MELBOURNE: Cirralto Limited has announced the launch of SpendaCollect, the core of the Company’s Spenda digital payment stack.

SpendaCollect is a dynamic payment platform that enables customers to view and pay one or many outstanding invoices in a single payment transaction.

SpendaCollect has applications across multiple industry verticals as it solves one of the core problems businesses experience; getting paid on time and improving cashflow. The manual effort and associated costs of managing and reconciling accounts receivables is a huge productivity drain on most businesses. 53% of invoices in Australia are paid late, with 20% paid to the wrong account and another 20% the wrong amount entirely.

The SpendaCollect platform is designed to simplify and reduce this operational and administrative burden by securely connecting the customer directly to the merchants accounts payable ledger via an interface that allows them to select what invoices they want to pay and generate a payment remittance advice directly.

What makes SpendaCollect unique is that paying customers can group and / or split their invoices into a payment arrangement that suits their needs. Payments received through the SpendaCollect platform allow businesses to quickly and simply reconcile the inbound payments against the invoices within the platform without having to manually reconcile each payment against each invoice.

The SpendaCollect platform will deliver improved invoice collections by offering customers an online statement based payment service that can be included on their website or with hyperlinks on invoices and statements.

With the launch of SpendaCollect, the Company and its merger partner, Appstablishment, have significantly expanded their payments product portfolio to include:

1.Terminal payments which provide Spenda POS integrated EFTPOS services for Visa, Mastercard and American Express

2.Online Payments which enables eCommerce payment processing with a variety of eCommerce engines including WooCommerce, Shopify, NETO and Magento;

3.Direct Debit and Bill Payment Services for merchants across a variety of industries who provide fixed and variable services to their customers;

4.Mobile payment processing for organisations who deliver products and services to customers in the field utilising the Spenda Service App.