Reward customers to pay early and say bye to cashflow stress.
Parakeet adds real-time early payment discounts into your Xero invoices so your customers are rewarded with a discount for paying you early.
We do this straight out of Xero, which means no additional data-entry work is needed and reconciliation is taken care of automatically.
This means you don't have to worry about selling invoices, taking on more debt or chase outstanding invoices.
It also insures you against potential customer defaults.
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...
"95% of customers surveyed said they would pay an invoice early if they were offered a discount?"
It's simple to add early payment discounts into your Xero invoices...
How it works
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.
Send your Invoices from 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.
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.
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.
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 Nov 2022)
Configure your global discounts & BYO banking and...
Start offering early payment discounts and accept online payments quickly
Set your default ("Global") Discounts
Configure the three 'Global' Discounts settings that you like to offer your customers.
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
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.
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.
Optional - Register your customers with Parakeet and everyone benefits
Personalised discounts for registered customers and certainty of payment for you
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.
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.
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
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.
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.
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.