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Top 5 payment management software for SMEs

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The GoCardless content team comprises a group of subject-matter experts in multiple fields from across GoCardless. The authors and reviewers work in the sales, marketing, legal, and finance departments. All have in-depth knowledge and experience in various aspects of payment scheme technology and the operating rules applicable to each. The team holds expertise in the well-established payment schemes such as UK Direct Debit, the European SEPA scheme, and the US ACH scheme, as well as in schemes operating in Scandinavia, Australia, and New Zealand. See full bio

Last editedApr 20232 min read

Getting paid on time is essential to managing cash flow. This is a universal truth of business, especially in a trying financial climate. This is as true for your suppliers as it is for your business. Ensuring that your suppliers are paid promptly can help you to maintain a good relationship with them and potentially secure advantageous rates.

Payment management software can help you to automate payments, improving cash flow and supplier relations.

What is payment management software?

Payment management software is a cloud-based software platform that integrates with your existing enterprise resource planning (ERP). It automates recurring payments to suppliers and helps to streamline your accounts payable (AP) process. It can also help to reduce fraud and make your payment processes more secure.

Because they are cloud-based, they can be used anywhere, whether in the office or on the go, lending themselves to a wide range of business models.

How does payment management software work?

Payment management software is designed to cover your complete AP workflow, automating individual and mass batches of payments. It can also help to eliminate wasteful spending by handling approval authorisations and automatically validating legitimate vendors. According to Tipalti, using a payment management system can reduce accounts payable invoice processing by 80% and knock 25% off the time required to close books.

Suppliers can access a branded digital portal and upload invoices that are automatically captured and processed, matching them with purchase orders where applicable.

Top 5 payment management software platforms

Now we know a little about how payment management systems work, let’s take a look at some of the best payment management platforms for SMEs.

Xero - One of the most well-known systems on the market, Xero is an accounting and payments management powerhouse, allowing businesses of varying sizes to organise cash flow, accept payments, raise invoices, and it even covers taxes and payroll.
Chargebee - Chargebee is a comprehensive accounting system that is commonly used for subscription billing and revenue management. It is designed to align billing workflows with your GTM strategy, facilitating harmonious business finances.
Sage 50 - Sage 50 is powerful accounting software that allows businesses to maintain a complete overview of their finances. It can be used to manage cash flow, for example, by seeing what invoices are paid and unpaid at any given time. Sage 50 also offers customisable reporting tools to make your finances a breeze.
QuickBooks - QuickBooks is another well known accounting and payments solution with a wide variety of features on offer, for businesses of all sizes. QuickBooks offers an array of payment options, enabling your customer to pay however suits them best. A standout feature of the software though is its portability - its popular mobile app allows you to manage your business while on the go.
Upflow - Upflow is another automated AR solution designed to help businesses manage invoices and mitigate late payments with automated reminders that use ready-made templates.

Integrating GoCardless with your payment management software

GoCardless has hundreds of integrations, including integration with payment processing software to ensure harmonious end-to-end payment management. While your payment management solution helps to streamline your accounts receivable, GoCardless does the same for accounts payable to boost cash flow. With GoCardless, businesses can receive invoice payments directly from the client’s bank account. It can be used for one-off and recurring payments via direct debits, insulating your SME from the hefty transaction fees that can come with collecting credit and debit card payments.

What’s more, businesses that use GoCardless spend 59% less time managing payments and pay zero setup fees. Integrating GoCardless with payment management software ensures that you spend less time chasing up late or failed payments, spend less on fees, and maintain great relationships with suppliers by paying them on time.

We can help

GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.