodating customers with extended payment needs.

Ricardo Hori, CTO of ezyCollect, highlighted the potentially significant impact of Payment Plans, stating that businesses can now offer simple, flexible payment options. This feature addresses the common payment challenges faced by clients and ensures a more reliable cash flow with minimal effort.

A Range of Advantages

Incorporated into the ezyCollect accounts receivable automation platform, Payment Plans offer several benefits, which include:

  • Minimising unpaid invoices by offering customers individualised payment schedules
  • Streamlining recurring payments through automated instalment calculations
  • Customisable payment structures to accommodate unique business and customer needs
  • Deeper understanding of payment trends through the Payment Schedule Reporting feature
  • Saving time and ensuring financial accuracy through effortless reconciliation
  • Minimal disruption to payments via the Collect Now feature for seamless recovery
  • Efficient management of business days for payments, saving businesses the hassle of managing and customising schedules

Configurable Payment Plans

Users can currently configure Payment Plans in three ways: fixed instalment amounts, a fixed number of instalments, or subscription plans.

Arjun Singh, CEO of ezyCollect, emphasised the innovation needed in this area, pointing out that while accounting software helps manage total invoice balances, handling recurring payments has always been a challenge. This challenge often forces accounts teams to resort to manual, time-consuming, and error-prone methods like spreadsheets, which can trigger disputes and prolong payment cycles. The Payment Plans feature is designed to overcome these inefficiencies and streamline the management of recurring payments.

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