Frequently Asked Questions
Rewards are made to businesses but can be redeemed for Avios, Charitale Donations or Cashback in any name or account chosen by the account holder’s Administrator.
Probably far less than the expense of taking on more debt to cover your cashflow shortfall, or the time wasted chasing customers for payment when you could be focusing on building your business!
As the invoicer, you pay the cost of the reward plus a nominal handling fee. You choose the size of the reward as a percentage of the invoice value and can even set a higher value to incentivise customers to pay immediately. The quicker your customer pays the higher their reward. If the customer doesn’t pay by the invoice settlement date no rewards are made and it costs you nothing!
Top tip: The higher you set your reward value, the more likely your customer is to pay immediately or early.
Our team of advisors have all agreed that no tax is due on reward points, however, we recommend recipients check with their accountants, as rewards can be treated in a number of different ways, especially if you choose to take cashback.
Sure! Use our referral code to encourage your own suppliers to use Peasy so you can benefit from paying your bills promptly.
Once an invoice is paid, rewards will usually appear in the recipients account within 3 working days.
You can – but customers will typically pay late and still take the discount. If you decide to pursue it you risk upsetting your customer – and if you accept it you end up raising credit notes and all the admin that goes alongside it. Why not let Peasy run the process for you. It’s simpler, reduces conflict and creates a far better relationship – all for a similar cost. And what’s more, you’ll be surprised at how many of your customers will want to pay immediately.
You can – but customers will typically pay late and still take the discount. If you decide to pursue it you risk upsetting your customer – and if you accept it you end up raising credit notes and all the admin that goes alongside it. Why not let Peasy run the process for you. It’s simpler, reduces conflict and creates a far better relationship – all for a similar cost. And what’s more, you’ll be surprised at how many of your customers will want to pay immediately.
Different reward values work for different sectors – but the higher your rewards, the more likely your customer will pay early or even immediately. We recommend a minimum of 2%, going to 5% for immediate payment. Our AI will learn your customers behaviour and recommend the optimum values. You can even flex your rewards so when you want to boost cashflow you offer more – and when you’re flush, you can reduce it.
Are you sure your incentives are big enough to get their attention? Try increasing them and see what happens. Maybe a call to your customer will help them understand the benefits of paying your invoices faster and prioritise your invoices. Or maybe your customer is having cash flow issues of their own, this would be a good opportunity to get them to sign-up with Peasy by using your Referral Code so you can get some rewards yourself!
Absolutely. Many large companies have targets to meet and prioritise customers that offer discounts. By using Peasy you are far more likely to hit the ‘Pay Immediately’ pile.
Peasy is already approved as a plug-in for Xero, Sage and QuickBooks. Our developers are busy working on introducing other accounting platform plug-ins – but if you run bespoke accounting software or one of the rarer systems, please contact us at helpmeout@peasy.com and we’ll see what we can do.
To offer rewards you must be using either QuickBooks, Sage or Xero, however we’re always looking at how we can help businesses collect their cash so we’re planning some clever developments. To collect rewards you don’t have to use any specific software.
None! The simplicity of Peasy is that there’s no administration or additional work required by you. Just send your invoices out as normal, we do the rest.
Yes. You can allocate your Rewards any way you like, taking a mixture of Avios, Charitable Donations and Cash.
Yes the minimum cash value you can currently draw down is £100.
Depending on how you draw down, there may be nominal fees applicable.
Nope – but why wouldn’t you? Even your regular prompt payers can pay quicker or even immediately.
Rewards are based on how quickly your customer pays. The highest value is for immediate payment, the lower is for payment within terms. We remind your customers of their reducing rewards value but thanks to our clever algorithms, they’ll never be sure of exactly when their rewards will drop in value, prompting them to pay quicker.
Peasy can incentivise your customers to pay immediately – or within terms. If your customer doesn’t pay by your invoice due date there is no reward payable and no charge to you. If you would like to extend the rewards period please contact us: helpmeout@peasy.com
Cash speaks volumes – but if you’re offering a discount that isn’t tied into how quickly your customer pays, despite their best assurances, you could be giving away cash without receiving the benefit you’ve agreed. By offering the option of cashback, Peasy ensures only the customers who pay promptly receive their discount and the quicker they pay the bigger it is! What’s more, our research found that some customers prefer benefits other than cash – which is why we offer Avios and charitable donations.
Sure. It’s an ideal tool for a special clearance, sale or deal you’re offering. For example, if you’re offering goods at half-price, link it to their payment by offering 50% in rewards value for immediate payment!
Discounts are a useful tool to make sure you close a sale but worthless if you’re not getting paid! Peasy allows you to link your discounts to prompt payment.
Who Gets the Rewards?
Rewards are collected in the business name but can be redeemed for Avios, Charitable Donations or Cashback and allocated as required by only one assigned and authorised individual within the organisation who you choose.
How Much Does It Cost?
Nothing! Unless your customer pays withing terms or earlier, which they are likely to. You choose the level of reward from as little as 1%. The quicker they pay, the bigger the reward. And the higher the reward you offer, the more likely they are to respond!
