Reward customers to pay you early so you don't have to sell your invoices, take on debt or chase.

connected-app-partner-badge-inverted-screen.png

Parakeet adds real-time early payment discounts into your Xero invoices.

 

Not only will customers want to pay your invoices early, you will also be future proofing your business against any potential customer collapses

We do this straight out of Xero, which means no additional data-entry work is needed to add early payment discounts & online payments to your invoices.  

Have existing early payment discounts in place?   We can replicate and automate those and save you the hassle of reconciling short payments.

Did you know by repackaging your sales discounts as early payment discounts, it could help you win more customers,  get paid early without costing you extra?   

retailbiz.png
Australian-FinTech-Powered-by-Envestnet-Yodlee-e1629863057536.png
298fc9_16cf675d32c7469aa1a0b4162261da00~mv2.jpg
DISER-Business-EP-rgb-colour-inline.png
GTM logo1.png
2033022.png

Your customers won't want to miss out on your discounts...

Add early payment discounts &
online payments to your Xero invoices 

Screen Shot 2022-02-28 at 7.06.50 pm.png

Continue to invoice from Xero​ 

Our integration with Xero means we are able to take your approved invoices from Xero and automatically add real-time discount offers to your invoices, without changing your invoicing process.   

 

No additional effort required by you. 

Update your contacts

Keep you customer's contact details (Contact Name Primary Person, Email &Tax (ABN)) up to date in Xero and all your invoices will be configured for early payment discounts & on-line payments. 

We will on-board your business and include simple step by step videos and instructions for you to reference. 

Alternatively, use our Concierge on-boarding service where we take care of all the setup for you. 

Screen Shot 2022-02-09 at 10.19.30 pm.png
Screen Shot 2022-02-09 at 9.38.40 pm.png

Send your Invoices from Xero

Early payment discount are not added to your invoices unless you have approved the invoices in Xero. 

Once the invoices are approved in Xero, we automatically apply the real-time early payment discounts based on your global or customer specific settings (more below) to the payment.    

For the first time, you can also BYO banking and add it into your Xero invoices which makes taking online payments via Xero even easier. 

Customers accepts the discount & pay at the same time! 

We have made it easy for your customers to pay you early with your new 'Check Todays Price' button. 


Your customers will now see the latest 'updated' payment amount, which is valid for 1 day only

The discounts are incremental, which means it reduces every day (i.e. the longer they wait, the less the discount), so your customers are always incentivised to pay you early to avoid missing out. 

Aside from getting paid via EFT, you can also enable Card payments (with or without surcharges) with BYO Banking.  

Your customers do not need to be Parakeet users to take advantage of this. 

Screen Shot 2022-03-21 at 6.00.36 pm.png
OTP Website.gif
Screen Shot 2022-03-01 at 3.33.33 pm.png
Paid Gif.gif

You get paid early. 

No chasing, no debt.

When they do choose to pay, they will pay using your pre-configured payment methods (bank or cards) all at the one-time. 

Easy.

Reconciliation

We take care of all the entries for discounts, surcharges recovered and close out your invoices automatically, so all you need to do is "1-click" bank rec.   See here to learn more about reconciliation.

See the results our users are getting!
(as of March 2022)

Configure your global discounts & BYO banking and...

Start offering early payment discounts and accept online payments quickly

Screen Shot 2022-02-28 at 5.27.25 pm.png
Screen Shot 2022-02-28 at 5.27.55 pm.png

Set your default ("Global") Discounts 

Configure the 'Global' Discounts settings that you like to offer your customers as a default.    

Maximum Discount Rate (e.g. 6%) 

This means you will not offer more than 6% discount on your invoices.

Maximum Cap (e.g. $500)

This means you will not give away more than $500 on an invoice. 

Set up BYO Banking for Xero invoices

Whether you want to receive payment via EFT and / or via Cards, Parakeet supports Bring-Your-Own (BYO) banking. 

For EFT (Bank) payments

Screen Shot 2022-03-01 at 2.01.27 pm.png

We support deposits to any Australian denominated Bank account (subject to account ownership verification). 

 

For Card payments, BYO merchant ID

If you have an existing 'bank' internet merchant facilities provided by AMEX, ANZ, Bank of Melbourne, Bankwest, Bendigo Bank, CBA, First Data, Macquarie Bank, NAB & Westpac, you can now use it with your Xero invoices.

For BYO 'online' merchant facilities, we support Stripe and Braintree.

This means you can now take payment from your Xero invoices and customers pay into your current banking arrangement, without needing new banking or merchant relationships.  

Merchant Details (1).gif
Screen Shot 2022-03-21 at 2.20.13 pm.png

Your customers don't need to register

Your customers do not need to be a Parakeet user which makes acceptance & payment of your discounted invoices even easier.

