Speed up your cash recovery process online for free

Speed up your cash recovery process online for free

As of today, ezyCollect has committed to setting up businesses with its online accounts receivable platform for free for two months.

At ezyCollect, we have watched in awe as businesses do everything in their power to move online and keep working. Digging deep. Innovating. Powering on. ezyCollect has a suite of online tools to help businesses recover the cash that’s owed to them faster, whilst also supporting their customers through the credit crunch. That’s why we want to support your online efforts, too.

The next few months are critical as we all move to a remote way of working. And it’s essential that where possible, your business remains open to collect cash and support your staff and customers.

Business support now

Even if your physical office is closed, your accounts team can keep working. Our platform is designed for team sharing, to give high visibility to your debtor ledger, and to keep communication flowing between you and your customers.

Payment communications that you used to generate manually can be automated, giving you more time to think about innovating other parts of your business that will keep the money coming in. There are simple things every business can do to make it easier for customers to pay so they can keep trading, too.

Our tools can help with:

  • Automating payment reminder communications
  • Collecting money online
  • High visibility of your ageing trial balance and credit risks.


Read more about what you can do with online accounts receivables

Supporting the entire supply chain through difficult times

Some of your small business customers will want to keep buying from you, even though it’s tough. They might rely more on credit facilities to keep their shelves stocked and their doors open. Accepting their credit card payments online means they can reserve their cash, keep up their trade relationship, and pay you even if your admin office is closed. Some banks are temporarily pausing business credit card repayments. All banks are offering other finance facilities to keep the credit flowing to businesses on the frontline.

Your big business customers have more of a responsibility now to pay on time. For too long, big business has made their small and medium-sized suppliers bear the credit burden. Many big businesses like Woolworths and Coles have already committed to paying their suppliers faster. Government agencies have previously made their prompt payment commitments off the back of the 2017 Late Payments Inquiry.

This is the time to make sure your big business customers know that you need to get paid on time.


Making it easy


We hope you’ll leverage every advantage you can right now. Our hope for your business is that you never miss an opportunity to get paid, you can support your customers with tools to make their life easier, and your staff can keep doing their best work.

We’ve made it super easy to get started on our platform:

  • Most cloud accounting software users can self-serve to get set up straight away.
  • Our installation team is ready to guide you through any help you need.
  • Our online payments portal will always be free to use.
  • We will train you and your team (online, of course) for free.
  • Don’t continue beyond the first two months if you don’t need to. Simply use what you need now for free and continue if you like it.

To get set up today, please head to www.ezyCollect.com.au/business_support

Bank-by-Bank COVID-19 Business Support

Bank-by-Bank COVID-19 Business Support

The  financial contagion of the COVID-19 pandemic is expected to reach every business and every household. No one will be immune. Business banking units across all major banks have pivoted to engineer their own COVID-19 economic response to help businesses stay open or re-open in time.

No doubt it’s an ever-changing landscape and packages could change. Here’s what we can gather so far:

The Australian Banking Association advises people or businesses in distress to contact their bank’s financial hardship team.

Banks are providing assistance in relation to the following:

  • Deferring loan payments
  • Waiving fees and charges
  • Consolidation of debts
  • Easier access to term deposits
  • Deferring credit card payments and increasing limits

The Australian Banking Association has provided the following contact details for banks:


BANK

PHONE NUMBER

WEBSITE
AMP 1300 130 191 Experiencing financial hardship 
ANZ 1800 252 845 Customer Connect 
Arab Bank  1800 64 64 84 Hardship Assistance
Bank Australia  132 888 Contact Us
Bank of Sydney  13 95 00  Financial Hardship
BOQ  1800 079 866 Financial Hardship Assistance
BankSA 1800 679 461 BankSA Assist
Bankwest 1300 769 173  Experiencing financial hardship
Bendigo and Adelaide Bank 1300 652 146 Financial difficulty assistance
Citibank 1800 722 879  Hardship assistance
Commonwealth Bank 1300 720 814 Emergency assistance
HSBC 1300 555 988 Financial difficulty
ING  1300 349 166 Financial Hardship
Macquarie Bank  1300 363 330 Financial Hardship 
ME Bank 1300 500 520 ME Bank financial hardship
MyState   13 800 1  MyState financial hardship
NAB  1800 701 599 Financial Hardship 
Rabobank  1800 025 484 Financial Hardship
Rural Bank  1800 660 115  Financial Hardship
St. George Bank 1800 629 795  St. George Assist
Suncorp Bank 1800 225 223 Suncorp Customer Assist 
Westpac 132 142 Westpac assist


Learn more about ezyCollect’s Business Support Program


Banks to defer small business loan repayments

On 20 March 2020, Australian Banking Association CEO Anna Bligh announced a small business relief package on behalf of Australia’s banks.

