Neobank FloBiz on Tuesday said it has branched out into banking services for Small and Micro Businesses (SMBs) with the launch of Smart Collect on its flagship GST invoicing and accounting product myBillBook. Savvy Collect is part of the smart banking module of the company.
With the feature, organizations will actually want to collect payments from their clients quickly through UPI and bank transfers and automatically reconcile them against pending invoices.
First of all, the Smart Collect component has been rolled out to a set of existing myBillBook clients both on mobile and desktop applications. The organization intends to expand the rollout in the next few weeks to a more extensive client base that meets certain eligibility criteria. “Brilliant Collect has an intuitive plan, which is not difficult to enable and start using,” FloBiz said in its statement.
“In January 2022, the absolute month-to-month trade recorded by the 1M+ dynamic SMBs on myBillBook remained at $1.5B and keeps on growing steadily. We’re incredibly amped up for the launch of Smart Collect, which is our initial move towards the neo banking guide. The more extensive Smart Banking module will permit SMBs to gather payments from clients and make outward trade towards providers, sellers and everyday business expenses. It will likewise bring Current Account the board capacities directly on myBillBook, making it a one-stop solution for all invoicing, bookkeeping, inventory management, business reporting and banking needs for businesses,” said Rahul Raj, co-founder and CEO of FloBiz.