However, if your customers do register with Parakeet (refer next section), not only do your customers benefit from personalised discount rates, but you can relax knowing your invoices are automated for direct payment,  which means less chasing for you. 

xero-logo.png
pinpng.com-5-star-rating-png-1289626.png

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

Timberly Williams

Optional - Register your customers with Parakeet and everyone benefits

Personalised discounts for registered customers and certainty of payment for you

Screen Shot 2022-02-28 at 5.40.48 pm.png

Review or Automate Discount Acceptance

You and your customers can choose to review discounts prior to acceptance or let the software auto-accept discounts if it meets your discount settings, saving you time and effort.

Incremental discount rate

For those customers who receives a better rate than your Global discount rate,  simply ask them to register for Parakeet (optional & free) and they will receive their special custom rate, automatically. 

You can customise the incremental discount rate^, set the maximum cap amount and even toggle on auto approval, making life easier for you & your customer.

^ Incremental means the discount reduces every day until the due date, where it becomes zero.  Great for encouraging earlier payment and for new discount arrangements.

Returns settings.gif
 
Static Discount.gif

Static discount rate 

For those existing discount arrangements where a Static discount rate^ is used, you can customise that too (e.g. 7.5%/Net 20, etc).

This ensure discounts are only earned by your customers when the invoices are paid early in accordance with your terms.  

^ Static means the discount is fixed for the duration of the period and drops to zero once it passes the offer period. 

If they don't accept your discount, you still get paid on the due date

Think of it as recurring direct debit, but turbo-charged with early payment discounts & on-time payments.  

When your customers register with Parakeet, they will load a payment method (bank account and/or credit card) so they can start accepting discounts from you. 

If your customers choose not to accept an early payment discount, your invoice will automatically be scheduled for payment on the due date. 

Wallet GIF.gif

Finally, we have cut your Xero & bank reconciliation to just 1-click

 

We know reconciling short-payments are a pain to deal with, so we...

Sorted out the book keeping entries too, including reconciling the discounts

%2B_edited.png
-_edited.png

Every invoice paid (early or on-time) is individually marked as paid in Xero, with accurate discount charges applied to save you time and effort.

Screen Shot 2022-03-09 at 11.23.33 am.png
Screen Shot 2022-03-09 at 11.29.01 am.png
Screen Shot 2022-03-09 at 11.26.24 am.png
%2B_edited.png
-_edited.png

We automatically create a 'Spend money' transaction in Xero, to record the discount against an interim clearing account* and book it under your new Discounts Expense* account.

For Surcharges Recovered under Card payments, we create a 'Receive Money' transaction and record it against a new Surcharge Recovered* expense account.

* We help establish these accounts as default, however you can customise it at anytime.

Screen Shot 2022-03-02 at 2.19.28 pm.png
Screen Shot 2022-03-02 at 2.24.45 pm.png
-_edited.png
%2B_edited.png
-_edited.png

Finally, we 'net' the amount you receive 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 received a net amount of $5,922 (after discount of $378 across 2 invoices) from customer 1 & $2,250 (after discount of $250) from customer 2.  

Now instead of your allocating the discount & surcharges manually, you simply have to do a "1 - click transfer" to your 'Parakeet AR Clearing (Final)' account.   

Reconciliation done.

Screen Shot 2022-03-09 at 12.33.35 pm.png
 

See it in Action

How to add early payment discounts & collect payments from Xero

What users think of our features

Short payments sorted

"​If anyone is manually offering early settlement discount like us and is sick of trying to work out short-payments or doing the bookkeeping for each short-payment, give Parakeet a go."

Configuring Parakeet

Learn how to set up Parakeet.

Scroll to:

1:00 for Adding Online payment options

2:17 for Discounts configuration

4:32 for Discounts payment

5:00 for Incremental vs static discounts

 

Don't have time or the resources to set it up?

Our Concierge Service can take care of everything.

Don't have time or help to set it up? No problems.

We can set it up and keep it running smoothly.

POPULAR

Concierge Service
One-time setup fee to get you started
 

$395 

One-time setup fee for up to 100 invoices with bonus concierge support for first 60 days.

(Set up fee is pro-rated for the 101st invoices onwards) 

Best suited for those who has
Invoices in draft or awaiting payment

What we need from you
Access to your Xero account.
Draft invoices created in Xero. 

Ready to approve invoices.
Responsive to our queries.


What you get from us
Everything to get your first 100 invoices ready for payment. 

We make sure your Xero contacts, Chart of accounts, Parakeet configurations & Xero integration are all updated & taken care of. 

Monthly Concierge
Optional subscription to keep your invoices in order

$30 per month
For Casual, Growth & Scale-Up plans

$50 per month
For Established Plan


$80 per month
For Large Plan

What we need from you
You will continue to load & approve the invoice in Xero (because you know your invoices best).

What you get from us

We will handle errors that comes through after you load & approve your invoices in Xero. 

Instead of you dealing with it, we'll take care of it so everything is kept up to date.

 

Do-It-Yourself
FREE

Great for users with good Xero knowledge or Businesses with teams to support configuration.

