Posted on: Tuesday September 10th, 2019

Author: Izabela Dacewicz

ezyCollect can be used to improve cash flow by accelerating cash recovery within your business. It allows you to get paid faster by automating the management of debtors and invoices, taking the effort out for you! Now, ezyCollect is making it easier than ever to manage your debtors. With Pay By Instalments, your customers can apply for an additional line of credit from a third-party finance provider which then pays your outstanding invoices in full.

What is ezyCollect?

ezyCollect is an add-on product that easily syncs the accounts receivable data from your existing MYOB Exo or MYOB Advanced software. By eliminating tedious manual follow-ups and managing messy spreadsheets, you save more time to focus on the tasks that matter! ezyCollect gives you clear visibility by centralising all your accounts receivable data in the one place. EzyCollect makes sure you receive more cash on time by sending out friendly reminders to pay, with the option to pay online, 24/7.

Who should be using ezyCollect?

If you are an accountant or bookkeeper in a medium-sized business that supplies goods or services on credit and needs a system to manage debtors and payments – you should be using ezyCollect! Instead of worrying about late payments, following up debtors and trying to consolidate accounts, ezyCollect will do all the hard work for you.

New Feature – Pay by Instalments

With ezyCollect’s new feature, Pay by Instalments, customers have the option to use a third-party finance provider that will pay outstanding invoices. The debtor can pay them back in 60 or 90 days. All your customer has to do is apply for a line of credit from the finance provider. Once approved, payments will always be made on time, while giving your debtors that extra window of 60-90 days. This improves your cash flow while giving your debtors extended credit terms.

In order to be approved, your customers must have an active ABN and be creditworthy. They must also gain ezyCollect’s pre-approval based on their payment history within the ezyCollect platform. This reassures you that your customers are being responsibly financed and gives the customers an opportunity to maintain their good payer status with suppliers.

Why you should use Pay by Instalments by ezyCollect?

Even successful businesses can experience cash flow difficulties at times. Using Pay by Instalments with ezyCollect allows your customers to pay their bills on time, reducing your accounts receivable and allowing buyers to take advantage of any offers or even spend more on your services!

Do we need to say more to convince you? There are no extra costs involved when offering this to your customers. You also have the option to exclude this payment method on invoices if you prefer. If you are already an ezyCollect user, you can register here to start accepting this payment method. If you are a current user of MYOB Exo or MYOB Advanced and want to learn more about syncing ezyCollect with your system, call us today on 1300 857 464 and we can help!