Monzo rolls out new tool to help businesses get paid faster

In the year and a half since Monzo first launched its business accounts, Monzo has just made it easier for its customers to get paid.

Monzo’s c.100,000 business customers will now be able to get paid faster and easier, being able to request a payment link or an invoice in just a few taps.

Integrated into the Monzo Business platform, the new tool will see small businesses cut out unnecessary admin pain points and offer greater flexibility to SMEs.

“We know from talking to our business customers that getting paid can be a time consuming and stressful experience, adding an unnecessary burden on top of the day-to-day pressures of running a business,” Jordan Shwide, head of Monzo Business Banking said.

“This is why we’ve used our technology expertise to streamline the entire process, making it fast, easy and turning hours of admin into a few taps in the Monzo Business account.”

Customers will now be able to accept payment by card or by a free Easy Bank Transfer, which is powered by open banking.

Monzo’s recent announcement is eerily similar to Tide’s announcement last week, which saw the fintech team up with Adyen to launch the ability for its account holders to accept customer card payments.

According to research from the digital bank, 57 per cent of small businesses spent more than an hour a week chasing payments, while nearly three quarters (74 per cent) said that they consistently get paid late. 

Just over a month ago, Monzo finally reached the 100,000 customer mark for its two business accounts.

Monzo’s business account is split between a free Lite tier, and a £5/month Pro tier with additional features like invoicing, multi-user access, accounting, tax pots and more.