Manual invoicing can be a very time-consuming process for a business. The act of physically sending invoices and receiving payment via check can take weeks. Why waste all this time sending, writing checks, and waiting for the mail? Especially, when there are efficient online invoice payment processing systems your business can use to its advantage.

There are many solutions your business can assess when it comes to setting up digital invoicing. Whether you are looking to upgrade your current system or start fresh, there is likely a perfect online invoicing system that will fit your needs.

What is an Invoice?

Invoices consist of the essential information of the purchased service or product. It typically includes the description of the product or service, the price, and the due date. As a business owner, you’re probably already familiar with invoices. Those you create for your customers’ purchases, and those you receive for your business expenses.

How are Online Invoices Different?

Shifting to an online platform can completely streamline the manual invoicing process. The ability to offer digital payment in lieu of a check or cash can make things a lot easier for both you and your customers. There are a variety of digital payment solutions such as enrolling in an online service that can accept debit cards and credit cards or ACH. There is also the mobile approach with services like Venmo and Apple Pay.

Online Invoice Payments Benefits

Manual invoicing often creates an unnecessary and long delay between fulfilling an order and getting paid for it. Between slow shipping, department errors, and physical invoice creation, working manually brings your business to a halt. Migrating to online invoicing eliminates most of these roadblocks.

The benefits of switching to online include:

• No physical paperwork, all information stored online

• Automate recurring invoices and payment reminders

• Send invoices from any device, anywhere

• Get updates on payment fulfillment through invoice tracking, which traces the status of the invoice from submission to payment

• Efficiently pull information on client history, track payments, or run income projections using reporting functions

• Get paid on the same day you send an invoice

• Adapt invoice design to fit your companies branding

• Cut the cost of printing and mailing

• Immediately send out invoice corrections

Integrating Online Invoicing for Your Customers

Offering online invoicing serves as a way to make life more convenient for your customers or clients.

There are a couple of options when it comes to accepting customer/client invoice payments online:

• Payment Services

You could be using software that already offers an online invoicing option, like QuickBooks’ QuickBooks Payments.

• Invoicing & Payment Processing Solution

Payment processing options are available for select invoicing programs. Options like Square Invoices allow you to both send invoices and process customer payments.

• Payment Gateway & Merchant Account Solution

You can process online payments independently by setting up a payment gateway and merchant account through a payment provider. The gateway allows customers to make payments online, and the merchant account is the middleman that facilitates payments to your bank account. There are many payment providers you can work with, but at Revitpay, we work intricately with your business to fit you with the best payment solution possible.

Let’s go over the process of sending out an invoice online, so you’re ready to go once you’re set up.

1. Assembling the Invoice

The first step is physically designing and filling out the invoice. Branding the form to fit your company, and listing key info, including:

• Name and contact info of the customer and your business
• Report of provided services or products
• Products/services cost breakdown
• Applicable charges such as sales tax, late fees
• Balance due
• Pay by date and Payment Terms

2. Customer Notification

Once submitted, a customer is notified via email, and directed to the portal to view the invoice. If you choose to integrate online payments, customers will also be directed to where they can submit a payment.

3. Payment Information Submission

The customer provides payment information, as well as the amount paid to the online portal, and submits.

4. From the Gateway to the Processor

From here, this information is submitted to the payment gateway and channeled to the payment processor.

5. Payment Facilitated by the Processor

The payment processor communicates between the customer’s bank and your bank to ensure the transaction is successfully processed. Once finished, the payment should be fulfilled.

6. Invoice is Paid!

The invoice is officially paid. Your software may mark this automatically for you, however, some have you notate it manually.

The Payment Processor Best Suited for Your Invoices

The ability to accept both online invoices and payments can drastically improve your business operations. Not only does digital invoicing cut costs, but it also gives you the time to focus on more important areas of your business.

If you’re looking for a new processor to match your online invoicing system, there are a few things to consider. Your business experience, industry type, and budget, all factor into your choice, so do your research and locate the best offer for your business.

RevitPay is a payment processing solutions company equipped to fit you with the perfect online invoice and payment setup for your business. Contact us today to take your business to the next level.