Like to save up to 10% simply by paying your invoices early?

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All you have to do is ask. 

 

We make it easy to automate request for discounts from your vendors in exchange for paying the invoice early, straight from Xero.   
 

Already have existing discount arrangements in place? 

 

We can automate those for you too, saving you more time & effort. 

Bank your savings and support your vendors cashflow with early payment discounts. 

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Save more on every invoice by asking for an early payment discount...

We request & manage discounts so it's even easier for Australian businesses to help each other

Xero Early Payment Discounts

Straight out of Xero​, no effort required

Our integration with Xero means we take your approved bills from Xero and automatically ask your vendors if they like to accept an early payment discount payment offer from you. 

Request new discounts

You do not need to have any discount arrangements in place. Our software will automatically generate discount requests to them based on your configuration (more below). 

If they accept, we deduct the agreed discount, bank your savings & pay your vendors the reduced amount, early. 

If they don't take any action or choose to decline, we schedule & pay the full amount of the bill on the due date.

Existing arrangements

 

No problems.  We can customise your vendor settings so it'll reflect your current arrangements.   

Whether it's a new or existing arrangement, the end-to-end process is automated and customisable, so you can tailor the discounts to reflect available cash flow and vendor relationships, without any extra work.  

Maximise your opportunity to save

Customise the discounts to suit your business

Global and Vendor level

Our software helps customise the discount rate (also called 'Returns rate') you like to offer either at a global or vendor level.   

With custom rate and ability to to toggle on / off vendors participation, you are in full control. 

Don't miss a discount with auto approval

Auto discount approval can be configured either at a global or vendor level.  if a discount is accepted, the early payment is automated without you taking any further action. 

Never miss a discount again. 

Discount too small?

We thought of that too.  if the discount savings is less than $10 (customisable), no offers are made to your vendors.  

Xero Early Payment Discounts

Discount or no discount, we take care of the payment

We make sure the invoice is paid at the right time

Xero Early Payment Discounts
Xero Early Payment Discounts

Discounts available

You and your vendors will be notified of daily discount offers that is available. 

 

All invoices paid at the right time

We will automatically pay your invoices for you so you don't need to worry about missing a discount or being late paying an invoice.   

Learn more about auto pay here.

 

Customise your payment preferences

Load the bank accounts and/or cards you like to use.  

Drag & Drop to prioritise them in the order you like and we will match your preferred payment method with your vendor's. 

What to use it as a budget tool?  Set the limit and a 'reset' date and the system will make sure you stay within your budget. 

 

Save time and money

This is the easiest way to save money through discounts and save time with our auto pay & reconciliation. 

 

Which brings us to reconciliation...

We help create your chart of accounts in Xero and...

Sort out the book keeping entries too

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Every bill paid early is individually marked as paid in Xero and closed out correctly to save you time and effort.

Xero Discounts Reconciliation
Xero Discounts Reconciliation
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We automatically create a 'Receive money' transaction in Xero, to record the discount against an interim clearing account (we establish for you) and book it under your new Discounts revenue (we establish it as default or you can customise where you like to book the discount).

Xero Discounts Reconciliation
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Finally, we 'net' the amount you paid into a 'Final Clearing' account (we establish for you)  so when you download and reconcile your bank statement, you will see the net amount, ready for you to 'match' off. 

 

In this example,  you paid 8 bills totalling $6,670.00 and you received $482.50 discount for paying early. This means the net payment was $6,187.50. 

Now instead of your allocating the $6,187.50 entry to the 8 bills and accounting for the discount manually, you simply have to do a "1 - click transfer" to your 'Parakeet AP Clearing (Final)' account.   

Reconciliation done.

Xero Discounts Reconciliation

Vendors participation are optional

Customisable for your vendors too. 

Xero Early Payment Discounts

Always invited & Easy to participate

Vendors are invited to join the program with a free guest account.  Simply set a password and they are enrolled. 

Vendors can view, customise and accept discounts at no cost.

Discount & Payment advice

Vendors are notified once a day by email if an early discount offer is available.

If they don't want to receive any more offers, simply toggle their configuration to 'off'.

Customisable to suit their needs

Vendors can also customise & the discount rate they like to accept for early payment.  

