Yorkshire-based SMEs will soon be able to accept more efficient payments as a new technology, GoCardless, is launched this week.

The new online tool will enable SMEs to collect Direct Debits quickly and cost effectively, helping businesses to process payments a lot easier than they currently do.

GoCardless is a technology start-up by three graduates, which is aimed at helping SMEs stamp out late payments and waste for their businesses after research recently found that UK SMEs are owed over £30bn from missed payments.

Over 3000 businesses in the Yorkshire region have already signed up to use the system as bosses are impressed by the free sign-up facility, no monthly charges and minimal transaction charges, putting it immediately ahead of its direct rivals, PayPal and WorldPay.

Businesses that are already using the system have said that they’ve been able to reduce waste and have cut time spent on financial matters by up to 50 per cent.

“Direct debits are without doubt the most reliable way to take payments, but the banks have long excluded all but the very largest merchants from accessing the scheme,” explains Matt Robinson, one of the masterminds behind GoCardless.

“Instead, small businesses owners must attempt to manage unpredictable cash-flows whilst losing key staff to chasing payments, not to mention the possibility of missing out on growth opportunities.

“GoCardless will give them instant, easy access to a method their larger competitors have been using for years.

“Yorkshire is the perfect place to start our regional push and we hope to have thousands of firms signed up and benefitting by the end of the year.”