Advantages of Using an Integrated Invoicing and Payment Gateway Solution

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 ffinancialmanagement 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:

  1. 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.

  1. Faster Funds Transfers

To reduce the time in funds transfer, you should consider two things:

  1. Process of sharing invoices and payment details
  2. 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.

  1. 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”.

  1. 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
  1. 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.

  1. 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.

  1. 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.

Bottom Line

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”.

What’s new this August?

What’s new under the hood?
19th August 2017 

Now that it has been a month of GST, the nation is warming up to the new tax regime in their own little ways. We at numberz are also working hard to keep businesses compliant – by constantly working on ground breaking solutions and providing with state-of-art product experience.

Everything seems sunshine and roses till our customers challenge us with their honest feedbacks – and when that happens, there is no turning back. Our endeavor to never let you face the rainy day has helped us to push ourselves to deliver the very best.

While this was a busy month for the nation, our product team was on their toes for the most part of it! We are excited to announce our new August update – a little and a lot of everything!

Here’s some of the new stuff that you can use:

Revised GST Invoicing – Best thing since sliced bread

  • GST invoicing finds a great uplift, with the freedom to choose options you deem-fit! Feel like disabling the visibility of payments in your invoice? We got it covered. Want to have due date and invoice value optional in output PDF? Feel free to play around with upgrade.
  • Your GST invoicing can now travel overseas. Add international addresses in invoices to get paid faster than ever.
  • Since the supplier is required to issue a tax invoice on the delivery of goods, we have introduced the option to print Delivery Challan option in invoices. Do note that it can only be printed after the invoice has been created.
  • Payment details & Terms and Conditions can now be edited in Invoice, Credit Note, Debit Note & Advance Form.
  • Importing quick bills or adding multiple bills in GST format is now easier and faster! You can even start handling cess charges in GST Invoicing.

Nifty Improvements – A notch above the rest

Product team at numberz are wizards’ sans the magic stick – and keeping design aesthetics a notch above the rest is their favorite trick up the sleeve.

  • You can now change due date font & invoice text to black for old and classic templates respectively.
  • We have improved GST related fields for data download – never miss a crucial detail ever again!
  • Collecting GSTINs of your vendors and customers is now quick and hassle-free. You don’t have to switch windows to keep a track – you can do it within the product itself.
  • numberz companion app is now GST compliant. Download here.

Hope to have you happy and thriving on numberz!

Thanks again for your support!

Team numberz!

Biggest Myths of Invoice Financing

4 Biggest Myths of Invoice Financing

Invoice financing has been around for a long time. Also called invoice discounting or factoring, invoice financing works on a simple principle but has its advantages nonetheless. During times of a cash crunch or to meet urgent investment requirements, it can often be the best possible option.

What’s Invoice Financing?

Invoice financing, as the name suggests, is financing on the basis of pending invoices. So, if a company has Rs. 10 lakhs worth of unpaid invoices then it can use them to receive a portion of that amount from a provider.

These invoices can be utilised as security by the lender, and they can disburse 70% or 80%, etc. of the total unpaid amount to the company. When the concerned customers pay off these invoices, the company can repay the amount to the lender.

Usually, the company has to pay a certain fee for this service which could either be a flat amount or a varying amount based on an interest rate.

Invoice financing is a good funding option. However, it has its share of misconceptions. On that note, the following are four biggest myths of invoice financing:

Myth #1: It’s Expensive

Invoice financing can be expensive- that’s true. However, in most cases, it is actually quite affordable. Since the lender gets security in the form of unpaid invoices, which are accounts receivable, the risk they have to take is not that high. If a company fails to repay the debt, then they can simply use the invoices as collateral.

Most invoice financiers charge a small fee for the service, especially if the company is linked to a long-term contract. So, in the big picture, the cost of service is relatively lower than other options such as loans.

Myth #2: It can Leave a Bad Impression on Customers/Clients

Invoice financing may be availed on a disclosed or undisclosed basis. In the latter, the invoice payments are made to the actual company, and the customers don’t get to know about the involvement of a third party. However, in the former, the customers know about the third-party and they have to make payments to a different account that belongs to the lender.  So, by choosing the first option you can prevent your customers from finding about the arrangement.

Myth #3: Invoice Financing is for Struggling Businesses

Invoice financing is often put in bad light. However, the truth is that not only it has numerous advantages it’s becoming one of the most popular forms of funding today.

Invoice financing allows you to meet your short-term liquidity requirements at a small price. So, you can pay the salaries of your staff, buy new equipment, or even plug the leaks in the cash flow with the quick funding.

Myth #4: Your Business is Locked in a Long-Term Contract

A financial institution, especially an NBFC, would want a client with long-term financing needs for sustained revenue. This is the reason why many invoice discounting service providers ask their customers to sign a 6-month or 12-month term contract. However, some lenders are more flexible and offer short term contracts up to a month or two as well.

Despite all the delusions regarding Invoice Financing, it still holds up to be one of the easiest and simplest funding option a business can go for. The key is to find a provider that offers lower fees and high flexibility