Are you still collecting payments for your services the traditional way, with printed and mailed, 30-day invoices? If so, we bet you’ll be glad to hear this:
You can actually save time, and get paid faster, with online invoicing—even if your business doesn’t have a website.
Thanks to a fully integrated e-payments solution provided by BlueSnap, all Harmony users now have the ability to receive payments electronically, whether you have a website or not. And it all happens seamlessly within the software, so you won’t sacrifice any of the simplicity you love about HarmonyPSA.
An electronic B2B billing system benefits companies of all sizes. Keep reading for four reasons why online invoicing is good for your business—and why it might be time for you to change the way you do invoicing!
4 Benefits Of Online B2B Invoicing
1. You can collect payments faster
Your existing invoice process is probably fairly lengthy: manually generate invoices, send them out, wait 30 days or longer to receive checks, deposit funds in your bank account, and record invoices paid. To say that’s a slow cycle would be an understatement. And a slow payment cycle compounds the issue of slow-paying customers. A too-lengthy payment cycle impacts cash flow, which could mean the difference between staying in business or not; it could also limit your ability to make future business investments. Collecting payments on time and faster is good for everyone involved.
With B2B online invoicing, you can automate the process of generating invoices and emailing them out; BlueSnap takes care of the payment processing for you. You can email or text customers the link to a customized payment page, where they can securely input their payment information, or embed this page link behind a “pay now” button on an invoice. Invoices of any type can be paid via the BlueSnap platform, in any of the 100 currencies it supports.
Even if the customer takes the full 30 days to type in their credit card information, you’ve cut out so many other steps from the cycle—including manual invoice generation, mailing of the bill and the payment, and depositing funds—that the end result is faster payment to you.
2. You minimize the impact of unsuccessful payments
Your customers may not send out paper checks until the deadline is looming; then, if there are insufficient funds you’ll have to chase those customers down again and the process drags out even further.
Although it’s possible for you to allow customers to pay an online bill with a paper check (all the same payment options are available with an online B2B billing system as with your printed bills), most companies strive to get payment electronically. That means encouraging options like credit card payments, electronic checks, or business PayPal account payments rather than paper checks.
One of the advantages of credit card payments is that you’ll know immediately whether or not the funds are available. If they are available, they’ll be on their way to you in just a few short days. If not, you can display an error message that directs the customer to try another card, resolving the issue right then and there—and shrinking cycle time even more.
3. You gain operational efficiencies
Whether you’re an MSP, VAR, or an IT solutions provider, online B2B invoicing will reduce the work involved for your finance or accounting team. With traditional paper checks, your team likely spends a lot of time manually generating invoices and sending them out, as well as depositing the checks received.
An online B2B billing system automatically generates and sends electronic invoices, which relieves your accounting team of hours of cash processing and credit control efforts. That frees them up to do more valuable, high-level tasks.
4. It’s more convenient for your customers
Some of your customers may prefer to pay with a business credit card or a corporate card, either to earn rewards or because it helps them better manage their spending. And sometimes invoice recipients will find it easier to pay with a corporate card because they are not authorized to write a check on behalf of the company. Small business owners in particular—whose own personal funds are sometimes closely intertwined with those of the business—may also appreciate the convenience of paying by credit card.
For customers who prefer to share payment information with you over the phone, you could also take advantage of payment solutions that let you accept credit cards—and even recurring payments for subscriptions—via the telephone. In this case, you have control over when invoice payments are collected and submitted for processing. More control means more on-time payments.
Want to get started improving your cash flow with automated invoices?
About the Author: Kimberly Rowell is marketing communications manager at BlueSnap Inc. Follow Kimberly Rowell on Twitter