AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
IBS Intelligence Podcasts
Ep351: How automation of payments can help SMEs collect money with speed and predictability
Nov 24, 2021
Pranav Sood, VP Small Business at GoCardless, discusses the challenges faced by SMEs in collecting payments, including discomfort and revenue loss. He explores how automation and payment intelligence tools can reduce failed payments and shares success stories of small businesses benefitting from the system. The podcast also delves into the accelerated adoption of payment automation due to the pandemic, emphasizing the value of software and cloud-based tools for SMEs.
11:37
Episode guests
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- Late or non-existing payments have significant financial, workload, and emotional impacts on SMEs.
- Automation of payment methods, such as Instant Bank Pay and direct debit, can provide timely payments and improved predictability for small business owners.
Deep dives
Awkward conversations and giving up revenue
According to recent research by Co-Cardless, around 40% of SMEs feel awkward about chasing their customers for late payments. Surprisingly, about 75% of SME owners are willing to give up to 10% of their annual revenues just to avoid discussing money owed. Gender and location also play a role, with a larger percentage of women feeling uncomfortable compared to men, and regional differences seen in the UK, with Wales being the worst offender.
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode