Invoices with an iDEAL link are paid 9 days faster

Invoices with the option to pay via an iDEAL link are paid 9 days faster. This is evident from our analysis of over 1.8 million invoices. Payment requests directed at individual customers and small to medium-sized business customers, in particular, are paid more quickly when an iDEAL link is included.

Make paying easier for your customers

Is it obvious that an easy payment method, like iDEAL, contributes to faster payments? Absolutely. But it works. The clearer your invoice is about what you expect from the debtor, the easier it becomes to take action.

Our analysis shows that invoices with an iDEAL payment link and a payment term of 14 days are paid after 16 days. Although this is outside the term, it is still 9 days earlier than invoices without an iDEAL payment link.

Record for Hanze University of Applied Sciences Groningen: invoice paid in 17 seconds thanks to iDEAL link

A structured payment process, including an iDEAL payment link, leads to faster payments, as experienced by Hanze University of Applied Sciences Groningen.

“You can tailor a process to the customer and the organization. In our case, this includes the summer vacation. It doesn’t make sense to send reminders then,” says Jean-Paul Heunks, head of Financial Administration at Hanze University of Applied Sciences Groningen.

Hanze University of Applied Sciences Groningen had already been monitoring this closely, but it involved a lot of manual work and careful attention. With a structured process in Payt’s debtor management software, this timing is much easier. Additionally, Hanze University is breaking its own records for collecting payments.

Heunks: “From the invoice, reminder, and online environment, students can pay directly using options like iDEAL. The record for the fastest payment is now 17 seconds after sending the invoice with an iDEAL link!”

Getting paid faster prevents financial problems

Payments that arrive late are detrimental to your organization’s cash flow and, consequently, its financial health. Late payments shrink your liquidity. When money comes in late, investments are immediately put on the back burner.

As many as 20% of entrepreneurs report that a large number of overdue invoices put their business in troubled waters. By improving the payment process and adding an iDEAL payment link, you reduce the risk of (or prevent) these issues.

You don’t need to do anything more for the iDEAL payment

Voys, a telecom provider, also recognizes the convenience of iDEAL.

“The nice thing is that when a customer uses that iDEAL link, the debtor and invoice numbers are immediately included with the transfer. This means we have no additional work; our accounting software recognizes the iDEAL payment right away and records it under the correct details,” says Janneke van der Velde, the ‘Rekenkamer’ of telecom provider Voys.

Discover what Payt’s accounts receivable management software can do for your organization. Schedule a demo below or download our brochure.