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Billtobox now combines invoices and payments in one platform.
One of Europe’s leading FinTech firms, Banqup Group, is enabling SMEs using their Billtobox platform to start paying and receiving payments within the platform.
“To make administrative and financial processes simpler and smarter, Billtobox customers will now be able to manage invoicing, digital archiving of documents, accounting and payments in a single platform,” Arthur Paijens, Banqup Payments CEO.
Starting today, SMEs using Banqup Group’s Billtobox platform will be able to opt into a service that enables them to manage payments within the platform. Following the recent implementation of the PSD2-directive, Banqup Group, via its licensed payment institution Banqup Payments, is able to offer Billtobox clients payment solutions within the Billtobox platform without the direct involvement of a bank. Billtobox is a digital platform that allows SMEs to manage invoices and other documents, and to easily share them with their accountant.
Now, clients can not only manage digital document archives, invoicing and other accounting processes, apart from that they will also be able to pay and be paid, as well as track all unpaid invoices in both directions. The tool offers 100% automated reconciliation based on real time information, and ensures SMEs can keep track of outstanding invoices, 24/7, giving direct insight into their working capital position.
Banqup has been offering payments since 2016, but now, for the first time it has brought payments together with other tools within their product range for SMEs. This unique combination of payments, documents, identity and invoicing supports the digitalisation of the entire financial and administrative value chain, especially for SMEs.
"By enabling payments in Billtobox, we're continuing our mission to make administrative and financial processes simple and smart for entrepreneurs. We want to make the Billtobox experience even better for our SME customers and continue to innovate." Explained Arthur Paijens, Banqup Payments CEO.
Efficiency, speed and peace of mind
The new functionality offers significant gains for companies. To start with, the European Commission estimates a potential annual benefit of 40 billion EUR if all European companies started using e-invoices. Furthermore, digital invoices are paid significantly faster than paper invoices. Offering the payment directly within the platform promises to speed up this process further.
"Most companies still pay invoices one at a time. By permitting users to pay multiple invoices at the same time, this process is radically accelerated. The tool also opens up a wide range of additional services, like notifications that tell the user which invoices are about to go past their pay-by-date," Arthur Paijens added.
Covid-19 as a catalyst for digital transformation
In all aspects of society, digital transformations and innovations quickly follow one another. The world of accounting and invoicing is no exception: more and more companies use digital invoicing and document processing to facilitate financial and administrative processes. In the past couple of months, Banqup Group noticed a spike in the number of newly created accounts on their Billtobox platform.
“As more people are working from home during the Covid-19 pandemic, more and more companies seem to be seeing the benefits of digitising administrative and financial tasks. As a consequence, the amount of new accounts created is growing rapidly,” Mr Paijens concluded.
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