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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.
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:
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.
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:
To get set up today, please head to www.ezyCollect.com.au/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:
The Australian Banking Association has provided the following contact details for banks:
|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|
On 20 March 2020, Australian Banking Association CEO Anna Bligh announced a small business relief package on behalf of Australia’s banks.
Describing it as “a lifeline for small businesses when they need it most”, Ms Bligh urged small businesses to contact their bank to apply.
The big four banks have all announced their current COVID-19 response support for business customers.
Commonwealth Bank of Australia has also committed to paying its Australian suppliers faster.
Eligibility criteria apply.
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:
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.