UK small businesses spend 1% – 4% on receiving each cash, cheque or card payment – around £6 on a £200 bill…that’s a couple of coffees or lunch businesses are shouting their payment company on every transaction. In addition to this, business owners also spend nearly 10 hours every week on accounts-based tasks like reconciling payments received,
At last, there is a solution.
Ordo’s end-to-end encrypted request-for-payment service, with integration enabled by Codat, allows businesses to:
- send their invoices securely – without the fear of being hacked,
- collect payment instantly – no waiting 3 working days for card payments to clear or eWallets like PayPal to verify your account, and
- give their customers control of their payments by showing exactly who they’re being asked to pay, all from a few taps on their phone wherever and whenever they like.
Once authorised by the customer, payment goes straight from the customer’s bank account, where Ordo pre-populated the payment ready to go (saving the customer time), straight to the bank account of the person they’re wanting to pay.
Once the customer pays, money moves immediately to the businesses bank account and is credited instantly – no third party, no hanging around, no risk and no hassle.
With some new fintechs getting into trouble because of problems with cards, why take the risk with money passing through a third party? With Ordo, the money moves directly from the customer’s bank account to the businesses’; it’s a payment service that guarantees security, that doesn’t hold your money and makes everything from invoice sending, phone notification and payment, instant and direct.
Ordo Co-founder and Fliss Berridge, said “It’s worth shopping around. New services like Ordo can not only save you money with your payments, but make it easier to stay on top of them by showing you in real time, who’s paid and who hasn’t. No more crawling through bank statements late into the night.”
Pete Lord, CEO at Codat said: “Codat is committed to making life easier for small businesses. During these challenging times, it is more important than ever that businesses have access to great, affordable financial products such as Ordo. We are delighted to partner with them to deliver a seamless process for the paying of invoices and reconciliation of payments directly in their Xero, Quickbooks and Sage platforms.”
There are many costs to doing business, especially if you run your own: friends and family time given up, weekends where you completely switch off, and ultimately financial security.
But there are some high costs and human sweat and toil for hours that are still being paid by UK small businesses that are wholly preventable.