Top few ways businesses can Speed up payment collection with Hylobiz

Are you looking for a solution to simplify and accelerate the momentum at which the payment collection happens in your business?

Hylobiz’s connected banking platform can speed up and ease the payment recovery process with transparency and offers a lot more facilities to boost your business.

The automated, advanced, and connected banking solution of Hylobiz through its distribution system of ledgers is ready to support you.

If you are an SME business owner or running a corporate business or if you are a freelancer or professional the highly integrated business tools in the intelligent Hylobiz Neobanking system will definitely help you to record accounting data perfectly and track and manage dues efficiently assist you in prompt and safe digital payments and collections.

Once you register on https://hylo.biz/neobank/Register you can record, track and manage your accounts possibly more efficiently than ever before.

To better manage a business, to earn more revenue, to have a steady flow of funds, – a transparent and properly handled integrated and connected one-stop automated solution in the Hylobiz platform for fast digital payment collections is today’s requirement in the business marketplace.

An unreliable and inefficient system if in the system may give heavy losses to your business.

Businesses are often found to face difficulties in managing the tedious jobs of

• Recording accounting data and tracking payables and receivables
• Payment collections and tracking transactions
• Communicate effectively with suppliers and customers
• Reconciliations and settlement
• Invoice generation

These in turn cause delays in collections, bad debts, customer dissatisfaction, and finally huge losses in business down the line.

Mr. Raj, an SME business owner was found to face difficulties in fast collection of dues, reconciliation, and settlement as despite the use of multiple platforms he failed to track balances and manage transactions efficiently mostly because of data being available in silos across the line of business.

Once, Ms. Trisha, a freelance photographer shared that she had suffered huge losses due to bad debts and delayed payment collections as it was difficult to track the receivables and payables manually, and in absence of proper reminders and a connected system she often failed to collect payments on time.

Speedy payment collection can improve your working capital efficiency and help in long-term planning.

Like Raj and Trisha if you are struggling in the payment collections from the debtors or simply want a trustable system in place to help you understand your business health and take well informed major business and accounting decisions, then the Hylobiz Neobanking platform should be your first choice. 

Hylobiz is a start-up that has bagged awards and accolades for successfully bringing revolution to the Banking and Accounting system and assisting businesses to collect their dues without any delay through business cash and cheque online collection facilities and ultimately help run at low operational cost by providing them an efficient platform both on web and through the mobile app.

If you choose to explore the platform, you will experience a smooth journey while you take your business ahead.

Understanding your business health with detailed analysis and display of payables and receivables through the dashboard reporting can help you in prompt payment collections. 

Our world-class innovative and well-designed intelligent Fintech platform acts as a pillar aiding the immensely important requirements in a business like the management of data and accounts, payments, and collections, effective communications, bringing in more customer satisfaction over a wider reach of customers and many more, making it the best choice of its kind.

Download our mobile app https://play.google.com/store/apps/details?id=com.hylobiz.biz&hl=en

Top features in Hylobiz that can help speedy payment collections:

After careful analysis of what every business needs, the experienced personnel of Hylobiz have designed the following top features on the platform that will help you to earn more revenue by prompt retrieval of dues from buyers who owe to your business on credit purchase and awarding a positive twist to your business.

1. Automated sync with your ERPs/Accounting platform

Bridge Hylobiz with your accounting platform for an absolute seamless and automated experience. The integrated business tools on the platform can across the line of business help record, track, and maintain accounting data efficiently.

You remain connected and enjoy the experience of automated and uninterrupted business processes. Once you get every piece of accounting data tracked, it is easy for you to collect your payments without any hassle.

The platform is integrated with our ERP partners like QuickBooks, Oracle ERP, coral ERP, ZOHO, Botree Software, Xero, and Tally.

SAP and Microsoft Dynamics 365 will be integrated soon.

2. Automated distribution of invoices and reminders

You may integrate your Accounting platform with Hylobiz or just upload your invoice file to kick start your digital collections immediately. You may go with invoice creation if there is no ERP for the business.

The automated invoice distribution eases the collection process and makes it faster.

Create, itemize, and send invoices on the go through a strong invoice management system in the Hylobiz platform.

You may add items to your invoice, you may create and upload several invoices, and can send them through communication channels like WhatsApp, SMS, or email with more transparency and manage to get paid sooner. The Hylobiz sellers can invariably attach a digital payment link to invoices.

The automated reminders will act as a memory booster and help you communicate effectively and collect your payments easily on time.

3. Online collections facility with cheque/cash reconciliation

You can collect payments online, track and manage them and get cheque/cash reconciliation facilities.

Your customers can pay using any online mode of payment like Credit or Debit Card, Net Banking, and UPI. Easy, confidential, fast, and secured digital payment collection can aid in the speedy recovery of dues.

Online cheque/ cash collections facilities make the collection process easy and logging the same in the system allows an easy reconciliation process.

The system allows a payment to be made partially online or through cash/ cheques. It can be marked as partial payment. This allows us to reconcile and send a reminder out for the balance amount.

4. Automated reconciliation with ERPs / Accounting / Invoicing platforms

The automated reconciliation facilities will allow you a transparent and faster close. You get a more reliable system and handle complexities originated while dealing with a number of users and accounts, multiple ERPs down the business line and avoid difficulties of manual errors while invoicing.

All invoices and purchase orders are updated in a single report with a unique payment identity number.

The audit trail of all the partial, as well as complete payments, is managed well making the reconciliation report available for you anywhere and at any point in time.

This is just the tip of the iceberg, we also have Offline [Cash and Cheque] payment tracking, the ability to track inventories be it products or services as some of the other features.

Once you expedite the payment collection, your business working capital sees a surge encouraging a boost in revenue.

More questions in mind? Want to connect with us? We are ready to be your account manager and business guide. Please email at  support@hylo.biz