Eazipay saves wirehive limited nearly £60k a year – just through Direct Debit
Wirehive Limited has been offering a complete and personal IT service since 2005.
Based in Farnborough, the company can handle everything from straightforward IT support and remote working to business relocation and disaster recovery.
The company has grown quickly and by the end of 2009 boasted a flourishing client list. Unfortunately these clients, around 50 in number, needed invoicing on a regular basis and the administration involved soon became time consuming and costly, as Director Simon Green explains.
“Wirehive Limited employs six people and as you can imagine there isn’t much spare time to devote to paperwork.
“Despite that, we were spending around five to six days a month collating the invoices, sending them out and chasing up outstanding money.
“That’s an extremely poor use of our time and very frustrating.”
Wirehive Limited had investigated the option of DIY Direct Debit, but had been frightened off by the investment required and the complexity of the systems involved.
Then Simon saw the Eazipay logo on one of his client’s letterheads.
“By that point, we’d resigned ourselves to doing the invoice administration forever, but discovering Eazipay made us think that perhaps Direct Debit was achievable after all.”
Simon called the number on the website and, a short while later, Eazipay had a new client.
“It was extremely simple to set up,” says Simon. “Eazipay took care of all the technicalities and left us with the minimum of paperwork to complete.”
The change may have been simple, but it was also dramatic.
“Direct debit with Eazipay has improved our business immeasurably. There’s been an immediate financial benefit in that those five to six days can now be spent earning money rather than undertaking administrative tasks. That alone has been worth more than £55k a year in extra fees.
“Our outstanding debt mountain has been reduced to a molehill. Because Direct Debit means companies pay automatically, there’s much less chance of late payments. We’re currently owed around 90 per cent less than this time last year.
“And our cash flow has improved enormously. We can now predict with confidence when money is likely to come in and plan accordingly. Clients like it too as it makes their accounts much easier to manage.”
Direct Debit has also improved the company in more subtle ways. “If you’re running or working for a small business, you want to do what you’re good at – selling your services or fixing IT problems. You don’t want to get bogged down in administration. Taking invoicing duties away from the team has lifted a substantial burden off their backs.”
And it’s not finished yet. Eazipay is set to launch a new online software system which is set to revolutionise the way Direct Debit collections can be processed on behalf of its clients.
“We’re looking forward to that,” says Simon. “It’ll make our lives simpler still and save us even more money.