Metro Bank has partnered with engagement banking provider BankiFi to launch Invoice It and help SMEs to send and receive payments.
The service provides an end-to-end payments and accounts receivable solution, with accompanying engagement support services, via an app – available on iOS or Android – or the web.
As well as having its own invoicing option for businesses without an accounting package, Invoice It is also compatible with major accounting software.
Metro Bank customers can now move on from manually chasing up late payments, and free themselves of the significant time burden associated with this practice, instead working towards core business activities, which are more likely to generate growth.
“Metro Bank is a great example of a bank that’s really listening to the needs of its business and commercial customers and ensuring they’re being reflected in new products,” said Nick Reid, head of strategic growth at BankiFi.
“Our data shows that 73% of businesses using Invoice It are getting paid within just two days, often in advance of any invoice terms – significantly helping with their cash management.”
Ian Jackson, director of bank accounts, payments and deposits at Metro Bank, commented: “This year continues to be tricky for small businesses to navigate, which makes helping them get paid in the fastest most efficient way possible more important than ever.
“At Metro Bank, we believe boosting cash management is one of the top priorities for UK businesses and enables Metro Bank to continue to attract new customers.”