Offering discounts for early invoice payment, Parakeet Payments integrates with Xero, the global small business platform to grant Aussie SMBs easy access to technology previously only available to the big end of town.
With a recent Xero survey finding 63% of Australian small businesses and sole traders deal with invoices being paid late, Parakeet creates dynamically-priced Xero invoices which ensure customers only receive the discount if they pay early.
This significantly improves cash flow while combating the hidden costs of late invoices, says Charles Wong – CEO and co-founder of B2B early payments facilitator Parakeet Payments.
"Late payments can kill a small business but managing early payment discounts can be an administrative nightmare," Wong says. "Customers can take the discount but still pay you late."
"You once needed a big finance team to manage early payment discounts, but with Parakeet you can automatically add it to every Xero invoice."
When invoices are paid on time, it reduces reliance on debt and frees up capital. This gives small businesses the confidence to grow their customer base without cash flow concerns.
"The hidden costs of late payments fund business inefficiencies, when you should be funding business growth" Wong says. "Rewarding customers for paying early is a win-win situation."
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