Payment technology company Cirralto (ASX: CRO) has debuted the core of its Spenda digital stack the SpendaCollect platform, which is designed to curb time wasted on debt collection and boost cash flow.
According to Cirralto, the newly launched platform delivers improved invoice collection by offering businesses an online statement-based payment service to provide to their paying customers.
The payment service can be included on a business’ website or in its invoices via clickable hyperlinks.
Cirralto noted its customers had already begun upgrading to SpendaCollect with go-live expected before the end of the month.
SpendaCollect has been fully integrated across Cirralto’s entire Spenda product suite.
The platform is also integrated with small business accounting systems such as Xero, MYOB, and Quickbooks, as well as enterprise resource planning systems such as Microsoft Dynamics and SAP B1.
“The SpendaCollect product has immense revenue potential, its release is a great achievement that we expect will drive strong revenue and customer acquisition growth,” Cirralto managing director Adrian Floate said.
Cirralto’s revenue will come in the form of a percentage-based fee on every transaction processed via the platform.
Cirralto claims that SpendaCollect is unique in that paying customers can group and/or split their invoices into a payment arrangement that suits their needs.
“Payments received through the SpendaCollect platform allow businesses to quickly and simply reconcile inbound payments against the invoices within the platform without having to manually reconcile each payment against each invoice,” Cirralto added.
The company claims about 53% of invoices in Australia are paid late, with 20% paid to the wrong account and 20% paying the wrong amount.
Cirralto pointed out the manual effort and costs associated with managing and reconciling accounts receivables is a “huge” productivity drain on most businesses.
“The SpendaCollect platform is designed to simplify and reduce this operational and administrative burden by securely connecting the customer directly to the merchant’s account payable ledger via an interface that allows them to select what invoices they want to pay and generate a payment remittance advice directly.”
Expanding payment capabilities
As well as launching SpendaCollect, Cirralto and its partner Appstablishment have expanded their payments product portfolio to include Spend POS, which provides integrated EFTPOS services for Visa, Mastercard and American Express.
Another expansion is enabling ecommerce payment processing with a variety of ecommerce engines such as WooCommerce, Shopify, NETO and Magento.
Additionally, Cirralto’s products enable direct debit and bill payment services for merchants across various industries, and mobile payment processing for organisations via its Spenda Service App.
Other new initiatives will comprise trade finance, debt collection payment arrangements, banking system payment services and tokenised and authority options.
“The company’s technology suite and expanding payment capabilities are well-positioned to cater for current customers, but, more importantly, for a new and broader potential customer base,” Mr Floate said.
“The combination of SpendaCollect and SpendaPay will provide both a considerable productivity boost and significant cost savings for customers,” he added.