The leading technology website Tech Crunch Europe says it has seen an email circulated by Barclaycard stating that the pilot scheme is limited to 100 places. The report goes on to indicate that this is the first time a major bank has backed a cloud-based accounting package from a UK tech start-up.
According to the report on Tech Crunch Europe, the Barclaycard email says the trial will: ” Let SMEs do things like create, send and manage their invoices via a web browser, track overdue payments and, optionally, receive payments online via Barclaycard’s payment gateway. This is, of course, also where Barclays generates revenue, charging a three per cent transaction fee for invoices paid this way.”
The trial is thought to be set to run for 12 months, after which Barclaycard could launch a full e-invoicing service, which could help businesses speed up payment times and with cheques being phased out by 2018 could come as a welcome additional payment method for businesses.
Kashflow, a regular in Business Matters with some of their more interesting marketing campaigns, is headed up by Duane Jackson, who founded the company in 2002 with help from the Princes Trust and now employs just 12 staff, so to be working with such sizeable partners at the start of what could be a sea-change in payments is a high achievement.