More than 70 percent of self-employed individuals have difficulty getting paid. Needless to say, invoices being paid late can have crippling effects on small businesses. SoverPay is a new online platform that aims to overcome the issue of delayed payments.
An Automated Billing System
SoverPay allows users to create contracts and invoices effortlessly, which can automatically be executed at a set date. SoverPay is focused on bringing automation to small businesses and freelancers, groups who have not traditionally had the means to access such automation tools.
Wasting time and effort in chasing down invoices means precious time is spent away from running a business, generating sales and generally helping the business grow. Besides the time-consuming nature of having to chase invoices, being forced to wait to be paid can seriously hinder cashflow and make budgeting difficult.
By using simple forms to collect the necessary information, such as how a small business needs to get paid and when they should be paid, SoverPay automates the process. SoverPay’s system looks through the data daily, and when the system shows it is time for an invoice to be paid, SoverPay charges the business’s clients.
SoverPay’s founder, Nawaz Gafar, spoke of the complexity of accounting and of the issues small businesses often face when trying to get paid.
“Accounting is a very dynamic department in any business and can involve many moving parts both internally and externally, so when a business hires a contractor or another firm, this adds another layer to the accounting department,” Gafar told Small Business Trends. “Thus, things can often get lost in paperwork, and while the accounting team is busy keeping internal operations running smoothly, external contractors and businesses can often get forgotten. This isn’t to say that it is done on purpose, but often comes down to human error.”
“SoverPay attempts to solve this by introducing a layer of automation for our clients, by looking at where exactly the problem occurs,” Gafar added. “Traditionally most contracts have been done through email, or even worse verbally. Thus, a lot of the responsibility falls onto the contractor to procure payment.”
“By using automation even if a client forgets about paying, our systems won’t. When a user creates a contract, we collect the necessary info and continuously keep an eye out for upcoming contracts,” he said.
Businesses can sign up for SoverPay for free. Users can have a Free Account, in which they are charged $1 per contract and 3.9 percent + $0.30 per transaction, or an Unlimited Account for $10 a month where they are charged $0 per contract.