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UNIPaaS launched in 2020 after a team of payment experts saw the shortcomings of the payment industry for many businesses. Accounting software companies and B2B SaaS platforms were helping in many aspects, but regular pain points persisted due to the barriers around payments.
UNIPaaS has sought to change that, providing a truly embedded solution which enables businesses to use financial services to their advantage. In this article, we highlight how we have done that and what it has meant for our clients.
There’s one pain point that has consistently plagued the customers of B2B platform businesses: cash flow. It doesn’t matter how innovative, talented or high-performing an SME is, so many struggle to access a reliable stream of payments, which can be catastrophic for their growth or even survival.
An SEO agency may have completed a 3-month project for a client which has seen their number of leads grow by 5x, but they are still waiting months for the invoice to be paid. They feel uncomfortable continuously chasing, but they still have to pay salaries, rent and other expenses.
This is the story for countless businesses, and the accounting and SaaS platforms that support them wanted to be able to provide a solution. That’s where UNIPaaS came in.
Firstly, using embedded finance UNIPaaS was able to provide platform businesses with invoices which had a customisable payment link embedded within them. Instead of invoices being emailed to an accounting team for it to be added to a to-do list, then forgotten about, company card details could be added there and then and the invoice was paid.
Not only this, but UNIPaaS’s Open Banking capabilities allowed these invoices to be paid via instant bank transfer. For UNIPaaS client Iris Pay, this enabled businesses using their service to offer flexibility in how they accepted payments. As well as more choice for the end customer, instant bank transfers come with the very key benefit of being processed in real-time. Putting all of these factors together, cash flow was drastically improved for customers and the offering of Iris Pay, and other platform businesses, was unquestionably enhanced.
In the words of Iris Pay Chief Product Officer Paul Nagy: ““Our aim is to help our customers automate the payment process for on-time payments and an improved customer experience. Moving forward together we can provide finance, HR and payroll teams, educational organisations, and accountancy firms with the software and services that takes the pain out of processes and helps them look forward with certainty and confidence”.
This flexibility and customisation, providing multiple ways for end users to make payments, is precisely what makes the UNIPaaS solution such an attractive option for SMEs and enterprise level businesses. Companies with a high number of customers need to be able to support a variety of payment preferences to keep their user base happy and expand further. Using UNIPaaS, they have control over which payment methods they offer.
Coupled with dedicated account managers to guide larger companies through the onboarding process and offer ongoing support, enterprise level businesses can benefit from a flexible solution which is not just for startups.
Getting paid on time was one barrier, but once that challenge was met, small businesses then had to focus on bookkeeping and accounting when they wanted to spend their time growing their business.
Even when using accountancy platforms to help them, there was still a certain amount of manual reconciliation needed to manage finances effectively. Using UNIPaaS’s embedded solution, platforms were able to make this a thing of the past for their customers.
By giving the platform the ability to accept payments itself, incoming and outgoing funds could be reconciled automatically. This saved hours of work for their customers and perhaps more importantly, eliminated the possibility of human error.
As such, their platform became far more attractive to customers as they were saving them a huge amount of overhead while using the same brand they knew and trusted. In the words of Simon Guest, CEO at cloud-based accounting solution Nomisma: “For Nomisma’s accountancy and bookkeeping practice partners, making life easy for their small business clients is a top priority. The benefits will be felt not only by practices and their business clients but ultimately by their customers too. We are delighted to have set this development in motion.”
This comprehensive approach comprising invoicing and payments integrated within the same solution is available via a single API integration. One decision can enable businesses of all sizes to drastically cut down on their time spent on manual tasks while speeding up payment speeds and improving customer experience.
When platform businesses embed financial services in a customisable, white-labelled way, their offering is completely transformed. They can solve some of the biggest pain points their customers face on a daily basis and become a one-stop solution for their needs.
With UNIPaaS’s low code approach, that transformation can happen in a matter of weeks. If you’re ready to take the first step, talk to us today.
UNIPaaS Financial Services Limited is regulated by the Financial Conduct Authority (FCA) as an Authorised Payment Institution (No. 929994). UNIPaaS is certified as PCI DSS service provider Level 1.
