Electronic Invoicing - Make Getting Paid Easier
Sending paper invoices is the most inefficient process to bill your customers and results in the slowest turnaround time for you to get paid. Assuming you send out the invoice on the day the job is complete you will get paid, in the best-case scenario, in 8-10 business days. Does this sound familiar:
Print the invoice, stick it in an envelope, add a stamp, drop it in the mail
Think to yourself: “I wonder if they’ve got the invoice yet?”
Wonder: “Have they opened it?”
Hope: “Did they mail a check?”
Consider: “Should I call and see to make sure they got it?”
Receive a check, take it to the bank (or mobile deposit) and wait another 2-5 days for the check to clear
While this process plays out you’ve got bills that need to be paid for your business and you need to pay yourself. Electronic invoicing means reducing the time it takes to send your invoice and making getting paid easier.
Sending Invoices Electronically
All versions of QuickBooks Online allow you to electronically send invoices to your customers. When you send an electronic invoice, you can assure yourself that your customer received it, know if they’ve opened it, easily send reminders, and communicate about the invoice. This means reducing the time it takes for your customer to get their invoice to hours!
QuickBooks Online also allows you to schedule the invoice to send automatically on a predetermined date or you can create the invoice ahead of time and send it manually when ready. Another great option for some versions of QuickBooks Online is the ability to set-up recurring invoices for your customers that are billed the same each period! All of these features save you time and promotes the quickest turnaround time to get paid!
Getting Paid Electronically
While you can’t stop your customers from sending paper checks no matter how you invoice, you can make it easy for them to choose electronic payments. All versions of QuickBooks Online allow you to accept credit card and ACH payments straight from the electronic invoice they receive in their inbox!
ACH payments are free for both you and your customer and will require your customer to enter their routing number and account number (you won’t be able to see these). Credit Card payments charge a percentage fee to you (you can always choose to pass this along to your customer on their next invoice) which means you’ll have to account for that in your pricing.
The good news is you don’t have to accept both types of payments! If you don’t want any fees then only choose to accept ACH payments – if you think your customers won’t pay electronically unless they can earn points on their credit cards then choose to accept both! No matter what combination you choose, offering any electronic payment options can result in getting paid faster!
Contact Us To Get Started
Do you want to stop wasting time with paper invoices and get paid faster? Propell3r wants to help save you time and put money in your pocket faster. Contact us today to speak with our Certified QuickBooks Online ProAdvisor about getting you set up and trained to use electronic invoices and accept electronic payments!
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Sam holds his Bachelor of Arts in Business Administration with a specialization in Finance from the University of Washington and is a Certified QuickBooks Online ProAdvisor. He spends his free time with his wife and son cheering on Husky Football, going on walks, swimming, and playing board games.