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Connected banking with Hylobiz – How to collect payment faster for SME operations in UAE?

Hylobiz believes in growing together and foresees a future where SME businesses in UAE grow with us.

Key challenges faced by SMEs

  • High amount of monthly outstanding overdues
  • Lot of manual chasing and follow ups
  • Manual reconciliation
  • Difficulty of tracking cash and cheque collections
  • Manually reminding customers for payments

The strength of automation and innovation on Hylobiz enables SME and other businesses to collect payments on time, manage cash flow efficiently, need not tolerate overdue bills and run and operate efficiently a strong and successful business.

Connected banking and connected ERP on Hylobiz

  • You can link your existing bank account with Hylobiz seamlessly
  • Hylobiz is in partnership with multiple banks and NBFCs
  • You can link your existing ERP/ accounting software with Hylobiz
  • Hylobiz is pre integrated with multiple ERP partners

The connected ERP feature enables you to get real time view of cash flow. The connected banking ensures quick settlement and automated reconciliation on realtime. You can track financial data and transactions well and get a real time view of the receivables and payables.

How to collect payments faster?

Every business for payment collections, strategizes in its own way based on its strengths, weaknesses and operational methods followed. However, the following proven methods ensure brisk payment collections and strong cash flow to business. 

Connect better with your clients.

A business must communicate effectively and make sure there is no misinterpretation. Happy customers pay on time.

With the Hylobiz, you can create and send invoices to right person. You can send out professional reminders. The chat inbox on mobile app (Download the app: Android and Apple store) allows you to communicate better through the text suggestions. The email templates allow you to professionally communicate with your clients.

Automate the invoicing system and send out invoices without a delay.

It is essential to send out invoices as soon as your client makes a purchase. The sooner your customer receives the invoices, the earlier you get paid.

Hylobiz automates invoice management and allows you to,

  • Create 3 types of invoices
    • Proforma invoice
    • Sales invoice
    • Final invoice
  • Upload invoices in just few clicks
  • Send branded invoices through WhatsApp, SMS, Hylo chat and Email to get paid in instalments or in full as agreed upon between you and your customer
Monitor receivables in real-time.

Maintain a calendar to track the outstanding accounts and to follow up with late payers. This is difficult to do manually and can be achieved through digitization and automation on Hylobiz. The status of receivables and payables is tracked well and displayed with the help of business health score real time dashboard and automated reports on the Hylobiz platform. Even when a cash/ cheque transaction is done, the buyer can make an entry on the platform with the correct amount paid to you which would be visible to you on real time basis.

Automate the collections.

Attach payment links with Hylobiz and get paid through multiple modes like cash/cheque/Net Banking/ RTGS/ NEFT/ UPI. The static payment links have made collection of fixed amounts easy and faster from multiple customers and at regular intervals.

Offer early payment discounts.

It is advisable to follow up with the late paying customers. It is your money, and to make payments, you need to collect the amount for the outstanding bills. To speed up the collections, you may offer discounts for early payments. Be flexible and work with your clients to get difficulties resolved.

Review your strategy.

The operational process needs to be updated periodically. Analyse your debtor’s profile, and collection success and patterns and take actions for better collections and to avoid bad debts.

Faster debt recovery can be achieved best with digitization and automation with Hylobiz. Hylobiz offers easy subscription at Nil set up fee, NIL integration, NIL monthly cost. Through invoice discounting of outstanding invoices, you may avail loans from any bank or from our partner banks.


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