A new paradigm. A new brand.
If you had 50 cents for every time someone proclaimed their product or service a ‘game-changer’ you’d probably be pretty wealthy.
Well throw another half dollar in the tin. Because Payreq is changing the way businesses handle billing & payment processes, and the sharing of important information. We’re:
- Bridging the chasm between payment requests and actual payments.
- Putting customers in control of how they settle their invoices.
- Simplifying payroll processes – especially for businesses with large workforces.
- Replacing the sending and receiving of documents with sharing in a secure space.
We’re proud to be changing the game.
The Payreq platform has had such an impact in recent years — helping organisations transform the way they transact and interact with customers and employees — that we knew an update to our brand and story was probably due.
If you’re new to Payreq, all this talk of change needs a little context. So let’s rewind a bit.
A 60-second pre-Payreq history
For far too long, businesses and their customers have been saddled with sub-par processes around sending invoices, receiving payments and sharing important information generally. For example:
- Brands have been relying on email to invoice customers, while spending a fortune chasing late payments.
- Organisations have been using postal services to share paystubs and associated tax information with large workforces.
- Inconvenienced customers (both consumers and businesses) have endured zero say in how they receive and pay their bills and invoices. They’ve been mired in manual processes, told to click on security-compromised email links, or forced to use multiple brands’ payment portals.
Well, we reimagined these processes for our customers – from government authorities to multinational enterprises.
Our digital platform now provides secure-by-design, private spaces in which organisations and their customers can interact and transact. Payreq has transformed processes around:
- Billing and payments: Empowering customers to manage and pay their bills their way.
- Payroll: Sharing digital paystubs and tax documents securely, and giving employees anytime access to their payroll history.
- Information sharing: Sharing all types of important information with customers and employees.
But there’s another huge benefit to using Payreq, bound up in putting customers in control of their payments and important information.
Guess what happens when you put customers in control?
The idea of putting customers in control of their payments might seem radical. You might think it even increases the risk that they won’t pay on time. Spoiler alert: it doesn’t.
So how does it work?
Payreq enables customers (your customers) to pay bills their way in their own private, secure environment. An environment where all bills are safely received and paid on customers’ own terms.
Customers given their own space to access billing information anytime — via the Payreq app, their accounting software, or banking apps — tend to pay their bills on time. In fact, many pay their bills early. We have the evidence:
- 20% of Payreq users sign-up to pay bills on the day they receive them (rather than when they’re due).
- Businesses enjoy a 30% increase in revenue collected in the first 10 days after bill issue.
- And they see a reduction in days outstanding per customer – from 25 to 9.
Customers want to take control of their payments and reward businesses that let them do so.
We call it CCX – customer-controlled experience.
Our new brand and story needed to reflect all of this.
It’s getting better all the time
Excitingly, Payreq users are becoming staunch Payreq advocates.
Organisations are asking their customers to sign-up to the platform. And customers are joining in their droves.
But they’re doing more than that.
Customers are now asking other businesses they have financial relationships with to interact and transact with them through the Payreq platform. They want the control, convenience and certainty it delivers…for all of their bills.
This growth is great news for everyone. Because the more people and businesses there are using Payreq, the more value each user derives from the platform.
That means more opportunities for consumers around the world to take control of their bills, payments and important information. More opportunities for businesses to accelerate bill payments, reduce costs chasing payments, and simplify their payroll processes.
It’s a virtuous circle in which everyone benefits.
If you’d like to find out how Payreq can help your business, then get in touch with one of our experts.
Meanwhile, take a look around our new website, we hope you love it as much as we do.