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Receipt Bank adds payments to mobile app

Data and expenses management software developer Receipt Bank has upgraded its mobile app to let users select invoices and pay them directly from their smartphones.

14th Oct 2020
Editor in Chief (interim) AccountingWEB
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Receipt Bank launches Pay app
Receipt Bank Pay

Until now, the main purpose of Receipt Bank’s app has been to extract transaction data and submit it to general ledger systems. The company’s new Pay app can do those things, but also has the ability to search and list items that are due for payments.

“So you have invoice tracking capability and the ability to pay invoices that are overdue,” said Receipt Bank director of brand Paul-Reza Afshar.

Once an item has been flagged for payment, the funds are dispatched via Plait and the bill is marked as paid. The Pay app syncs in both directions with leading cloud bookkeeping systems including QuickBooks Online, Xero and Sage GLs.

“If you make a payment within Xero and Receipt Bank is connect, it will show in the app as well,” Afshar said.

Pay starts from £7.99/month and is now available to UK iOS users on eligible plans. The app will be rolled out to other markets in 2021. 

Such “pay now” mechanisms are a common feature for bookkeeping and banking apps. By linking up with third-party payments provider Plait, Receipt Bank’s chief marketing officer Paul-Reza Afshar said the new Pay program broadens the options available to businesses and their accountants.

The company’s rationale for getting involved in the rapidly evolving online payments race is to help businesses and their accountants stay on top of all their financial data, he continued.

“The feedback we get from accountants is that clients are not getting all their data in shape for accountants to do their jobs. By making our app more functional and immediate, we’re encouraging small business clients to submit more data and frequently.

“The ability to get real-time data and full visibility is incredibly valuable for bookkeepers and accountants. The business insights they gain can open the door to offering advice on cashflow decisions and other areas,” said Afshar.

The updated Pay app was Receipt Bank’s first step into payments, he added. Plans are in hand to add a batch payment facility and to support other mobile devices.

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