Sage, the market leader in cloud business management solutions, today announced its partnership with Stripe, putting digital invoicing capabilities in the hands of businesses of all sizes. Chasing late payments is an administrative burden that falls hard on the shoulders of UK businesses. With invoice payments, companies can half the time it takes to get paid and have unparalleled transparency of cashflow with full end-to-end reconciliation of accounts.
Small and Medium Businesses cite chasing payments as one of the greatest barriers to productive growth, with 17% of all payments in the UK made late and 9% eventually written-off as bad debt (Sage, The Domino Effect – The Impact of Late Payments, December 2017).
Users of Sage Business Cloud Accounting now have full invoice capabilities in addition to the payment services Sage offers. This partnership allows companies to fully digitise all invoicing and get paid through credit and debit cards in real-time, rather than spend time manually collecting and chasing down payments. This will address the damaging, productivity-draining, impacts of chasing payments.
Digital invoicing services powered by Stripe allow invoices to be sent electronically, which the customer can view on any device (hosted in Sage Business Cloud) and pay from anywhere, anytime.
Sage is also launching an enhanced user experience where customers have the option to activate payment and invoice services in less than five minutes from within their software. From there they can take payment over the phone or online with a Pay Now button, as well as create personalised invoices on the go using the Sage mobile app.
Iain McDougall, UK and Ireland Country Manager at Stripe said:“Sinking resources into needlessly laborious tasks isn’t a good use of time for any business,” said Iain McDougall, UK Country Manager at Stripe. “Stripe develops tools and features that make running and growing an internet business easier. We’re excited to work with Sage to improve payments experiences and simplify payment reconciliation for their customers, all the while reducing pay out times for many suppliers.”
Seamus Smith, EVP Payments and Banking at Sage, comments: “Today’s launch is an example of innovation and collaboration in fintech, providing customers with world-class products that will revolutionise the way they work, no matter what stage of their business journey they are at. “We know cashflow is the lifeblood of business - yet businesses in the UK spend on average 15 working days chasing late payments – this is unacceptable. These are problems that can be easily fixed with the right technology solutions, designed to make invoicing and other admin tasks seamless. Accelerating payments is an absolute priority for any business and I’m delighted to see Stripe’s integration embedded into the Sage platform to target this important issue.”
Sage (FTSE: SGE) is the global market leader for technology that helps businesses of all sizes manage everything from money to people – whether they’re a start-up, scale-up or enterprise. We do this through Sage Business Cloud - the one and only business management solution that customers will ever need, comprising Accounting, Financials, Enterprise Management, People & Payroll and Payments & Banking.
Our mission is to free business builders from the burden of admin, so they can spend more time doing what they love – and we do that every day for three million customers across 23 countries, through our 13000 colleagues and a network of accountants and partners. We are committed to doing business the right way, and giving back to our communities through Sage Foundation.
Stripe is a global technology company that builds economic infrastructure for the internet. Thousands of businesses -- ranging from startups to listed companies -- rely on Stripe’s software tools to accept payments, expand globally, and create new revenue streams. Stripe has been at the forefront of expanding internet commerce, powering new business models and supporting the latest international platforms. Stripe users include Deliveroo, Monzo, Kickstarter, Salesforce, Comic Relief and many more.
Stripe was founded in 2010 by John and Patrick Collison, who set out to fix a critical problem: how online businesses could quickly and easily accept payments from anyone, anywhere in the world. Today, businesses in 25 countries can use Stripe to accept payments in 130+ currencies, as well as Apple Pay, Android Pay, Alipay and more. By reducing the barriers to starting and operating a business regardless of location or means, Stripe aims to bring more would-be companies online and accelerate the internet economy.