OpenSolar, a software company that provides solar installers with a free solar design, sales and project management platform, has announced a new innovation designed to improve cash flow for solar companies.
“This is the first-ever payment system designed specifically for the solar industry,” said Andrew “Birchy” Birch, CEO and co-founder of OpenSolar. “As solar veterans, we understand the complexities of running a solar business: billing different amounts at multiple points in a project, accepting different forms of payment, and paying exorbitant fees to the conventional payment providers . It sucks the lifeblood of a solar company. Our new payment system automates everything, freeing up time, reducing transaction costs, increasing cash flow and providing peace of mind.”
OpenSolar’s CashFlow is the only tool that offers a secure payment system that is fully integrated into a solar company’s workflow. From the initial deposit to payment milestones and final invoice, the system automates billing and payment reminders and feeds into a solar company’s accounting system with clear project identification for easy reconciliation. It provides the solar customer with a simple set of payment options and saves the solar company money on processing fees and time spent in the back office.
“CashFlow’s credit card processing fees are typically 20% lower than conventional payment processing providers, saving solar companies money on every transaction,” said Joe Abel, Chief Monetization Officer. “The fees for account-to-account transfers are also very competitive, but it’s when you consider the time saved by preparing, sending and reconciling payments that the real savings come.”
OpenSolar CashFlow is now in open beta and available to all solar companies on OpenSolar in the US. This will soon be followed by the UK, Australia and Europe, before rolling out globally in the coming months. CashFlow complements OpenSolar’s market-leading integrated financing offering to provide solar companies with complete flexibility for customer payments.
News item from OpenSolar
