Lloyds launches free in-app invoicing tool for UK businesses

Lloyds has launched Get Paid, an invoicing and payment collection tool for its business banking customers. The service is available within the Lloyds app and online banking platform.

Powered by Lloyds’ strategic partnership with BankiFi, Get Paid lets customers create and send invoices, issue secure payment links, and track paid and outstanding requests. Customers can also use automated reminders to follow up on payments. Lloyds says the tool comes at no additional cost and does not require separate invoicing or accountancy software.

Late payments remain a concern for UK small businesses. Recent UK Government research found that 49% of businesses said their business customers typically take longer to pay than agreed. The Office of the Small Business Commissioner estimated that 14,000 businesses close each year because of late payments. It also estimated UK businesses are owed about £26 billion in overdue payments at any given time, an average of £17,000 per business.

Lloyds says the launch supports its approach to “embedded accounting,” bringing more day-to-day financial management into one place and reducing the need to move between separate systems and records.