IRIS Software Group's challenge was assisting small business clients in getting their invoices paid. It is quite shocking how late payments affect a small business. Impacted cashflow that eventually affects the ability of SMEs to trade and maintain their business. This impact also extends to the business owners' personal lives and the ability to pay suppliers.
When we questioned our customers, they shared how crucial it was for them to build strong relationships with their customers and how uncomfortable it was to have to pursue them for unpaid invoices. Even companies who had never before used a payment system looked for one that met their specific needs:
Signing up is simple
Could begin accepting payments right away.
It didn't break the bank! Where possible, a free alternative option was provided.
Made it simple to generate payment requests both online and on-site, simplifying the payment procedure for their clients.
Receive immediate payment via bank transfers in a safe and secure environment.
Use an automated invoice system to prevent those uncomfortable customer discussions.
Have a centralized view in the product to see real-time payment transactions and balances, and ultimately, where the reconciliation was fully automated.
IRIS Software Group announced a partnership with UNIPaaS to deliver a market-leading solution that addresses IRIS's customers' needs and pain points. After a few months, IRIS Pay has emerged as the most innovative payment solution in the UK bookkeeping industry, enabling small businesses to:
Sign up for IRIS Pay with just a few clicks, as the payment solution is fully embedded into IRIS KashFlow. Existing customers can sign up through the Dashboard, and new customers can sign up through the upgraded onboarding journey.
Begin accepting payments immediately using UK cards, international cards, or even Apple Pay.
IRIS Pay has no monthly fees or hidden costs. The only fee for UK consumer cards is 1.3% + 20p for each successful payment received. If your customers pay you via Instant Bank Transfer with IRIS Pay, it is completely free and you are paid immediately.
Generate payment requests at the touch of a button from multiple locations within the product (as the solution fully integrates payments with bookkeeping) and share them in a variety of formats, including QR codes, SMS, and even WhatsApp. Users can even generate payment links from their mobile phones while out in the field without logging into IRIS KashFlow, and all reconciliation is handled automatically behind the scenes.
With Instant Bank Pay, you can get paid right away. Card payments are processed within three business days.
With a suite of tools at their disposal, they can automate those awkward conversations. For example:
Add a "Pay Now" button to invoices.
Create a payment link that can be distributed via SMS, email, WhatsApp, or QR code!
Automated credit control features that send email reminders at specific payment stages.
Get complete visibility of their IRIS Pay balance, as well as IRIS Pay transactions and fees, in a single dashboard that can be sorted, filtered, downloaded, or printed. Users can also have their fees automatically posted to a specific ledger.
IRIS Pay transactions are processed through a secure customer checkout, which ensures the security of both payments and transactions. Unlike cash, cheques, and direct bank account transfers, you are safe with IRIS Pay.
IRIS Pay puts a cutting-edge payment solution at the fingertips of small businesses across the UK. Small businesses and, in many cases, the accountants who represent them can now focus on what they love most: growing their business, reducing debtor days, and assisting struggling businesses in getting paid while technology works hard in the background. IRIS Software Group hopes to replicate its success with IRIS Pay across its entire portfolio of HCM, Education, and Accountancy products.
IRIS Pay is a fully embedded solution that gives businesses complete payment control. Business owners, bookkeepers, and accountants now have a single source of truth for tracking payment transaction status in real-time, viewing balances, investigating fees associated, and locating the linked invoice.
As a result, IRIS Pay customers' cashflow continues to improve, with payments processed faster than ever. Over 85% of IRIS Pay sign-ups have never used a payment solution before, exposing this solution to an entirely new market segment. New sign-ups are seen on a daily basis, with an increasing number of first-time transactions taking place, knowing that you are in good hands with IRIS Pay. There have been no issues with availability or security to date.
"The 3-day settlement from IRIS Pay is faster than the 7-day settlement from my previous provider" Peter Streatfirld, Managing Director Javelin Broadband Ltd
"I'm really happy with IRIS Pay, I needed the KashFlow system to be integrated fully and IRIS Pay has made that happen. We'd definitely recommend it." Wayne Michell, Accounts Manager Complete Care West Yorkshire Ltd