The collaboration will assist small firms in surmounting the ongoing problem of late payments, according to a Thursday (Oct. 15) announcement.
“Being able to set up Direct Debit payments for invoices will be game changing for our members, making the payment process quicker and smoother for both the small business owner and customer,” Tide CEO Oliver Prill said in the announcement.
The service was created on Direct Debit and benefits the company owner in addition to the client, according to the announcement.
Members of Tide will have the capacity to set a time for the collection of payments from clients at the time the bill becomes due and monitor those payments with “low, per-transaction fees,” according to the announcement.
“Our mission is to take the pain out of getting paid so that businesses can focus on what they do best,” GoCardless CEO Hiroki Takeuchi said in an announcement. “This is more important than ever in today’s economic climate, and our partnership with Tide will help make this a reality for many more small businesses.”
Takeuchi added that members of Tide will now have the capacity to automate the payment and billing process, which lets them manage their payments and bolster cash flow.
“We believe that this partnership will help small businesses thrive,” Takeuchi said.
In June, news surfaced that GoCardless had teamed with predictive accounts receivable (AR) automation platform YayPay. At the time, YayPay CEO and Co-Founder Anthony Venus said the collaboration would accommodate clients aiming to grow their reach by collecting bills from all over the world.
“The GoCardless payment network is the ideal solution for addressing the international aspirations of our customers,” Venus said at the time.