Pencil
PencilPay makes it easy to onboard new wholesale accounts with digital credit applications, automated payments and multi-channel receivables in one place.
Developed by: PencilPay
Support Email: sales@pencilpay.com
About Pencil
Connect Cin7 Core and QBO/Xero with Pencil to unleash efficiency through automation, workflows, and productivity tools to decrease manual tasks, giving you more time to create lasting, profitable relationships with customers.
Features:
Digital account applications:
- Fast customer onboarding: Transform your credit application process into a seamless digital experience for wholesale accounts.
- Cut out low-value, manual tasks: Reduce data entry, checking and validating, reconciliation and payment processing.
Payments:
- Guarantee consistent cash flow: reduce total debtors and accelerate payment times from your wholesale accounts.
- Automated payment collection: via Credit card and ACH.
- Deposits: Generate a quote, set the deposit % and accept a payment by card to automate credits & reconciliation.
- Payment Before Dispatch: Process payments in Cin7 in seconds from a stored billing method for orders placed by phone, email or sales rep.
- Payment on net-terms: Auto-charge accounts at the end of their trading term, or activate multi-channel collections to reduce debtors.
- On-charge, split or absorb transaction fees for payments through Cin7.
One click bank reconciliation:
- Reconcile all ACH and Credit Card payments collectively each day in a single click.
"Our average outstanding over 45 days (which is our measurement internally) had gone down by 35% in 4 months. As far as cashflow, we're getting that cash in the turning it more and seeing the cash in the bank sooner."
Pencil and Cin7
We work closely with both Cin7 Core and many Cin7 Core Implementation Partners to deliver better payment automation and cashflow outcomes for clients, so please feel free to reach out directly to tim@pencilpay.com.
Use cases
- Accepting fractional deposits through Cin7 Core
For B2B sellers using CIN7 Core & Xero including custom manufacturers, equipment wholesalers and importers selling goods where there is an extended lead time. (Attached PDF outlines user characteristics) Replaces bank-to-bank payments which are slow to arrive, hard to track and time consuming to record, match & reconcile. with 100% automation Enables accurate & timely recognition of GST, Revenue & COGS. Eliminates manual handling & data entry, saving time/human error.
- Selling to wholesale customers on net terms
Streamlines payments for B2B sellers on net terms or pre-dispatch. Replaces paper-based onboarding, manual checks, and POS/bank terminal processing not integrated with Cin7/Xero. Quick account setup: Verify Company, credit limits, and credit checks. Seamless integration with Cin7/Xero. PCI-compliant storage of bank/credit card details & automatic billing. E-commerce checkout using approved credit limits. Notify sales, accounts & warehouse teams. Eliminates manual data entry & chasing debtors.
- Bulk 1-click bank reconciliation
For accounts staff at every B2B seller. Replaces 3-10 hours per week reconciling disbursements. Enables accounts staff to complete a daily reconciliation of all Direct Debit and Credit Card disbursements from quotes, orders and invoices from CIN7, invoices in Xero, partial deposit payments, payment plans in a single click Eliminates identifying and matching transactions calculating and adding surcharges for credit card fees.
- Collections Workflows
For accounts staff using CIN7 or Xero or QBO at every B2B seller. Replaces 5+ hours per week of calls, emails, re-sending invoices, negative conversations. Enables faster payments, better cash flow and a higher bank balance via email & SMS communications driving customer facilitated payments, namely via reminder workflows, phone payments, payment plans and multiple instalments. Eliminates customer relationship destroying conversations by separating the debt from the business relationship.
