User story - LKA Chartered Accountants

Challenge

Getting paid on time remains one of the biggest issues for businesses and things are only made worse when there is no one to take care of it. Late payments have been on the rise for several years. It may be because the company doesn’t want to pay, but the reasons are often to be found elsewhere. Company owners struggle to find time to pay their bills and forget or make mistakes when entering the payment details. Indeed, many payments are still made using manual bank transfers, which are subject to inertia and human error.

"With over 500 clients, chasing payments was time consuming and automated reminders are blunt and limited in their success. Our clients were asking for a simple, streamlined payment solution, which links neatly to our Xero invoices. Within days of implementing Crezco we saw clients picking this up and our payment collections improved almost overnight."

The other challenge for LKA Chartered Accountants is to offer more than traditional accounting services by advising their clients on how to use technology to help them grow their businesses.

"We’re looking to change the perception of accountants as only focusing on historic compliance and tax returns, but instead to be nimble at using technology and insight to look forwards preventing unwanted mistakes and “What if only we had done this!” moments."

LKA Chartered Accountants needed a simple and secure payment solution to collect payments and allow their clients to pay in seconds directly from the invoice sent. They also needed a payment solution that worked with their favourite accounting software so they could take advantage of the automatic reconciliation process and easily set it up for their clients as well.

Solution

Using an instant payment solution that works directly within accounting software like Xero automates the reconciliation process. Leveraging open banking, Crezco provides account-to-account payments via a "Pay now" button automatically added to the invoices.

Customers don’t need to share debit card details online or create a Crezco account and they don’t need to enter anything manually. They are simply redirected to their bank account to authenticate approved payments, eliminating the risk of identity theft and fraud.

LKA Chartered Accountants chose Crezco because it allows them and their clients to easily collect payments and to reconcile them instantly within Xero.

"When we found out what Crezco was offering, how it linked directly to our Xero invoices, how it leveraged open banking to provide a secure and simple account-to-account payment solution, we jumped at the chance to use it."

By simply adding a "Pay now" button to the invoices and allowing customers to pay securely in seconds using their bank account, Crezco greatly increase the convenience of payments and in doing so, the propensity to be paid. Collecting payments faster is healthy for cashflow and automatic reconciliation is a huge advantage to save time on admin tasks.

Results

Because Crezco payments are instant and secure, it was an easy decision for LKA Chartered Accountants to use it. They can now easily collect payments and save time on reconciliation too while being able to help their clients get the same benefits. The ease-of-use and the convenience of Crezco payments helped LKA Chartered Accountants and their clients to get paid faster, greatly improving cashflow.

"Within days of implementing Crezco we saw clients picking this up and our payment collections improved almost overnight. The best thing, it cuts down on those ‘typo’ errors where clients input the wrong amount into their online banking meaning you have to chase for payment differences as well as late payments."

With this partnership, LKA Chartered Accountants joins thousands of companies simplifying and securing their payments with Crezco. They no longer have to worry about compliance, security, human error or reconciliation and can now focus on what they like most, nurturing their relationship with their customers.

Next steps

LKA Chartered Accountants will continue to grow and keep Crezco close to them all along the journey. While Crezco is great for receiving payments, it’s also a great way to make bulk payments and international payments too. As more products become available, we expect LKA and other companies to benefit even more from open banking to reach their full potential.

"We’re partnering with Crezco to implement new and improved supplier payment solutions. LKA Chartered Accountants continue to grow and innovate in providing the best end-to-end client service journey."