Monzo Business is making it faster and easier for businesses to get paid

Launching today, (Tuesday 12th October) Monzo are launching a new product for Monzo Business customers that uses their technology expertise to remove unnecessary admin and make getting paid faster and easier.

From asking small businesses, Monzo found out that that one of the biggest pain points is not getting paid on time. 74% of respondents also said that making and receiving payments was too much effort and 57% spent more than an hour a week chasing payments. 74% of businesses we spoke to said that they get paid late.

1,000 Monzo Business customers have early access to the product, and it’s already having a huge impact, with the businesses who used it being 70% more likely to be paid within 3 days compared to before. With this new product, Monzo are giving businesses more flexibility with the ability to now accept payment by card or by free Easy Bank Transfer (open banking) – which also makes things simple for their customers, who no longer need to type out manual bank transfers

Every part of getting paid (invoicing, card payments, banking, easy bank transfers, automatic reconciliation) now sits in the Monzo Business account, with instant payment confirmations and complete visibility of overdue, due and paid invoices at a glance. Since the launch of Monzo Business last March, 100,000 business customers now use the business banking product, and Monzo have it even easier to sign up, with no need to have a personal Monzo account.

Monzo Business provides visibility and control to help businesses better manage their finances. With innovative tools like stress-free tax saving with Tax Pots, integrations with cloud accounting tools Xero and FreeAgent, multi user access, web access and smart invoicing. This product launch follows a number of recent innovations by Monzo which give greater visibility and control to its customers. This includes Monzo Flex, adding card payments to Monzo pots and trends – enabling customers to make more sense of their spending and saving patterns. Last week, Monzo announced a partnership with Freetrade to offer its Plus and Monzo Premium customers access to commission-free investments.

Jordan Shwide, Head of Monzo Business Banking said: “We know from talking to our business customers that getting paid can be a time consuming and stressful experience, adding an unnecessary burden on top of the day-to-day pressures of running a business. This is why we’ve used our technology expertise to streamline the entire process, making it fast, easy and turning hours of admin into a few taps in the Monzo Business account.”