How e-invoicing can help your business get paid faster
Once the work is completed, getting paid quickly and easily is important to keep your business cash flow positive. E-invoicing is the simplest way to send your customers or clients a digital invoice. And with tools like the Square point-of-sale app, you can now issue these directly from your smartphone or tablet.
What is an e-invoice?
Better known as an electronic invoice, an e-invoice is a method used between business owners and their customers or suppliers to send transactional information that ensures trading agreements are being met, and prompt payment can be made.
Why send an e-invoice?
Sending e-invoices is very convenient, will save you time and help business get paid faster. Australian businesses are owed over $19 billion in outstanding invoices, costing time, money and growth opportunities. By sending e-invoices you can get paid 80 percent faster when compared to traditional invoicing processes (such as printing and posting.)
Top benefits of e-invoicing for your business
- Save time — Create and send invoices quickly while you’re on-the-go. Save time issuing and chasing invoices after you’ve finished a busy work day.
- Get paid faster — On average, e-invoices sent with a tool like Square are paid in less than three business days, meaning cash is in your bank faster.
- Convenient for customers — Customers can pay quickly and securely online with their credit or debit card, which is faster than processing a manual deposit.
- Simple to manage — Track and sort your invoices by paid, unpaid, overdue, sent, or drafted, right from your smartphone or tablet.
- Send reminders — Sometimes customers can forget to pay. Send a polite reminder requesting a payment.
- Let customers pay later — Bill trusted, regular customers for in-person payments when they don’t have their credit or debit card handy.
- Reduce phone payments — Increase your business security by allowing customers to enter their payment details using features like Square’s secure, PCI-compliant payments platform, rather than taking payments over the phone (which can increase the risk of fraud.)
- Search features — Search for a specific e-invoice by entering a customer’s name directly into the search bar.
- Integrate your accounting — Connect your e-invoice tool with accounting software such as Xero or QuickBooks Online to streamline your bookkeeping.
- No fees for your customers — E-invoices are generally very affordable.
This content was originally published on Town Square, Square's official small business blog.