Introducing GoCardless's Advanced AI Technology for Swift, Dependable Same-Day Payment Processing
GoCardless, a leading end-to-end bank payment provider, has launched a new feature called Same Day Settlement+. This innovative service is designed to revolutionize the way businesses manage their finances by significantly speeding up payout times and reducing late payment failures.
Faster Payout Times and Improved Cash Flow
With Same Day Settlement+, most Direct Debit payments are settled on the same day, as opposed to the typical two-day BACS wait. This means quicker access to funds for businesses, providing greater clarity over cash flow and enabling more reliable cash management.
Reduction of Late Payment Failures
The new feature leverages AI and machine learning algorithms trained on data from 38 million accounts to cut late payment failures by over 80%. This dramatic reduction in payment delays and failures brings significant cost and frustration relief for finance teams.
Enhanced Operational Efficiency
Integration with platforms like Xero ensures businesses can benefit from instant and recurring payment settlements all through a single provider, simplifying payment operations and enhancing efficiency.
A Game-Changer for Businesses
John Cooper, Managing Director at Communicate Telecoms, finds the same-day settlement service to be a game-changer for their monthly bill run. The new feature offers real cash-flow relief by accelerating payment settlement and reducing uncertainty linked to late payments.
Shaun Puckrin, Chief Product Officer at GoCardless, emphasizes their dedication to making bank payments a better experience for businesses. He states that the new feature is a testament to their commitment to innovation and efficiency in bank payments.
Benefits for Small Businesses
Cash flow management is significantly improved for small businesses with the implementation of Same Day Settlement+. The feature addresses the challenges faced by businesses in managing their cash flow and reducing late payment failures.
85% of merchants believe receiving money sooner will strengthen their relationships with customers and suppliers. Same Day Settlement+ is currently available to a select group of GoCardless customers.
Summary of Impacts and Benefits
| Factor | Impact/Benefit | |-------------------------------|-------------------------------------------------------| | Payout Times | Most payments settled same day, reducing standard wait from two days to same day[1][5] | | Late Payment Failures | Over 80% reduction in late payment failures via AI-powered processing[1] | | Cash Flow Improvement | Faster access to funds and reduced payment uncertainty enable better cash flow management[1] | | Operational Efficiency | Simplified reconciliation with accounting tools integration (e.g., Xero)[5] |
In conclusion, Same Day Settlement+ delivers faster, more reliable payments, minimizes payment failures, and improves financial operations, particularly benefiting businesses with recurring or pull-based payments. This new feature by GoCardless is a significant step forward in making bank payments simpler and more efficient for businesses.
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