Upflow’s 2023 Highlights: here’s how we helped businesses get paid faster
Jan 10, 2024
1. Our merchants got paid.
In 2023, Upflow facilitated the payment of over 8 million invoices, worth a total of $12 billion. This figure represents double the 2022 payment volume running through Upflow.
"In my 15 years in AR, Upflow is by far the best and most comprehensive tool I've used. There is clearly a before and an after."
Grégory Labery, Billing Specialist, Side
Our customers experienced unprecedented success in collecting payments, ensuring healthy cash flow, and boosting their financial stability.
Upflow features, like Autopay, allowed merchants to collect cash more efficiently. Autopay gives a merchant’s customers the ability to save a payment method and agree to automatically pay invoices on the due date.
Customers that register a saved payment method receive an email two days before getting debited with all the information about the invoice, amount, and payment method.
Easy as that! For the merchant, that means time saved for the finance team and less headaches following up unpaid invoices.
2. And they got paid quickly.
We don’t have to tell you how important prompt payment is for businesses. Getting paid on time is literally what keeps a business in business.
In 2023, 88% of the invoices paid through Upflow were settled within a week of their due date.
That’s right - almost 9 out of every 10 invoices running through Upflow in 2023 were paid no later than a week after their due date. Being able to significantly limit payment delays was a game changer for our merchants.
Getting paid quickly means merchants using Upflow were able to go ahead with their plans, save finance and AR teams’ time and maintain a healthy cash flow.
3. No invoice was left behind!
There comes a point where hope can fade that the business will ever see old invoices paid. You know those invoices that just sit there stagnant for over a year without being paid. Well, in 2023, Upflow merchants had 4,000 of these invoices paid, amounting to approximately $11 million.
That’s right - $11 million worth of invoices one year or older were paid through Upflow in 2023!
Empowered by Upflow, our merchants didn’t give up on old invoices in 2023!
Amazingly, one merchant even had a 6-year-old invoice paid through Upflow.
4. Upflow users were more active than ever before.
In 2023, Upflow merchants performed over 1.1 million actions within our platform. That yearly figure is almost equal to the total number of cumulative actions performed from Upflow’s launch to 2022!
By helping finance teams automate tasks, we're helping our merchants revolutionize the way they manage their accounts receivable - saving time on manual tasks that can now be spent on work that drives real business value.
"With 5 disconnected tools, cash collection was a ridiculous amount of work [before Upflow]."
Arianna Cesareo, Accounting Team Lead, Productboard
Our Smart Rules helped merchants automate tedious actions in a few clicks, streamlining their AR funnels based on events with logic that’s fully customizable. Added to that, our new VOIP feature brought live calls directly into Upflow, meaning merchants were able to call their customers directly within the tool and seamlessly log the results in Upflow.
5. And merchants got deeper insight into their Accounts Receivable.
Our Premium Analytics provided customers with unparalleled visibility and flexibility in tracking critical AR metrics. With users racking up over 40,000 views of these new tools inside Upflow, Premium Analytics allowed businesses to gain real-time insights, be proactive in credit control strategies, and make better-informed financial forecasts.
"I know everything I need at a glimpse about each client. That... is very cool!"
Henri de Lorgeril, CEO, Avizio
2023 was a year of success and growth our users. We're proud to help our merchants get paid faster, improve accounts receivable management and free up owed cash reserves to grow their businesses!
Stay tuned for more exciting updates as we continue to empower businesses and unlock the full potential of their cash flow.