Ignition launches AutoCollect to automate late invoice payments

Ignition has introduced AutoCollect, a feature designed to automate late payment collections for service-based small businesses.

The new feature enables small businesses to automatically import unpaid invoices from commonly used accounting systems such as QuickBooks Online and Xero into the Ignition platform.

AutoCollect also allows business owners to invite clients in bulk to pay invoices securely through an online portal, offering a streamlined experience for both parties.

Additionally, clients are able to pre-save their preferred payment methods, making it possible for businesses to automate collection of future invoices and better forecast their cash flow.

"We need to stop the cycle of service-businesses having to negotiate twice; first for the contract, and then to get paid. Late payments hurt small to medium businesses, impacting the ability to make payroll, pay rent, or hire needed employees," said Greg Strickland, Chief Executive Officer of Ignition. "Our goal is to wipe out late payments for good and help businesses reclaim their cash flow. AutoCollect is the next piece of the puzzle in Ignition's payments suite to make getting paid for every invoice as easy as possible."

Late payment is a persistent problem for many small and medium-sized enterprises. According to research from Ignition, 94% of accountants and bookkeepers report that they need to chase clients for overdue payments. In the United States, over half of small businesses are regularly paid late, causing disruption to operations across affected sectors.

AutoCollect is intended to simplify the payment process for professional services businesses by auto-importing unpaid invoices, offering secure online payment options, enabling clients to save payment details for future transactions, and automating collections for forthcoming invoices.

The feature builds on existing payment solutions offered by Ignition, including the capacity to collect payment information upfront and pre-authorise payments when proposals are signed. According to Ignition, 91% of payments processed through its platform are currently collected automatically, helping customers avoid delayed payments and eliminate accounts receivable issues.

Jack Colvin of Counting Clouds commented on the impact of the platform, stating, "Ignition has transformed the way we manage overdue invoices and collect payments, helping us get paid faster. The ability to batch and send payment requests from a single platform has been a game changer. The consolidated view of all payments makes it so much easier to manage both packaged and hourly billing without switching between systems."

Ignition serves over 8,000 businesses in the services sector and has facilitated $9 billion in revenue for its customers since its founding in 2013. Its user base covers Australia, Canada, New Zealand, the Philippines, the United States, and the United Kingdom.