Though paper invoices are still created and mailed out by different companies, technology has shown just how inefficient it is to do business this way. Not only does it take time to create the invoice, print it out, put it in an envelope and mail it, there’s additional time involved in how long it takes to reach a customer’s mailbox. Assuming it doesn’t get lost in transit.
There’s always the option of emailing invoices to customers, but even that does little to save time or lessen the workload. Online invoicing (sometimes known as e-invoicing) can solve these problems. By using a payment processing service that sets up your online invoicing, you’ll avoid all of the hassle that comes from the traditional way of doing things.
When choosing to offer online invoicing, consider these benefits that can save you time and money, making your business run more efficiently.
• Invoices can be set up to be sent out automatically on specific dates and times. There’s no need to wait for your bookkeeper or accountant to send it out for you. The best part is, you don’t need to go back to the office to send it if you happen to be on the road because online invoicing can be done from anywhere.
• Online invoicing can increase your cash flow by allowing your customers to pay quickly. By reducing delayed payments, your cash flow is more predictable, meaning that you can pay suppliers and other business expenses. And you’ll no longer need to waste time chasing payments.
• Online invoice capability means more security for your business. You won’t worry about bounced checks and the fees that can accompany them because payment and money transfer is instant.
• For businesses who offer a subscription-based service where customers make payments after a certain period of time, online payment options mean automatic invoices at the end of the subscription term.
• By adding a built-in payment option to your online invoices, you make it easier for customers to simply click and pay. You can also set automatic reminders emails for when payment is due.
• You’ll foster better client relationships when you no longer have to confront them with collections. Online invoices are less confrontational, which alleviates the tension that can come from a more direct payment request.
Your customers receive your products and services quickly and efficiently, so it only makes sense that you receive payment in the same manner. Online invoicing can help make things better for everyone.
Posted in online payment processing on Jul 19, 2018