So now, Parakeet creates offers that best matches BOTH you & the vendors' preference.

Powering Australia's business community

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"Fantastic software! ...this software is a one of it’s kind and saving my time and money!."

Timberly Williams

What's the potential savings from paying your invoices early?

Estimate your discount savings in 30 seconds

The information which you calculate from this calculator is intended for use by you as a guide only. This simulation, resulting calculations, figures and formulae used within this calculator may change at any time without notice. Parakeet accepts no responsibility for any losses arising from any use of or reliance upon any calculations or conclusions reached using the calculator. This calculation does not take into account fees which may apply to the services provided by Parakeet.

What users think of our features

Asking for discounts

"This is a game changer because we have the chance to save on our bills, all without any effort! 

Discount Service

No discount, no fee

Successful
Discount

For All Plans 
20% of the discount savings


For example
Original bill: $250
Discount: $20
Net Payment: $230


Parakeet Fee*
20% x $20 = $4 

This fee is in charged in addition to the monthly membership plans you selected. 

* For existing discounts please refer to FAQ below. 

Request discount
FREE

Includes
Unlimited discount offers to vendors 

Unlimited discount rate customisation


 

Your Vendors
FREE

No Fees

Free to receive & accept discounts

Free to customise discount rates

Free to load up BYO merchant facility.

Excludes:

Xero Integration and upload of invoices and bills.

 

Transfers to Casual membership if a bill or invoice is uploaded to Parakeet via Xero by your Vendor 

All membership packages include:  

30 days free trial

Integration:

Bills module:

(Watch the bills module demo here)

Cost to automate your bills

Reduce your bills administration.
Try it free for 14 days.

POPULAR

Growth Plan
$34.90 per month

Includes
30 Bill / invoice paid from a bank account every month

After 30th Bill / Invoice
$1.30 per bill / invoice


30 transactions starts at the beginning of each calendar month

 

Monthly Memberships Plans

Start with 14 days free trial
Then select one of the plans below

Growth Plan 

$34.90 per month
30 bills/invoices per month
$1.30 per bill/invoice thereafter

Scale-Up Plan 

$59.90 per month
60 bills/invoices per month
$1.10 per bill/invoice thereafter


Established Plan

$134.90 per month
150 bills/invoices per month
$1.00 per bill/invoice thereafter


Large Plan

$239.90 per month
300 bills/invoices per month
$0.90 per bill/invoice thereafter

Enterprise Plan
Price on application

>300 bills / invoices per month

 

Optional extras (for all memberships)

BPAY requiring OCR:

Price on Application

Returns (discounts) brokered via Parakeet:

20% of the savings (e.g. if you save $10 by paying early, the fee is $2).

Card related charges (for all memberships)

Card payments:

0.25% per bill or invoice processed via Cards (exclude surcharges)

Surcharges: 

Where the vendor is the merchant: 

As passed on by vendor.  ​

Parakeet Merchant (to pay BPay bills):

1.45%

Other charges (for all memberships)

Direct Debit dishonours & Payment Returns:

$15 per transaction

All fees quotes excludes GST. 

Frequently asked questions

1. Can you help me set it up?

Yes, in fact that is our preference. 

We will help you set up existing discount arrangements as well as new arrangements.  

2. Do you cater for flat rate discount?

Yes, we do and we will customise this for you on a per vendor basis.

We call this static discount where you get a flat discount for paying by day xx (e.g. 5% if paid by day 20).

We also offer dynamic discounting which means the savings is the highest the earlier the payment is made.   

We will help you customise these settings so it's easy and fast to start saving.

3. What are your fees?

There are 2 part to our fees.

1st part is the monthly membership fee, which gives you access to our bills automation payment, reconciliation as well as the discounting features. 

2nd part is the discount fee, which is only payable if we successfully negotiate an early payment discount savings/payment for you through the software.   No discount, no fee. 

4. What if I have a lot of existing discounting arrangement in place and I just want to automate those?

Yes, we can do that for you too. 

In this case, we will reduce/review the discount fee that would apply to automate just these existing arrangements.    

Contact us to discuss this. 

5. If a discount is accepted by my vendor, does Parakeet make the payment?

Yes. 

 

We automatically take the payment from the accounts you set up with us. 

Ready to start saving?