Includes

On-boarding Videos:

Xero configurations:
Chart of Accounts checks
Customer contacts update
Invoice email templates
Branding theme set up

Parakeet configurations:
Xero connection
Merchant ID settings
Invoice payment settings
Discount settings

Video & Phone Support
Up to 3 x 30 minute 


Error & configuration rectification
Support via email, rectification by user
 

 

What to expect in your first 60 days with our Concierge Service

Day 1 - 7 (On-Board)

Expect to get an email from us so we can get started immediately.

We will then prepare and automate your first 100 invoices for payment, usually within 5-7 business days.

 

Day 31 - 60 (Support)

Service now transitions to "Monthly Concierge" service at no charge. 

This means you get free on-going support to make sure any new customers are configured accurately.


 

Day 7 - 30 (Embed)

By now, we expect a number of invoices would have been paid and reconciled. 

We continue to prepare and automate new invoices that you have loaded & approved.

Day 61+ (Maintain)

Automatically roll into "Monthly Concierge" service based on your membership plan (cancellable at any time). 

You'll continue to approve the invoices and we'll take care of any errors that may arise as new  invoices arrive. 

Pick Your Plan

Start with 30 days free trial

Reward Customers to Pay Your Invoices Early
(30 days free trial applies to waiver of membership fees - optional extras used are payable. All fees quoted excludes GST.)

Monthly Memberships Plans 

Casual Plan
$0.00 per month

4 invoices per month
$1.80 per invoice thereafter

Growth Plan 

$34.90 per month
30 invoices per month
$1.30 per invoice thereafter

Scale-Up Plan 

$59.90 per month
60 invoices per month
$1.10 per invoice thereafter


Established Plan

$134.90 per month
150 invoices per month
$1.00 per invoice thereafter


Large Plan

$239.90 per month
300 invoices per month
$0.90 per invoice thereafter

Enterprise Plan
Price on application

>300 invoices per month

Optional Extras
(excluded from free trial offer)

Discount (Returns) fee
20% of the discount/return given

Card related charges
0.25% of invoice value paid via Cards


Direct debit charges
$0.00 - included as part of membership plan

BPAY Invoice Reconciliation
Price on application
(learn more here)




 

Your Customers
FREE

No Fees

Free to receive & pay invoices uploaded by you.

Free Parakeet registration 

Parakeet Portal access

Load up unlimited payment methods

Manage discount configurations

Accept customised discounts

Excludes:

Xero Integration and upload of invoices and bills.

 

Your customers are transferred to a membership plan if a bill or invoice is uploaded to Parakeet via Xero by your customer. 

 

All membership packages include:  

Integration:

Invoices module:

(Watch the invoice module demo here)

  • Collect regular invoice payments using Parakeet Portal

  • Customisable discount rates (incremental or static Returns)

  • One-time payment with early payment discounts

  • BPAY Automated Invoice Reconciliation (Price on application)

  • Direct debit included

  • BYO Banking & Merchant facility (WBC, ANZ, WBC, NAB, Stripe, Braintree, etc) 

Frequently asked questions

 

1. Does you app add early payment discounting to Xero invoices?

Yes. 

 

Once you register & configure your Parakeet portal, we will automatically apply your invoices with the early payment discount rate that you have chosen to use. 

2. How does it work?

In 3 steps.


1) Ensure your customers details are updated in Xero (4 fields required - contact name, primary person, email & ABN)
 

2) Configure your Parakeet account & Connect to Xero
 

3) Approve your invoices in Xero
 

From this point onwards, our platform automates the rest. 
 

We update each invoice with the appropriate discount for the day and if your customer chooses to pay early to capture the discount, they can.  


Once the invoice is paid, we post the entries back into Xero. 

3. How much does Parakeet cost?

All our plans include a 30 days free trial and for small businesses, you can process up to 4 transactions per month for free, every month under our casual plan. 

Refer to our latest pricing offers here.

4. Can I use different Discount rate for different customers?

Yes. 

 

To have customise discount rate, your customer needs to be registered as a user in the Parakeet portal.

 

We find this is really useful for regular clients that you deal with as they receive a customised rate whilst you also know that your customer has set up a Parakeet Wallet, which gives you certainty of payment. They also get the benefit of setting up auto acceptance which means discounts are automatically taken and paid.  

For non-registered clients, you can continue to offer them your 'global' discount rate under one-time payment invoices.  

5. What's the difference between incremental & static Discounts?

Early Payment Discounts for invoices come in two styles:  Incremental and static.

 

We recommend incremental, which means the amount of discount decrease percentage points each day until the due date. 

 

That said, we give you the ability to select a static discount — a single offer amount for the entirety of the invoice lifecycle to cater for any existing arrangements you have.

6. What happens if my customer doesn't pay early, do they still get a discount?

No. 

Our system calculates and updates the discount every day based on your rules.

 

So if they only pay after the invoice is due, then no discounts will apply and the full invoice amount will be payable.   

Latest News