How Do I Accept An Invoice Payment?
When creating an invoice for your customer, make sure that you have clear instructions on how they can pay you and when the invoice needs to be paid. Adding this into your invoice process makes getting paid easier and reduces follow-up calls and emails between you and your client. Here, we will go over the different payment methods for businesses so you can decide, “How do I accept an invoice payment?”
Cash Or Check Payments
Cash and check business payment methods have been around for decades, so most businesses are familiar with the process. Unfortunately, either of these options requires a trip to the bank. Thus, causing a delay in getting your payment. The delay is also not the only issue. Keeping track of payments when there is an additional step (i.e., going to the bank) can sometimes be forgotten. The bank may not reference the check correctly either when depositing. Imagine looking at your bank statement and seeing a few deposits and not knowing who they came from.
Internet Banking Payments
Customers can send you payments from their bank to your bank. However, this requires you to provide them with your banking account details. In addition to offering up that information your customer must also be in the same country as you. And, again, customers can pay you via bank-to-bank payments, but unless they put in their invoice number or reference the order in some way, you’ll be trying to figure out which invoice received payment.
Online Payment And Pay Now Services
Some online pay now services allow you to invoice customers directly from their website. The great thing about online payments and pay now services is that your customer has the option to pay immediately. When they click the Pay Now button, the invoice will be referenced with the payment to ensure the specific invoice is paid.
Using online payment services does have its drawbacks. Most services charge you a small fee for each transaction. However, you will get paid faster and your records will be up-to-date with minimal effort. This is one small example of how small business cloud computing can benefit the business owner. Online payment services, when used correctly, can be an effective way to store customer data (name, contact information, billing information, order history, etc) in the cloud.
Invoice Financing
As a business owner, you may come to the point where you need money immediately but you have quite a few outstanding invoices. Invoice financing is, in basic form, a loan. Offered by some financial institutions, they can advance you between 80-90% of your outstanding invoices. Once your customers pay their invoices, you repay the loan.
Keep in mind that invoice financing is not regulated so it is imperative that you go to a financial institution you have a relationship with already. Understand all of the fees and terms of the loan before signing on the dotted line. Consider discussing with your accountant to ensure that invoice financing is the right decision for you and your business.
Invoice Payment Method – Consider Your Options
Small business invoicing doesn’t have to be difficult. There are many ways to accept payment for your business. Cash, check, Internet banking, or pay now services. They all have their pros and cons. The important thing for you to do is to make sure that your customers know the ways that you will accept payment, when they need to pay, and you need to ensure that you are keeping track of what invoices are being paid and which ones are outstanding.
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