Sole & Instant Pay – Australia’s Fastest Paying Accounting Software

Recently, Sole announced that we have partnered with Instant Pay to provide new streamlined processes for our customers to receive immediate payments to meet their business needs.

As a small business owner or sole trader, you may struggle to find easy to use features that allow you to get paid on time and ensure you are not missing out on any revenue from late or missing customer cash receipts. Australian businesses often struggle with managing cashflow, with the Australian Bureau of Statistics (ABS) estimating that 40% of Australian Businesses fail within their first five years of trading due to failures in financial management. As your business grows, self employed individuals struggle to stay on top of admin like job tracking, income and expenses, purchase orders and GST (sales tax), which can become more complex and harder to keep on top of over time.

Now, using Sole as your accounting software, sole traders will be able to get paid on time and fast.

What is API banking and how does it impact my Sole account?

For the IT savvy/finance gurus out there: API banking is an application programming interface (API) that uses the New Payments Platform (NPP) to allow sharing of information about customers, accounts and transactions between financial institutions and other third parties.

For the IT/finance amateurs out there: API banking is a form of software designed for the finance/banking industry that sends transaction related information between a website or application and a user. Think: PayPal.

API banking is widely known for noticeably improving the overall customer experience for users of third party services, by enabling them to use a single online platform to perform a transaction from start to finish (e.g. purchasing an item on eBay via PayPal). Its operation depends on the NPP, which operates through a switch of individual payment access gateways that exchange messages. Think: how a text message is received and sent from your phone.

We discussed earlier this month why cash flow is so important for all sole traders, freelancers and one man bands. Check it out here.

How Instant Pay works for small business and the self employed using Sole

Instant Pay is a great software that relies on the NPP to transmit instant remittances between payers and businesses. In effect, Instant Pay makes credit cards completely redundant when it comes to ecommerce. It is one of the newest add ons in Sole’s arsenal that will help you manage your own business effectively using your accounting software.

Combining Sole as your bookkeeping software for small business or sole traders with Instant Pay will allow users to send invoices, get paid instantly, and track income at a glance. Instant Pay has all the features you need to get started sending professional invoices to your clients in minutes.

Think of the way in which you complete a transaction using a standard internet banking platform. A PayID or BSB and Account Number is provided to the payer, the payer inserts the payment amount details and confirms the payment to you, you then receive the payment in your bank account and receive a notification that payment has been received.

Instant Pay takes API banking a step further and attaches an “action” or “task” (or multiple actions or tasks) to transaction data, making it a financially and operationally superior solution for third party services. For example, Instant Pay can perform the following functions for self employed individuals:

  • For every invoice that you issue and receive payment for, Instant Pay can mark it as “Paid”.
  • Instant Pay can automate supplier purchases.
  • Instant Pay will inform your business of payments received, allowing you to automatically and instantly send the funds to any Australian bank account.
  • Create recurring or one-off direct debit plans for customers/users.
  • Debit customers/users for any specified amount.

Sole and Instant Pay Integration – what’s in it for you?

Sole is the first sole trader accounts software to allow instant payments through this kind of integration. Using Sole as your cloud based accounting software, we believe you’ll have access to the best accounting software on the market. Many accounting tools provide features to help you manage your cash flow and send invoices, but now Sole goes one step further to help you get paid on the same day, and track it all within the one app.

The integration of Sole and Instant Pay means that a sole trader can:

  1. Get paid quicker from customers / pay suppliers more quickly through the app
  2. Reconcile any payments received instantly. No need to reconcile from your bank feed.
  3. Utilise direct debit functionality to reduce failed or late payments
  4. Better manage business to business payments

This transaction platform is the perfect solution for Sole Traders and small businesses because all you need to do is sign up to Sole App (if you haven’t already), create an Instant Pay account through Sole App by filling out your banking details. Then, whenever you generate an invoice through Sole as your accounting software, your customers will simply be emailed a link to pay their invoice via Instant Pay! This makes it perfect, hassle-free option for any business that uses customer subscriptions or recurring invoices.

Ensuring your privacy through your online accounting software

Sole and Instant Pay are serious about ensuring the integrity of sole trader personal information.

Instant Pay uses a secure server to store all personal information and all transactions are encrypted. Instant Pay will not share data with your customers. To hear it from the horse’s mouth, check out their privacy policy here: Instant Pay. API Banking and Enhanced Direct Debit payment services

How do I create an Instant Pay account?

Instant Pay integration through your Sole account is seamless and requires limited data entry. Only one sign up is required and you’ll be getting paid instantly in real time. Check out our quick guide to integrating Instant Pay into your Sole account. Creation of an Instant Pay account doesn’t mean that you won’t require your existing bank accounts that are connected to Sole, and you will still be able to manage your cash all in the same place.

How much does Instant Pay cost?

Instant Pay costs nothing to integrate and is included as a standard feature in Sole to help you manage your money. There are no additional payments that Sole will receive for you to integrate and manage payments through your accounting software. Instant Pay is a business merchant service. For Sole customers, we have negotiated a special rate of $1.50 per transaction, regardless of total transaction amount. Sole does not take any commission for any payment method within our app.

Still not convinced?

Unlike online accounting platforms which enable the use of credit card accounts or debit/savings cards to make online payments or set up direct debits subject to a percentage transaction fee, Instant Pay operates under an affordable, fixed fee rate PLUS it is more secure because it does not require insertion of banking details each time a transaction is performed. Instant pay will charge a fixed $1.50 fee per transaction. And to top it all off, it is an Australian-based enterprise!

To learn more about Instant Pay and how it could benefit your small business in 2022, check out their website here: Instant Pay. API Banking and Enhanced Direct Debit payment services

Want to try Sole for your small business?

Ready to up your numbers game with the best accounting software made in Australia? Sole is made specifically for the self employed, and we want to see your business succeed.

Try our free trial so you can help your business:

  • Manage income and track expenses through multiple categories
  • Make sending invoices a dream with Instant Pay integration included as standard.
  • Reports readily available to easily provide information to your accountants.
  • Get ready for tax time with Sole’s Tax Estimator.

Head over to our website and claim your 30 day free trial today.

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