2024: 6 Highlights From Upflow's Best Year Yet

2023 was a milestone year for Upflow, but 2024 has been nothing short of transformational.

Our merchants have seen faster payments, smarter automation, and more efficient business growth than ever before. Here’s a closer look at how Upflow has helped our merchants go from strength to strength over the past year.

1. Our merchants got paid—big time

In 2023, Upflow facilitated the payment of 8 million invoices, worth a total of $12 billion. In 2024, these numbers have surged again: close to 10 million invoices paid, totalling just under $15 billion.

That’s another three billion dollars in payments processed—a clear sign that more businesses are trusting Upflow to accelerate cash flow, reduce churn, and drive stronger financial performance. As we continue to scale, so does the impact we’re making on how companies get paid.

“Our main goal is create a positive customer experience when it comes to collections by ensuring we're sending and triggering reminders when it matters most.”

Emilie Hart, Finance Operations Team Lead, WorkMotion

A major 2024 trend in Upflow was the widespread adoption of convenience fees for card payments. Many Upflow merchants successfully implemented convenience fees, allowing them to migrate payment activity onto credit cards without incurring the credit card fees, and without impacting payment speed or customer satisfaction.

Contrary to conventional wisdom, businesses that implemented this strategy saw improved collection performance, a significant reduction in Days Sales Outstanding (DSO), and negligible shifts in customer payment behavior. Upflow’s convenience fee feature made it simple for merchants to adopt this approach, ultimately enhancing profitability while maintaining strong customer relationships.

For many of our merchants, regaining 3% pure margin has had a material impact on profitability.

2. Faster payments continued—even as volume grew

Timely payments remain at the core of Upflow’s mission.

In 2023, 88% of invoices paid through Upflow were settled within a week of their due date. In 2024, this figure rose to 90%—showing that even with greater volumes, businesses are getting paid faster than ever.

This acceleration in payments (and receiving more payments quicker) has a massive impact on our merchants’ financial health. Faster payments mean stronger cash flow, fewer cash crunches, and less reliance on costly financing options. Our merchants are freed to reinvest in growth, pay their own suppliers on time, and operate with greater stability and confidence.

In short, the ability to get paid faster isn’t just a convenience—it’s a game-changer for scaling companies looking to stay agile and financially resilient.

3. No invoice left behind—how bad debt became revenue

If 2023 was the year of unlocking long-overdue payments, 2024 took it to a whole new level.

In 2023, $11 million worth of invoices one year or older were recovered through Upflow. In 2024, that number doubled to over $22 million, with close to 7,000 invoices 12 months or more overdue paid through Upflow.

This means businesses are recovering more lost revenue than ever before—turning bad debt into much-needed cash flow and reinforcing the power of Upflow in getting businesses paid, no matter how long overdue.

4. Users were more active—cash collection at scale

Our users were more active than ever, performing 2 million actions in Upflow in 2024—almost double the 2023 volume of 1.1 million.The acceleration throughout the year has been phenomenal, with finance teams leveraging automation at an unprecedented scale to manage their collections efficiently.

But automation is just one piece of the puzzle. Users are also using sophisticated manual strategies, collaborating across teams by tagging colleagues, and having conversations on the best ways to approach specific customers. This deeper level of teamwork ensures that each case is handled with the right balance of automation and personalized touch.

Finance teams are setting up advanced workflows that combine automated reminders with manual follow-ups when a more personal approach is needed. Whether it’s through email, SMS, phone calls, or even letters, users are mixing and matching follow-up channels to ensure they connect with customers in the most effective way possible. This approach is helping businesses scale their cash collection efforts while maintaining the human touch where it counts.

5. Payments by Upflow—a game-changer

As a pioneer in B2B payment portals since 2020, Upflow expanded its payment solution in 2024 with Payments by Upflow, our next-generation payment processing platform integrated within our collections solution.

Designed specifically for B2B businesses, Payments by Upflow provides an intuitive, powerful payment experience allowing our merchants to offer online payment options to all their customers instantly—no complex setup required.

The results speak for themselves: total payment volume processed through Upflow grew to $14.7 billion in 2024—a clear signal that businesses are embracing embedded payments as a means to streamline collections and enhance customer experiences.

Payments are no longer just a backend process; they're a critical touchpoint in the customer journey. With Payments by Upflow, businesses can turn payments into a competitive advantage, fostering loyalty, increasing repeat business, and getting paid faster.

6. Financial Relationship Management (FRM)—A new era for Accounts Receivable

In 2024, Upflow introduced Financial Relationship Management (FRM), a fresh take on accounts receivable designed to help businesses thrive in a changing financial landscape.

With interest rates rising and credit becoming more expensive, inefficiencies in payment processes are costing businesses more than ever before.

Much like CRM transformed sales and marketing, FRM is a new approach allowing finance teams to build stronger relationships with customers through more personalized payment experiences. This means invoices get paid faster while also boosting customer loyalty.

Today, it’s clear that just automating the process isn’t enough. FRM goes beyond efficiency, focusing on creating real connections with customers. With FRM, finance teams can:

• Enhance customer experience: Make payments easier and speed up cash collection.

• Boost retention: Positive payment experiences lead to greater loyalty and lower churn.

• Strengthen cash flow: Streamlined collections improve financial health and free up resources for growth.

“The ‘CRM’ side of what Upflow offered was really appealing. We were really looking for a system to go beyond just automation and help us manage our relationships with customers too”. Jamie Tinsley, Credit Control Manager, Feefo

_{We launched FRM by Upflow with a billboard on Times Square!}

The future of Accounts Receivable is here

2024 was a year of unprecedented growth for Upflow and our customers. With more businesses adopting smarter AR processes, embedded payments, and the FRM approach to cash collection the momentum is only set to accelerate further in 2025.