Open Banking and innovation in the payments sector is bringing new ways to request and send money - including Pay.UK's recently launched "Request to Pay " service.
Any business looking to take advantage of these new services - to reduce friction and improve customer experience - should also consider whether their contract terms and conditions still work.
Contracts should deal with when an invoice can be raised, how long a customer has to pay, when the clock starts ticking (the old time of issue vs time of receipt), and whether and how a customer can challenge a bill.
Services such as Request to Pay put a new spin on all of those issues - and may not fit with what a business' standard terms has said up to that point.
With developments such as this, and the recent move by the UK Government to restrict when and how a supplier might be able to terminate for the insolvency of a customer, businesses should be reviewing their contract terms.
Request to Pay has the potential to revolutionize how we discuss money and pay bills