Today, the majority of business is done online as digital payments continue to observe an exponential growth. In fact, without such services, doing business in global markets would be nothing less than a nightmare.
Truth is, apart from using invoice software there is still a lot more you can do to improve your finance management today. Embracing an integrated invoicing and payment gateway solution, for instance, can give your business a leverage over others in today’s competitive market.
Think about it- why send the invoices to your customers through emails which they have to first cross-check and then clear by approaching their bank or a third-party payment service provider?
It’s not hard to understand that it’s not the best way to do the job. So, what if you could send invoices along with the payment option right next to it?
The following are some of the biggest advantages of deploying a combined invoicing and payment gateway product:
- Lower Transactions Fees
While there is no dearth of banks and other third parties that offer payment gateway services for you to send and receive the payments, you do have to pay a fee for the service which includes third-party processing fees, additional transaction fees, etc.
Since you could be doing multiple transactions every month, even small fees when multiplied several times can amount to a lot. When it comes to business, cutting recurring costs by even a small percentage can often be a game changer. You should consider a payment solution that offers lower transaction fees, maintains security levels and gives you access to a wide range of currencies which can be accepted.
- Faster Funds Transfers
To reduce the time in funds transfer, you should consider two things:
- Process of sharing invoices and payment details
- Time taken by the payment platform to transfer funds in your bank
With an integrated invoicing and payment platform, instead of waiting for up to a week, you can receive your funds in just 48hrs. As it helps you share invoices through email with integrated payment option which helps your customers pay immediately and also the payment platform transfers the funds to your bank in as low as 48hrs.
- Multi-Currency Invoicing and Invoice Management
Multi-currency invoicing allows you to create invoices in a variety of currencies quickly and easily.
Combined with quality invoice management tools such as payment status tracking and reminders you can keep an eye on the cash inflow and outflow with just a few clicks on your device. Similarly, with an easy collaboration feature anyone can check the invoices and make changes as required without having to deal with a lot of “to and from”.
- Simplicity in Business and Tax Management
Why make your accounts, transactions, invoices a mess by using a variety of software programs for different purposes when you can combine them all into one cohesive unit that’s not only much more efficient but also simple to manage?
With a payment-invoice program you can:
- Create and send invoices easily and quickly
- Save time in reconciliation with bank statements
- Ensure all invoices are in the same place (no invoice misplacements)
- Simplify taxes/bookkeeping
- A Professional Touch
Freelancers and SMEs often face neck to neck competition in their space. This is the reason why even small things can give you an edge and help take your business to the next level fast. A payment-invoice program is a great example of this.
Using a new-age invoice-payment solution you can show your customers that you like to keep pace with the changing times and care for their convenience with a service that offers:
- Easy payments
- Multiple payment options
- Transparency in taxes, currency exchange rates, transaction fees, etc.
With an invoicing platform you can also do branding easily by printing your company name and logo on the invoices.
- Easy Reconciliation
Invoice management can often be a herculean task, unless you have the right tools. For instance, you can’t take any risk when it comes to reconciliation as even a single discrepancy in one account can make the numbers on the other accounts go all haywire. However, integrating your payment gateway and the invoicing module can help to keep the transactions and accounts organized.
- Easy Access, Better Control
With cloud-based services, you can keep an eye on the payables and receivables when you are at the office, at home, or even when traveling. Going through payment reports you can also easily identify your biggest clients and other potential clients that just need to be nudged in the right direction.
With a program that can combine invoice management and payment gateway services you have all to gain and nothing to lose. So, it’s not a question of “why” but “when”.