Getting paid on time is a real challenge for self-employed people and small business owners.
In 2018, the estimated value of late payments in the UK was £13 billion, with 43% of SMEs struggling with late payments. And not just late, but really late. Many invoices were paid more than 2 months after the agreed due date.
Delays often come down to a client’s internal processes around bank transfers rather than ill intent.
So to help speed up payments, we’ve teamed up with PayPal. From this week you can add card payments as an option to your invoices.
Instead of having to set up a new payee in their bank account and wait until their next payment run, clients can now pay you straight away using their credit or debit card details. Or if they have a PayPal account of their own, they can pay using that too.
Good news all round. Not only for your cash flow, but also for boosting your professional image, and for security if you’re worried about sharing your bank details.
How it works
To turn on the option to accept card payments through PayPal, you’ll need to create a new invoice. (No invoices to send at the moment? You can always make one up and delete the draft afterwards.)
You’ll also need to connect a PayPal account. (Don’t have one? Simply follow the prompts in the Coconut app to create one, outlined below.)
Here are the steps in detail:
- Go to Invoices in the Coconut app & tap 'Create invoice'.
- Enter your invoice details & tap 'Next'.
- Turn on the toggle next to 'Get paid with PayPal'.
- You’ll be taken to PayPal’s website. If you already have an account, you’ll connect it here. If you need to get one, you’ll be able to open one.
- Once that’s done, you’ll be brought back to the Coconut app.
- Then you can send the invoice - or to see what the draft looks like, tap 'Save as draft', then tap into your new draft and hit 'Preview' at the top right.
- Your clients will now have the option to pay by debit card, credit card or PayPal account.
To learn more, check out our help centre articles about this integration.