Tide, the United Kingdom-based corporate banking platform, is rolling out a new way to assist small to medium-sized businesses (SMBs) with receiving payments on schedule by the way of its Tide Invoice Assistant offering, AltFi reported on Thursday (May 6).
“The Tide Invoice Assistant tackles a number of pain points experienced by small businesses — most importantly, automating manual and time-consuming processes and giving reassurance that they will be paid promptly,” said Alastair Travis, vice president of business services at Tide, as per the report.
Small companies can pursue past due invoices without intervention, among other features, with the new tool. Tide is aiming to launch the tool in the middle of this month for the price of approximately £10 (about $14) monthly. The tool will function as an add-on to the complimentary invoice raising service that each Tide client can presently receive.
Tide UK CEO Laurence Krieger says per the report that Tide aims to save time and financial resources on admin and banking for those who own small firms so that they concentrate on operating and expanding their firms.
“Nothing could be more true to this mission than helping our members to get paid, and to get paid on time, protecting their valuable time and their cash flow,” Krieger said, as per the report.
The news comes as Tide announced in October that it has collaborated with GoCardless to launch a service that will let members take invoice payments by Direct Debit. The tie-up will help small companies in overcoming the ongoing challenge of past-due payments, according to an announcement at the time.
“Being able to set up Direct Debit payments for invoices will be game changing for our members, making the payment process quicker and smoother for both the small business owner and customer,” Tide CEO Oliver Prill said in the October announcement.
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