The success or growth of any online business is getting paid quickly. E-Invoicing has become an excellent means of informing the customers of the details of the transactions they carry out.
To ensure that the payment for any service rendered is quick, below are some tips and tricks that will guide you through this process:
- Add Business Information: Always add business information on the top of the invoice. Information like, company’s name, address, tax number, phone numbers, email address and website address if possible.
- Get Paid First: To reduce the risk of working for nothing, ask for payment before service. Include warranty to entice clients so if the customer is not satisfied with the product or service; they may request a refund.
- Add Payment Terms and Conditions: Terms and conditions should be clear enough to customers and clients. Due dates and charges for late payment should be clearly stated.
- Integrate Payment Platform with Invoicing Tools: A good method of making clients pay for products is to integrate a good payment platform with the invoicing tool of the company. Note that payment platforms take a small percentage of the money paid, but it is better compared to late payments from clients.
- Set up early payment incentives: Incentive is a good method of getting paid quicker, especially for the business that uses net 30 terms. 5 to 10 percent discount can be offered on the invoice for customers that pay within ten days.
- Follow Up: Proper monitoring with clients is very important; it can serve as a reminder to them so to keep them updated about invoice due date and payment.
- Use an Updated Online Invoicing Tool: Technology evolves almost every day. It ‘s nice to use latest online invoicing tools that have cool features, which will enable a successful transaction. Tracking primaERP and Moneypenny are useful online invoicing tools; they can be used for both billing and invoicing.