What is LynkPay?
Lynkpay is a dispersal system created specifically for the private-hire sector. It allows drivers, operators and passengers to easily send money to each other.
It’s the first true all-in-one 360 dispersal platform. Send money in any direction from one platform. It enables passengers to pay drivers, and operators to pay drivers through the same platform. In-car payments can be made with a QR code or SMS link, you have the option to pay from your mobile device or with Apple or Google Pay.
Here are the best features of Lynkpay:
- Easy to quickly set up and use
- Import data in seconds with API integration
- Access a bird’s eye view of your company’s finances
- Set up daily pay-out to drivers within 24 hours on all credit work
- Automatically add or lockout drivers from the system.
- Executive manual payments on command.
Why we’ve partnered with LynkPay
We’ve chosen LynkPay as the 360 dispersal partner that we recommend to all of our operators. Here’s why.
As your accountant, we can use LynkPay’s technology to help you evolve your VAT obligations and produce more accurate and better-formed accounts. This will make it easier for the HMRC to understand how money travels through your company. This can even end up saving you money.
It actually makes it easier to be seen as compliant in the eyes of the HMRC
This makes our VAT more transparent and helps us set a better model for the passage of VAT and taxable monies. This keeps VAT and taxable money separate from the driver (passenger fare money) that runs both in and out of an operator’s business.
LynkPay’s dispersal system benefits both operators and drivers, both who can hold the money in the cloud and draw it down into the UK tax environment when they want to. This makes it convenient while also keeping things clear and transparent with HMRC.
LynkPay’s system also makes things faster and more secure.
For private hire companies, choosing the right VAT model is of utmost importance. Implementing a dispersal system for the movement of money through your business can significantly enhance profitability and time efficiency.
By keeping fare income separate from the VAT environment and stored on the cloud, private hire operators can generate accurate accounts that demonstrate the proper flow of funds. Open Banking can be used to authorise transactions to ensure that no banking or personal details are retained, providing a secure and convenient online payment solution.
With bank transfers as the preferred payment method, customers can swiftly and securely transfer funds directly from their bank accounts to the business account, eliminating the need for card details or data entry. This direct bank-to-bank transfer approach eliminates the requirement for cards or card readers and minimises the hassle of inputting long numbers, making the payment process seamless and efficient.
If you would like to know how Eazitax can utilise a payment dispersal system to benefit your business, book a 30 minute call with David, below.
Book a call with David!
