in Business

New trends in automation that work for SMBs

Though automation is usually associated with large corporations, forward-thinking SMBs are discovering that it doesn’t have to be that way. As automation technology continues to grow, it becomes easier to access for companies of every size.

So what are some new trends in automation that SMBs can get on-board with, that don’t require huge investment or resource?

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How to increase automation and efficiency
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in Business

Give S(ME) some certainty – late payments force more than half of small businesses to use emergency finance

Late payments are an ongoing battle for SMB owners, but they’re not just a business pain. New GoCardless research has revealed the real human impact of cash flow uncertainty on small business bosses.

Our study of 250 small business owners found that:

  • 56% of UK business owners have had to use personal or emergency finance to pay for business expenses due to late payments.
  • 80% of respondents couldn’t be sure they’ll be able to pay their bills on time due to unpaid invoices negatively impacting cash flow.
  • 89% of business owners say uncertainty around when payments will come in makes them more stressed and anxious.

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A practical blueprint for fast payment
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in Business

Is Open Banking the biggest change in banking for a decade?

That was the question posed to the CEOs of Plum, Zopa, Starling Bank, and GoCardless last week, by Balderton Capital’s Rob Moffat at our panel discussion on the impact of Open Banking.

In this blog, we’ll cover the highlights of that discussion; including our panellists views on the current state of Open Banking and the opportunities for fintechs, as well as their predictions on what’s to come.

The current state of Open Banking

Services enabled by the Account Information Service (AIS) are the first off the blocks, though most license applications to date have come from fintechs in the lending space.

Zopa is one of those businesses. While, like many fintechs it has historically used Screen Scraping, new regulatory technical standards in Europe will stop that practice by September 2019.

So how are businesses like Zopa planning to use Open Banking APIs?

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The impact of Open Banking on consumers
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in Business

5 Direct Debit myths debunked

We debunk the most common myths about Direct Debit

It’s been a British institution since the 1960s, but in the last half century, Direct Debit has gone from clunky and paper-based, to sleek, slick and simple.

In this post, we’ll clear up some common misconceptions around Direct Debit, so you’re up to date on the UK’s most popular method for collecting recurring payments.

Myth 1: Gaining access to Direct Debit is difficult

If you want to start processing payments by Direct Debit today, you can choose direct or indirect access. In the past, access to Direct Debit was only available directly, through your bank. The process was, and in some cases remains, slow. It also requires significant effort and expense for the person applying – in setup and ongoing management.

For very large businesses with high transaction volumes, who can meet the revenue criteria of banks and don’t mind hiring people to manage the process (and sourcing their own software), direct access may still be the preferred route, since it enables them to negotiate the lowest transaction fees.

The other way to access Direct Debit is ‘indirectly’ via a third party provider like GoCardless. These providers manage the Direct Debit process with the bank on your behalf. They are an attractive option for many businesses; they can provide an online plug-in-and-go service, significantly reducing setup time and cost and ongoing management and admin. And choosing a third party provider doesn’t necessarily mean high transaction costs (see myth 5).

Myth 2: Direct Debit is unsafe

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GrowFactor save 2 days a month using GoCardless
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