FreeAgent has incorporated tools from GoCardless, specifically Instant Bank Pay and Success+, into its platform, thereby expanding payment options for users.

Streamlined Payment Methods Integration

This integration enhances the functionality of FreeAgent by allowing users to combine one-off payments with recurring Direct Debits. The combination offers a more efficient approach in collecting payments across different billing scenarios, addressing both single and regular transactions.

Instant Bank Pay utilizes Open Banking for direct bank-to-bank transfers, streamlining the payment process without requiring customers to manually enter their banking details. This feature is particularly beneficial for processing high-value invoices that might incur card transaction fees otherwise.

Reducing Payment Failures and Delays

Success+, now available in FreeAgent, employs machine learning to optimise payment retries after a failure. According to GoCardless, this tool recovers approximately two-thirds of failed transactions, reducing involuntary churn for businesses and easing the administrative burden related to payment follow-ups.

These tools represent significant advancements for small businesses and accounting professionals within FreeAgent’s platform, addressing longstanding issues such as the cost of payment failures and difficulties in collecting one-off invoices.

As a subsidiary of NatWest Group since 2018, FreeAgent operates independently with a focus on providing essential accounting tools for small businesses, freelancers, and accountants. GoCardless, with its UK headquarters and operations in over 30 countries, processes more than $130 billion annually in both recurring and one-time transactions.