The global movement of money has grown significantly over recent years and within Sage business software solutions we see flows of some £3 trillion pounds a year through our accounting software worldwide.
Sage payments and banking technology helps thousands of businesses get paid, make payments, manage their money and integrate bank account information directly into their accounting software. That speaks volumes about how much businesses trust Sage to move and manage money quickly and securely, and about our role in financial innovation.
Our teams are dedicated to bringing to market the game-changing solutions that empower small businesses. Sage has made significant technology investments to connect our accounting platforms to most major banks through APIs (application programming interfaces), and from next year we will be taking advantage of the new PSD2 (European Commission Revised Payment Services Directive) and open banking legislation to connect to even more banks across Europe.
We’re also connecting to payments providers, financial institutions and fintech leaders to deliver best-in-class functionality across the globe to our customers.
Our vision is to bring together complex ecosystems by using our own expertise in payments and global integrations to eliminate road blocks virtually in money movement and management. Sage understands what the pain-points are in this space for small businesses and we recognise the economic risks we all face if these needs aren’t addressed. Our all-encompassing solution does that and surpasses those expectations.
UK businesses lose significant amounts of time to administrative tasks, mostly accounting, generating invoices and processing invoices received each year. Our vision is a streamlined approach, providing an end-to-end view of cash flow to help our customers make better financial decisions. This includes better managing of fraud, returns, inventory and access to finance. The first step towards this is allowing customers to connect their bank account to the Sage Accounting software.
Late payment is still a top concern for UK businesses and across the world. In fact, chasing late payments is the most time-consuming administrative task for UK small-business owners, according to our recent survey. Many businesses spend at least three hours chasing late payments a week and 44 per cent of small businesses have to write off bad debt. As part of our vision we’ve partnered with GoCardless, another fintech leader, to offer Digital Direct Debit integrated into Sage Accounting. This, paired with new one-click invoice payments, means our customers will get paid twice as fast, have access to those funds quicker and offer their customers the best user experience with the ability to pay straight from their invoice using their preferred payment methods.
Accepting and paying out invoices received is the third most challenging administrative task for UK small business, which often leads to delayed payments to suppliers and, even worse, delayed payroll. Our vision of fully integrated payments and banking means you build a better relationship with suppliers by settling invoices on time. This will also reduce the massive administrative burden of sending volumes of payments such as payroll. Your account balances are always up to date, you’ll have a consistent view of when deposits will become available and you can pay your invoices as soon as you receive them. You can also easily move money across multiple sources and internationally.
This new end-to-end money movement experience will be revolutionary for how we start and grow small businesses everywhere. Digitising and automating financial admin tasks gives you time back to focus on other aspects of business, such as product development, marketing and recruitment. This kind of innovation allows more time for innovative thinking within small businesses, which leads to more sales, better profits and an improved economy overall.
This new end-to-end money movement experience will be revolutionary for how we start and grow small businesses everywhere
And this is just the beginning. We’ll launch more partnerships with other market leaders to bring more barrier-breaking offerings to our customers. We’re proud to be a pioneer in this regard, and will continue to make vast contributions to the future of payments and small business.
For more information visit www.sage.com/paymentsandbanking