Reduce the amount of time it takes to collect from customers with YayPay, a new accounts receivable software and service. The co-founder of YayPay describes the process to Tech Crunch:
YayPay takes all our users’ invoices and we bundle them into statements. The idea behind the statement is that you get a collection of invoices, and when you remind customers that they need to pay, you remind then once.
Here’s the timeline for payment notifications:
- 7 days before due date: Startup sends email reminder of payment with payment link
- 2 days before due date: YayPay sends second email reminder and text message.
- 4 days after the due date has passed: YayPay places a phone call to collect late payments
YayPay highlights unpaid invoices. It also collects data about companies and makes predictions and recommendations. YayPay targets small businesses worth under $5 million.
The biggest advantage of YayPay is that they deal with the collections portion of the business. YayPay tracks invoices and handles clients with overdue bills. YayPay charges $29 per month for this. This covers 5 customers and includes 30 minutes of call time. This plan charges 25 cents per ACH payment. There are two additional plans. For $99 a month, YayPay handles 25 customers and provides 120 minutes of support calls. ACH payments cost 15 cents each. For $189, get unlimited coverage for any number of customers. Calls are charged at 79 cents per minute, and each ACH payment costs 10 cents.
There’s another software debuting at Disrupt London 2015 that caters to businesses that rely on freelance workers or independent contractors. Lystable is a business software that manages suppliers. It rates the skills of service providers like photographers and writers. Samples of their work are provided as well. There are several things you can do with Lystable including:
- Onboard, manage, communicate, and pay contractors
- Manage and categorize profiles
- Add skills, documents, notes, and store feedback for each contractor
- Track projects across teams and departments
- Sync Lystable with Gmail and Outlook
- Track invoices and make payments
These two software would be helpful for anyone with a disorganized client list or payment process. Easily send notifications for payments with payment links and easily build a contractor database with these new software products debuting at Disrupt London.