Crezco: The easy, instant and free account-to-account payment solution for businesses
In the tech spotlight this week is Crezco! An easy, instant and free account-to-account payment solution for businesses.
Timworks is all about building tech with you in mind and doing it in a way that hasn’t really been thought of before.
What is it that you want? While we can't read your mind, we imagine that you would like your software to help you do a lot of things. Adopting more efficiency, building better processes, being more organised, increasing client satisfaction and saving time. Ultimately, these things should leave you with more time and money to do the things you really love, whatever they may be. So, we are bringing you some of our favourite tech tools to help you on the journey to building a business and life you love.
This week the spotlight is on Crezco - an easy, instant and free B2B payment solution.
Late payments are a key barrier to growth for 20% of small businesses, with inefficient and costly payment options being a prime cause. It comes as no surprise that the propensity to pay is inextricably linked to the convenience of payment. Card payments offer payers convenience, but being subject to high fees, slow settlement times and chargebacks remain unattractive to B2B merchants, often operating on low profit margins. While bank transfers, though cheap and instant, are subject to human error and inertia.
Crezco offers the best of both worlds. They make invoice payments as convenient as card payments but with the settlement times and pricing of bank transfers - so you never have to worry about making payments in your business again.
What is Crezco?
We love ideas that save time and improve the quality of our service and business so we thought you may want to find out what Crezco is all about!
Crezco makes B2B payments easy. Leveraging open banking and account-to-account payments, Crezco processes B2B payments in real-time for free.
With them, customers are protected from invoice fraud and human error, without compromising on speed or convenience. Crezco’s B2B payment solutions saves business owners time and money so they can focus on what they do best, creating value for their clients and encouraging economic progress and prosperity everywhere.
”The difference in convenience between the contactless card payments I made for coffees in the morning and the invoice payments later in the day was shocking. This difference was exacerbated 10x if the invoice was from abroad. What was behind this polarity? Why couldn’t paying invoices be more convenient like card payments? This was the driving mission behind Crezco.”
– Ralph Rogge, CEO of Crezco
Unlike traditional payment providers, Crezco leverages open banking to provide an account-to-account payment solution. Payments are instant, free and frictionless and there is no need for customers to share debit card or account details. The best part has to be the integrations - Crezco’s integrations with accounting software (QuickBooks, Xero, QuickFile, Zoho) where payment links are directly added to sent invoices for a more convenient checkout option. Once upon a time we paid to send an SMS, but now we send hundreds of messages instantly for free via WhatsApp and Signal. Crezco has brought the same level of convenience to invoice payments.
What are account-to-account payments?
Account-to-account (open banking) payments move cash from one account, say your client’s account with HSBC, directly to another account, perhaps your account with Barclays, via domestic payment rails, like Faster Payments. There are no middle clearing, settlement and merchant accounts which need to settle the funds first. Payments are instant, free and frictionless and there is no need for customers to share debit card or account details.
If this topic excites you you can learn more about account-to-account payments on Crezco’s website.
What are the top 5 benefits of Crezco?
Still thinking whether you need more time, efficiency and security? We know decisions are hard, so we have put together the top 5 benefits of Crezco in a nutshell:
• Get paid faster: adding a Crezco payment link to your invoices increases convenience for your customers, eliminates human error and settles payments in real-time
• Reconcile automatically: Crezco reconciles all your payments within your accounting system immediately, saving you hours of administration
• Save on fees: Crezco is the only payment solution to settle payments under £1,000,000 instantly for free - it’s only the premium optional products Crezco charges for
• Onboard clients: Crezco has built a partnership dashboard for accountants to easily add and manage their clients, helping them save time and money
• Fraud protection: Crezco has built a proprietary machine-learning data analytical system, called Sentinel, protecting against invoice fraud, push-payment fraud and chargebacks
Future plans
Open banking and Crezco still have at least a decade of innovation ahead of them. One of their next big milestones is to make cross-border payments easy and cost-effective but there are other cases they 'd like to explore such as lending, VRPs and split payments. Crezco will also continue to integrate with more software so that all businesses can access an easy, instant and secure account-to-account payment solution, regardless of their software stack.
We love shouting out about other businesses on a similar mission of improving lives, services and freeing up time from your schedule allowing you to focus on things that really matter. Crezco is not about re-wrapping old products in prettier paper, but changing the process completely to assure end-users benefit from cutting-edge developments. The end goal will always remain the same: making money easy so businesses earn more.
Watch this space for regular updates on tech that can forever change how you do accounting and give you more time to read our blogs ☕️