Do The Recipients of the Rewards Have To Pay Tax?
Our team of advisors have all agreed that no tax is due on reward points. However, we recommend recipients check with their accountants, as rewards can be treated in a number of different ways, especially if you choose to take cash back.
Can I Collect and Offer Rewards?
Sure! If you offer rewards to your customers you can use our referral code to encourage your own suppliers to use Peasy. Or if you collect rewards you can also sign up to offer rewards to your customers and start getting paid faster.
When Do I Get My Rewards?
Once you have paid your invoice you will usually receive your rewards in your account within 3 working days.
Why shouldn’t I just give a settlement discount myself??
Of course that’s always an option, although it’s often the case that without a system to manage the process, customers will still pay late – and still deduct the settlement discount, leaving small amounts outstanding which wil need to be either chased for payment, or have a credit-note raised against them. Peasy simplifies the system, reduces the conflict – and also offers rewards that might appeal to your customer more than just a discount
How Do I know How Much Reward to Offer?
Our research indicates that a 5% reward will encourage early settlement and a 3% reward get you paid on time, in most case. However, we also use Artificial Intelligence on our data and previous offers to understand what is most likely to influence your customer to pay early, based on a variety of criteria, and make recommendations. The level you set is down to you but if you don’t make it worth it, it is likely your customer’s payment behaviour is unlikely to change.
What If My Customer is Still Not Paying Any Earlier or On-Time?
Are you sure your incentives are big enough to get their attention? Try increasing them and see what happens. Maybe a call to your customer will help them understand the benefits of paying your invoices faster and prioritize your invoices. Or maybe your customer is having cash flow issues of their own, this would be a good opportunity to get them to sign-up with Peasy by using your Referral Code.
Does Peasy Work Even If My Customers are Large Customers?
Absolutely. Many large companies have targets to meet and prioritize customers that offer discounts. By using Peasy you are far more likely to hit the ‘Pay Immediately’ pile.
Does it work with my accounting system?
Peasy is already approved as a plug-in for Xero and QuickBooks. Our developers are busy working on introducing other accounting platform plug-ins – but if you run bespoke accounting software or one of the rarer systems, please contact us at helpmeout@peasy.com and we’ll see what we can do
Do I Have to Use Book Keeping Software to Use Peasy?
To offer rewards you must be using either QuickBooks, Sage or Xero. There is currently no stand-alone version, however, we do plan to introduce a stand-alone version that will allow you to use Peasy to create invoices or upload other file types. To collect rewards you don’t have to use any specific software.
What changes do I need to make to my accounts? Do I need to raise credit notes?
That’s the beauty of Peasy, there’s no administration or additional work required by you. Just send your invoices out as normal, we do the rest.
Can I Use My Rewards for Multiple Pay-Outs?
Yes. You can allocate your Rewards any way you like, taking a mixture of Avios, Charitable Donations and Cash.
Is There a Minimum Cash Amount I Can Covert My Point?
Yes the minimum cash value you can draw down is £100.
Is There a Charge for Taking Cash Back?
Yes to cover our costs we take 1.5% of the amount of cash you draw down. However, you can see this amount already deducted in your Dashboard Cash Out value.
Do I have give everyone a reward?
Not at all but if you have customers already paying you promptly Peasy rewards might make them pay even quicker or even immediately. Why not reward all your customers for paying promptly?
Why are there 2 rewards values to input?
Peasy offers your customers various levels of rewards depending on how quickly they settle. You’re asked for 2 figures: the lowest represents the value of reward your customer will get if they pay your invoice by the due date. The higher reward is what your customer gets for paying immediately. If your customer pay you somewhere in between they reward they get will be a figure determined by our algorithm. No one will know for sure by how much and when the reward will drop.
What happens if they don’t pay
Peasy can incentivise your customers to pay immediately – or within terms. If your customer doesn’t pay by your invoice due date there is no reward payable and no charge to you. If you would like to extend the rewards period please contact us: helpmeout@peasy.comThe beauty of Peasy is that there’s no administration or additional work required by you. The beauty of Peasy is that there’s no administration or additional work required by you.
Wouldn’t my customers just prefer discounts?
Cash speaks volumes – but if you’re offering a discount that isn’t tied into how quickly your customer pays, despite their best assurances, you could be giving away cash without receiving the benefit you’ve agreed. By offering the option of cashback, Peasy ensures only the customers who pay promptly receive their discount and the quicker they pay the bigger it is! What’s more, our research found that some customers prefer benefits other than cash – which is why we offer Avios and charitable donations.
Can I use Peasy for big discounts?
If you’re having a sale or clearance Peasy is the perfect tool to offer big discounts for prompt payment.
What if I have already discounted my prices?
Discounts are a useful tool to make sure you close a sale but if you don’t get paid their value is less. Peasy inctivices your customers to pay on time or even early – why not use Peasy as part of your discount offering and ensure you get paid?
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