Australian banks will defer loan repayments for small businesses affected by COVID-19 for six months.


Describing it as “a lifeline for small businesses when they need it most”, Ms Bligh urged small businesses to contact their bank to apply.


COVID-19 support from the major banks for small and medium businesses

The big four banks have all announced their current COVID-19 response support for business customers.


ANZ

  • Decrease variable interest small business loan rates in Australia by 0.25%pa, effective from 27 March 2020.

  • All impacted customers can request a six-month payment deferral on loan repayments for term loans, with interest capitalised.

  • Making available temporary increases in overdraft facilities for 12 months.

  • A reduction by 0.80%pa to a new two and three-year fixed rate of 2.59%pa for secured small business loans up to $1 million, effective 3 April 2020.


Commonwealth Bank of Australia

  • Reduced rates on business loans by 25 basis points.

  • Faster decision times for small business loans.

  • Deferring repayments and waiving fees.
  • Deferring repayments on a variety of business loan and overdraft products, for 90 days.

  • Waiving merchant terminal fees for impacted customers with CBA payment terminals, for 90 days.

  • Waiving early redraw fees on business term deposit accounts (including Farm Management Deposit accounts).

  • Waiving establishment fees and excess interest on Temporary Excess products.

  • Deferring repayments on vehicle and equipment finance loans, and providing tailored restructuring options that meet individual customer needs.

Commonwealth Bank of Australia has also committed to paying its Australian suppliers faster.


Get paid faster with ezyCollect’s Business Support Program


NAB

  • Defer principal and interest for up to six months on a range of business loans, including floating and variable rates and equipment finance loans.

  • Reduction on variable rates for small business loans by 100 basis points, from 30 March 2020.

  • Receive a 200-basis point rate cut on QuickBiz loans and overdrafts from 30 March 2020.

  • Pause business credit card repayments for up to six months (including a three-month checkpoint).


Westpac

  • 200 basis point reduction on overdrafts for new and existing customers from 6 April 2020.

  • 100 basis point Interest rate reduction for small business cash-based loans, from 6 April 2020.

  • Waiving merchant terminal rental fee for three months.

  • No establishment fees for equipment finance loans until the end of June 2020.

  • Eligible Westpac small business customers who need help to manage their cashflow can defer principal and interest payments of business term loans (excluding credit cards, overdrafts, cashflow/invoice/trade finance, commercial bills), equipment finance facilities and equipment loans for six months.

Eligibility criteria apply.


Coronavirus SME guarantee scheme 

The Australian Government recently announced the Coronavirus SME Guarantee Scheme to support the flow of credit in the Australian economy, especially for small and medium enterprises (SMEs).

The Scheme is designed to help SMEs access additional working capital funding from lenders.The Government will provide eligible lenders a guarantee of 50 percent on new unsecured loans made by SMEs. The following criteria apply:

  • Maximum total size of loans of $250,000 per borrower.

  • The loans will be up to three years, with an initial six month hold on repayments.

  • The loans will be in the form of unsecured finance, meaning that borrowers will not have to provide an asset as security for the loan.

  • SMEs with a turnover of up to $50 million will be eligible to receive these loans.

  • Loans will be subject to lenders’ credit assessment processes in the context of the uncertainty of the current economic conditions.

Lenders are currently assessing their facilities and are expected to announce further details soon on how business customers can apply for a new unsecured business loan.

The Scheme will commence by early April 2020 and be available for new loans made by participating lenders until 30 September 2020.

ezycollect’s Business Support Program is helping SMEs survive this critical COVID-19 period.