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FAQ Friday – How can you improve your accounts receivable process?

Accounts receivable. We’ve all heard the term before, but if you’re not part of a finance team, it can be tough to fully understand what impact it will have on your cash flow and the health of your business.

In this week’s FAQ Friday, we break down exactly what accounts receivable means, why it’s really important and share a few tips on how you can improve it to benefit your payment collection and overall cash flow.

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Duty to report on payment practices: What do the first 10,000 reports tell us?

Last year, GoCardless covered the duty to report on payment practices and performance legislation.

In our article, we noted that, whilst the regulations came into force in April 2017, the reporting obligation was linked to each company’s financial year, so not everyone within scope was required to take action immediately. And it wasn’t entirely clear that all involved were fully aware of that fact, as the regulations had not been particularly widely publicised.

Several high-profile cases, such as Carillion (which collapsed while owing £2 billion to 30,000 suppliers) and House of Fraser (which went into administration, owing its suppliers £484 million, according to documents from EY), have put the issue of prompt payment further into the spotlight.

What, then, is the current state of play now that the regulations are fully in force?

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5 practical steps to fast payment
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SCA: What the new European PSD2 law means for subscription businesses

In September 2019, Strong Customer Authentication (SCA), a new regulation for authenticating online payments, will be rolled out across Europe, as part of the Second Payment Services Directive (PDS2).

One of the key aims of SCA is to reduce the incidence of payer fraud and increase security, by introducing two-factor authentication on electronic payments.

What kind of transactions are affected?

The regulation comes into force on 14 September 2019, and will affect any businesses offering online access to payment accounts in Europe, or taking electronic payments, where the payment is initiated by the payer.

SCA does not currently apply to GoCardless’ Direct Debit payments service. That’s because payments through GoCardless are initiated by the payee and payment mandates are set up without the payer directly interacting with their bank.

So, what transactions are affected by SCA?

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Looking for a resolution for 2019? Improve business cash flow and beat late payments with these 10 tips

As small and medium-sized businesses wake up to 2019, many will be looking at their financial goals for the year ahead.

Plans for growth can quickly be undermined if businesses can’t collect the money they’re owed. Britain’s small businesses are owed a whopping £6.7 billion in overdue invoices, according to Bacs Payment Schemes, the organisation which handles inter-bank transactions. This has soared from £2.6 billion in 2017, with one in three firms now waiting more than two months beyond agreed payment terms to receive their money.

The effects are real – if businesses were paid on time, 50,000 more UK companies would survive every year, the Federation of Small Businesses calculates.

So, with more companies being left out of pocket for longer periods, here are our 10 tips for prompt payment in 2019.

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A practical blueprint for fast payment
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FAQ Friday – that’s it for 2018!

It’s been four months (and 15 videos) since we launched our FAQ Friday video series. We have enjoyed hearing your questions and taking on the challenge of answering them on camera.

But with Christmas fast approaching, it’s time to take a short break.

In this week’s video, Social Media Manager, Phoebe, takes a look back at the series so far – including behind the scenes footage and bloopers.

We wish you all a merry Christmas and we’ll see you next year!

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Catch up with FAQ Fridays
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2018 highlights from GoCardless

2018 has been the year of the global payments network for GoCardless. We’re delivering on our mission to build the world’s first network for bank to bank payments, to take the pain out of getting paid for businesses everywhere.

So far this year, we’ve integrated with Direct Debit schemes in Australia, New Zealand, Canada and Denmark, taking the number of countries in our payments network to 30.

2018 has seen us move into a new London HQ, and open up new offices in Paris and Melbourne (with more coming soon).

We’re also proud to have reached some transactional milestones this year, including processing 1 million payments in one day earlier this month, and more than six hundred million pounds worth of payments a month.

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FAQ Friday – How can you access Direct Debit?

In the past, access to Direct Debit was only available directly through your bank, and the application process was typically lengthy, complicated and expensive for smaller businesses.

Thankfully Direct Debit is now far more accessible for businesses of every size.

In this week’s FAQ Friday, we look at three ways to access Direct Debit to help you decide which is best for your business.

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Find out more about accessing Direct Debit
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