Ezidebit says the platform seamlessly reconciles all payment information into businesses’ accounting or management software, incorporating a suite of new features, such as Late Payment Collection and Paperless Direct Debit, to help businesses get paid.

Mark Healy, Ezidebit CIO said Ezidebit processes 300,000 payments everyday from 1.3 million payers, which total $3.3 billion worth of transactions every year, and every week nearly 10,000 people and hundreds of businesses join Ezidebit’s automated cloud-based payment platform.

Healy said he was confident Ezidebit had created the market’s most “sophisticated payment platform, designed to scale with growth, with a simple user experience, to help businesses better manage their cash flow”.

“The payments ecosystem is highly complex for businesses to navigate, but our platform frees our customers from that hassle so they can focus on running their business.

“Rather than having to open a merchant account at a bank or deal with payment gateways, customers just sign up and Ezidebit does all the hard work. This is fantastic for SMEs, which make up 99 per cent of Australia’s businesses and 85 per cent of our customers.”

Ezidebit also integrates seamlessly into Xero so users can offer credit or debit card payment for invoices, bypassing the need for a merchant bank account, saving small businesses up to $6,000 a year in bank fees.

Healy outlined additional features of the new Ezidebit platform, including what he says is the market’s first integrated online process to manage the complex and sensitive late collection process, for businesses using Ezidebit and Xero.

“The second an invoice becomes overdue, a message will be sent to remind the debtor, offering the option to ‘pay now’ at the click of a button. Late payers can even set up payment plans themselves and the Ezidebit tool will recognise the oldest invoice and settle it first,” Healy said.

Ezidebit has also released a new Paperless Direct Debit feature which allows businesses of all sizes, from personal trainers to childcare centres and charities, to do away with paper forms and sign up customers on the spot.

Using the Application Programming Interface (API) Ezidebit customers can send transactions and invoices and reconcile with more than 40 major industry management software platforms, such as Qikkids (childcare) and MINDBODY Online (gyms and personal trainers) and StorMan (self-storage operators).

“Our new platform offers more ways to help our customers run their businesses more efficiently and get paid on time. Quite simply, it is the best payment platform out there, giving merchants complete control over the lifeblood of their business - cashflow,” Healy said.