Tide taps GoCardless to offer small businesses Direct Debit
By Sunniva Kolostyak
Business banking platform Tide has joined forces with recurring payments provider GoCardless to help small businesses get paid faster through Direct Debit, aiming to offer support during the Covid-19 crisis.
By being able to set up Direct Debits, smaller businesses can become more liquid and efficient. Tide recently found that over 60 per cent of small businesses regularly have invoices paid late, creating cash flow issues and putting the businesses in danger of collapse.

Oliver Prill, the CEO of Tide, told IBS Intelligence that one of the biggest challenges is the massive time drain that is the admin of running a business.
“Chasing payments is one of the biggest culprits. Research Tide conducted earlier this year revealed that the average small business owner spends 1.5 hours per day chasing late payments.
“Setting up Direct Debits for invoices eliminates the time wasted chasing payments as well as the awkward emails to customers, but also puts the business owner in a much better position to manage their cash flow. As the economic crisis continues this is more important than ever, as a late payment can easily tip a small business into insolvency,” Prill said.
By implementing GoCardless’s invoice payment service, businesses will on average get paid 47 per cent faster. Tide members will be able to schedule the collection of payments from their customers when the invoice is due and track the progress of these payments with per-transaction fees. Tide members’ customers will be protected by the Direct Debit guarantee.
Prill added that Tide is committed to helping SMEs turn the current crisis into an opportunity. In addition to this partnership with GoCardless, as part of its recent BCR Pool E win, Tide is introducing new products and features to give additional support to SMEs.
“For example, we will introduce an advanced funding network, giving SMEs access to a wide range of lending and equity (VC and Angel investors) options through Tide. Tide will also introduce a digital ‘member directory’ to help with business development, allowing Tide members to create public profiles to offer their products and services to each other.”
Also commenting, Hiroki Takeuchi, CEO of GoCardless, said: “Our mission is to take the pain out of getting paid so that businesses can focus on what they do best. This is more important than ever in today’s economic climate, and our partnership with Tide will help make this a reality for many more small businesses. Tide members will now be able to automate both the invoicing and payment process, putting them in control of their payments and improving cash flow. We believe that this partnership will help small businesses thrive.”
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