Lloyds' new in-app invoicing tool wants to help UK small businesses cut their admin for good

Lloyds has introduced a new invoicing and payment collection tool named Get Paid to alleviate the administrative burden faced by UK small business customers. The tool aims to allow business users to manage their finances more efficiently by providing a single location for invoicing and payments within their existing Lloyds app and online banking platform.

The service is powered by Lloyds' strategic partnership with BankiFi and will be offered free of charge, without the need for additional invoicing or accountancy software.

Ruchir Rodrigues, BCB Client Strategy & Commercial Director at Lloyds, emphasized the importance of businesses not having to pay extra for necessary tools. He stated that integrating invoicing and payment collection directly into the Lloyds banking experience will help customers manage cash flow and focus on growing their business.

With Get Paid, business customers can create and send invoices, generate secure payment links, and track paid and outstanding payments through the Lloyds app and online banking. Additionally, customers can utilize automated reminders, reducing the time spent chasing payments from their clients. Late payments pose a significant challenge for many small and medium-sized businesses, as recent UK Government research revealed that nearly half (49%) of business customers take longer to pay than agreed-upon terms.

Furthermore, the Office of the Small Business Commissioner estimates that 14,000 businesses close annually due to late payments, and UK businesses collectively owe around £26 billion in overdue payments, averaging £17,000 per business.

By launching Get Paid, Lloyds aims to contribute to its vision of embedded accounting, enabling customers to manage more of their day-to-day financial activities within a single centralized platform. This streamlined approach reduces the need for switching between separate systems and records, which ultimately benefits small businesses by saving time and effort.