Building on an existing collaboration, the new integration allows FreeAgent customers to blend one-time payments via Instant Bank Pay with their current recurring Direct Debit services. This creates a more efficient process for managing various billing scenarios.
Instant Bank Pay leverages Open Banking technology for direct bank-to-bank transactions, streamlining the payment collection process by eliminating the need for manual entry of customer banking details. This reduces delays and minimizes follow-up actions required to secure payments, especially for high-value single invoices that might incur card transaction fees.
Reducing Payment Delays and Failures
Success+, now available within FreeAgent, employs machine learning algorithms to optimize the timing of payment retries in case of initial failure. According to GoCardless, this tool can recover approximately two-thirds of failed transactions. This feature is designed to help businesses minimize involuntary cancellations and decrease the time spent on manually pursuing payments.
FreeAgent highlighted that this integration marks their first incorporation of an Open Banking-based solution for accounts receivable management. The new tools are aimed at addressing common challenges faced by small enterprises, including reducing the costs associated with failed payments and enhancing the ease of collecting one-off invoices.
GoCardless officials noted that the expanded partnership would offer a wide array of small businesses and accountancy professionals more economical options compared to credit card payments while improving the overall reliability of revenue collection. FreeAgent, now part of NatWest Group since 2018, continues to serve as an independent platform for accounting tools targeting small businesses, freelancers, and accountants.
According to official statements from GoCardless, the company processes over USD 130 billion in payments annually through its services across both recurring and one-time transactions. The UK-based firm operates in more than 30 countries worldwide.