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

Collect payments faster for SMEs operations in Hylobiz believes in growing together and foresees a future where SME businesses in UAE grow with us.

Key challenges faced by SMEs to collect payments

  • 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 collect payments

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 a real-time view of cash flow. The connected banking ensures quick settlement and automated reconciliation in real-time. 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 collect payments 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 the 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 the right person. You can send out professional reminders. The chat inbox on the 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 a 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 a 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 the 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. Analyze your debtor’s profile, 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 of loans from any bank or from our partner banks.


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