Get paid on time, every time.

Image source: Oliver Prill (left) / Hiroki Takeuchi (right).

Tide’s business banking service will enable tens of thousands of its small businesses to offer direct debit payments to their customers for the first time.

The launch is powered by GoCardless, a fintech specializing in direct debit, and now allows businesses using Tide to set up direct debit mandate with their customers and set up regular recurring payments.

“The ability to set up direct debit payments for invoices will be a game-changer for our members, making the payment process faster and smoother for the small business owner and the customer,” said Oliver Prill, CEO of Tide .

On Tide’s side, Prill says direct debits are a huge boost in helping SMBs get paid on time, with 60% of its customers reporting late payments on a regular basis.

Direct debits, on the other hand, seem to solve this problem for many payment types by automating the process. According to GoCardless research, these payments are on average up to 47% faster.

For GoCardless, the partnership is also a victory, as businesses will be able to set up direct debits using their service from their existing banking app, without having to separately register for GoCardless.

“Tide members will now be able to automate both the invoicing and payment process, which will allow them to control their payments and improve their cash flow. We believe this partnership will help small businesses thrive, ”said Hiroki Takeuchi, CEO and co-founder of GoCardless.