Noda Brings Instant Payments To Pats.Lv, Helping Self-Employed And SMB To Tackle Cash-Flow Delays
Noda , an Open Banking platform, has established a partnership with Pats.lv, a leading accounting and invoicing platform in Latvia for self-employed individuals and small businesses. This collaboration facilitates instant invoice payments for over 20,000…
Noda , an Open Banking platform, has established a partnership with Pats.lv, a leading accounting and invoicing platform in Latvia for self-employed individuals and small businesses. This collaboration facilitates instant invoice payments for over 20,000 Pats.lv users, enabling customers to execute direct bank transfers through a single link or QR code with immediate settlement.
Late payments pose a significant challenge for freelancers and small-to-medium businesses (SMBs) in Europe, with 43 percent of invoices paid late. Traditional payment methods exacerbate this issue, with card fees up to 3.5 percent and manual bank transfers. The integration of Noda's pay-by-bank technology into invoices allows Pats.lv users to expedite payments without the need for card terminals or merchant accounts.
Noda's collaboration with Pats.lv highlights the potential of Open Banking to enhance support for self-employment and micro-business sectors. Noda provides pay-by-bank payments with lower fees, no chargeback risk, higher acceptance rates, and instant settlement. With a network of over 2,000 banks in 30 European countries, Pats.lv can expand beyond Latvia and integrate automated accounting workflows with a cost-effective payment initiation system.
Late payments pose a significant challenge for freelancers and small-to-medium businesses (SMBs) in Europe, with 43 percent of invoices paid late.
For Pats.lv Premium subscribers, the pay-by-bank feature is available at no extra charge, facilitating faster, lower-cost transactions. This integration underscores the role of Open Banking in streamlining financial processes, supporting the growing self-employed and SMB sector across Europe. The partnership addresses the need for efficient financial operations as more professionals transition to self-employment and flexible work models.
Micro and small businesses make up 99 percent of all EU companies and employ nearly half of the European workforce, emphasizing the need for streamlined financial operations. By reducing transaction fees, accelerating settlement, and improving cash flow, Noda provides essential support to SMBs and self-employed professionals.
Based on reporting by techround.co.uk.
