AIB understands that paying significant annual bills can place a strain on your business, and AIB's cash flow solution, PromptPay relieves this pressure, allowing your company to conserve cash for unexpected expenses. With PromptPay your business can spread large one-off expenses such as your annual tax bill across 6 to 11 months.

To gain a better understanding of PromptPay, we posed a few questions to Maeve Walsh, Finance & Leasing Representative at AIB, on why she recommends PromptPay to her Business customers.

Can you tell us a little bit about PromptPay?

It’s a short-term finance product that allows our business customers to borrow over a maximum term of 11 months to ease cash flow on larger annual bills.

Why do you recommend PromptPay to your customers?

I recommend for them to consider using PromptPay for their business as it eases cash flow pressures. This allows them to use their cash on other unexpected expenses they may face throughout the year, all while the borrowing rate is relatively low compared to other products on the market.

How do you approach suggesting PromptPay to your customers?

I ask my clients if they have annual bills, that they pay in one lump sum which they would like to spread out over the course of the year with a relatively low interest rate. If so, I introduce them to the PromptPay product explaining how it can support their business and help spread the cost of these expenses over a 10- or 11-month period.

What are the benefits of using PromptPay?

PromptPay is a short-term finance that spreads large bills over a 6-to-11-month term. It is simple to apply for and to draw down the funds which come at a fixed interest rate.

 

AIB Business Banking Customer Pearl Dental speaks about its experience managing Cash Flow with PromptPay

Pearl Dental and Facial Aesthetics, a dental practice based in Dublin, was established in 2002 by Paul Redmond. Pearl Dental and Facial Aesthetics are dedicated to providing quality care for patients. With the goal of giving customers the perfect smile, Pearl Dental launched the company with an array of general and cosmetic dentistry services. Since then, the company has expanded to  offer facial aesthetics to enhance natural facial features with a range of non-surgical facial procedures.

Paul has greatly expanded the company since originally starting it in 2002; it currently has two locations and four surgeries operating. Paul is the clinic's principal dentist and runs his firm as a sole trader, employing a variety of full- and part-time workers. Being a sole trader comes with a lot of responsibility for making sure your business works effectively. One area that sole traders must ensure they have under control year-round is cash flow. We chatted to Paul about his cash flow management throughout his years in business.

While the recession of 2007–2012 had a substantial impact on many businesses, Pearl Dental was able survive the storm and emerge on the other side. Nonetheless during this time cashflow was a huge issue for his clinic, this is when Paul was first introduced to PromptPay by his AIB F&L Representative. It gave Paul the option to take significant payments and spread them over an 11-month period. Paul went on to say, “it helped relieve the cashflow pressure whilst keeping Revenue happy!”

Paul has used PromptPay regularly since as he says “it makes budgeting and organising finances in relation to annual revenue commitments much easier, and at a cost that is not excessive.

We asked Paul if Pearl would use PromptPay again and if it would recommend it to other businesses.

“I will continue to use it going forward as it has been a significant help in managing cashflow as the business continues to develop and requires ongoing investment. It allows business planning to be far more predictable by having the ability to spread costs over extended periods. In my experience the application process has been very streamlined, assuming that accounts and finances are in good order. Generally, the bank and I would have the approval in place well before funds are required, and this gives me peace of mind as deadlines approach. Thus far I have never had any cause to regret my decision to use PromptPay, and trust that this will continue to be the case going forward.”

 

We spoke to Head of AIB Finance & Leasing, Brendan Crowley about cashflow management;

“AIB Finance & Leasing remains committed to supporting the growth and expansion of businesses within the SME and Agricultural sectors. As well as offering our standard Hire Purchase and Leasing products, we understand businesses also have short-term working capital finance requirements and recognise how these significant one-off payments can negatively impact on the day-to-day cash flow. Our Working Capital Finance solutions -  PromptPay and Insurance Premium Finance -  are short-term finance products which enable businesses to finance significant annual payments easing cash flow pressures and are a key part of our product offering to many business customers”.