Frequently Asked Questions
Rewards can be redeemed by whoever is authorised within the business to do so. Avios can be drawn into multiple accounts.
For suppliers: Nothing 🙂
Unless customers pay early, or within terms! In which case it’s whatever percentage of the invoice value you’ve decided to allocate for rewards. Once you’ve signed up, you simply input two values – one for immediate payment, the other for payment within terms. We do the rest.
Eg: You might allow 6% if someone pays within 48 hours, or just 1% if they pay by 30 days. Our algorithms drop the values without warning in between the 2 periods, and whatever the value awarded is at the point your customer pays, is invoiced to you, and converted directly into rewards for your customer.
You’ll also receive rewards for paying us promptly!
Top tip: The higher you set your reward value, the more likely your customer is to put your invoice at the top of the pile for early payment.
COVID-19 tip: If you’re worried your customer is unlikely to make any payments, perhaps you should look to just recoup some income. In these extraordinary circumstances, even a 50%+ reward for immediate payment is attractive for both parties.
For customers: Nothing. Ever.
Our team of advisors have all agreed that no tax is due on reward points, however, we recommend recipients check with their own accountants to be sure.
Paying an invoice within terms – even invoices from Peasy – gets rewards. There’s also bonus rewards for introducing other businesses and suppliers to use peasy. Please ask for your referral code.
Top tip: You can collect your rewards as Avios, or we’ll donate their value to our partner charities on your behalf.
Customers see rewards as pending immediately after an invoice is paid within terms. Once the supplier has paid for them, the rewards are available for transfer to Avios or donation to charity.
In cases where suppliers delay inputting payments to their accounting software, Peasy may be unaware of receipt, so delays may be incurred, although rewards will always be dated when payment is received, not posted.
Any supplier can offer settlement discounts – but will they work as well?
Will customers pay late and still take the discount?
Are the small amounts left outstanding worth chasing if they pay short?
Is the admin of raising credit-notes each time a payment mismatches an invoice worth it?
Is the discount as attractive as the UKs favourite reward: Avios?
Is it worth the bother if Peasy costs nothing more?
The short answer is – whatever it takes!
The higher the reward values – the more responsive customers are to paying early. We recommend 6% for immediate payment and 2% for payment within terms – but different industries and sectors will find their own sweet spot. If the cash isn’t coming in quicker, increase the rewards value.
Top tip: When cashflow’s good, reduce the reward, when it tightens, increase it!
Paying early – or even within terms – earns Avios which can either be transferred to a personal Avios account or donated to charity. If the offer isn’t attractive enough to incentivise early payment, the value needs to be increased. If a customer’s unable to pay due to cashflow issues, Peasy can help them too!
Absolutely. CSR (Corporate Social Responsibility) means more businesses are taking their responsibility to charities (and the environment) more seriously. As Peasy allows the value of rewards to be donated directly to charity, their prompt payment can have a direct benefit on the causes we support.
Trees for Cities | Cancer Research | NHS Charities
If larger companies wish to donate the rewards value to their own preferred charity, they should contact firstname.lastname@example.org.
Connection through accounting software is only required for businesses that wish to offer rewards for prompt payment. Peasy connects with over a dozen leading accounting software, including:
If your own software isn’t listed and you’d like us to add it, please contact email@example.com
None! The simplicity of Peasy is that there’s no administration or additional work required by you. Suppliers just send invoices out as normal. Peasy does the rest.
Yes. Rewards can be taken as Avios and transferred into multiple accounts, or their value split and donated to all our supported charities.
No. Suppliers have the option to exclude customers individually, although we wouldn’t recommend it. Even regular prompt payers can be incentivised to pay quicker.
Reward values can be reduced or increased by individual customer.
Rewards are based on how quickly a customer pays their invoice. The quicker they pay the higher the reward. Suppliers input two values in their user dashboard– one for immediate payment, the other for payment within terms. We do the rest. Our algorithm drops the values without warning in between the 2 periods, and whatever the value is at the point the customer pays, gets converted to rewards.
By flexing the rewards values from time to time, season to season or product by product, suppliers can create cashflow hotspots and promotional offers.