Tide launches new Invoice Assistant for enabling SMEs to tackle late payments

By Megha Bhattacharya

UK-based business financial platform Tide announced that it will launch a new Invoice Assistant in mid-May to give small businesses the tools they need to get paid, and get paid on time. The Tide Invoice Assistant includes automatic invoice chasing – automated reminder emails for unpaid invoices, automatic invoice matching – notifications sent as soon as you are paid, payments automatically linked to invoices for easy bookkeeping, invoice Direct Debits – get paid automatically as soon as the invoice is due (provided by GoCardless) and
invoice protection – protect yourself against the risk of non-payment (insurance provided by Hokodo).

Alaastair Travis, VP of Business Services at Tide said, “The Tide Invoice Assistant tackles a number of pain points experienced by small businesses – most importantly, automating manual and time-consuming processes and giving reassurance that they will be paid promptly. The automatic chasing feature is a particularly important addition the Tide platform, with small business owners often feeling uncomfortable chasing their clients for payment, an automated email allows a degree separation from the personal relationship and helps keep cashflow on track.”

Recently, Tide announced that it will be expanding its platform with the introduction of Tide Payment Acceptance in 2021. The company stated that the platform will be available in the UK initially and will be rolled out to its Indian business. The new payment acceptance solution is expected to allow members to accept payments from customers online or at their business premises through card terminals.

Laurence Kreiger, CEO – UK, Tide said, “Tide’s mission is to save small business owners time (and money) on their banking and admin, so they can focus on running and growing their business. Nothing could be more true to this mission than helping our members to get paid, and to get paid on time, protecting their valuable time and their cashflow. The addition of the Invoice Assistance to the Tide platform demonstrates our move towards providing a fully comprehensive financial platform, offering a suite of highly connected products that help our members manage all aspects of financial admin, not just their banking needs.”