ICNZB and Worldline combine forces to stimulate increased business cashflow for New Zealand’s small business enterprises
The Institute of Certified NZ Bookkeepers (ICNZB), New Zealand’s leading professional body for bookkeepers, and Worldline, New Zealand’s leading payment innovator since in 1989, have entered into a National Supporter agreement.
Worldline (formerly Paymark) have been an important part of New Zealand’s growth as an economy, providing a trusted service for almost every Kiwi consumer and they have joined the Xero App Store with Online EFTPOS to help small businesses get paid faster. This new payment option for Xero invoices allows consumers to easily pay an invoice from their bank account using their mobile banking app.
Rosey Tecklenburg, President of ICNZB says: “As bookkeepers we are often at the forefront of new technology, and this new product from Worldline is one that will significantly benefit not only our members, but also their clients. In today’s difficult economic situation, it is now more important than ever that businesses maintain a good cashflow cycle, and Online EFTPOS is a great leap towards achieving this”.
In data provided by Xero, ICNZB’s Founding Sponsor, they show that the average time to be paid in 2021 is 23.7 days, and on average payments are 6.2 days late from their due date. Putting this into context, assuming the time taken for a small business to outlay the cost of supplies, complete the job and invoice it out is 3 weeks, they are then waiting an additional 3 weeks for payment. This is 6 weeks that this small business is without cash in the bank.
* Data extract from Xero Small Business Insights Report showing figures and averages for 2021 only. The full data can be downloaded from the Xero website here >
Executive Committee member Nadine Rathjens, who was the lead for brokering this agreement, says this is a problem for small businesses that is easily solved.
“By entering a National Supporter Arrangement with the team at Worldline we are providing our members with a valuable tool to offer their clients as a cost effect payment solution to help decrease the average time to be paid. Not only that, but the ability for our bookkeepers to upskill and learn more about benchmarking data and how their clients are performing against this, makes this partnership with Worldline invaluable”.
Will Miao, Head of Online Payments at Worldline says: “We see this National Supporter Arrangement with ICNZB as a valuable way to support their members with bringing cost-effective, simple and secure payment methods to them and their clients. We are excited to help them spend less time collecting payments, and more time doing what they love and growing their businesses. We are convinced that our new service will be a benefit to all.”
To find out more about Online EFTPOS, click here.