4 ways to speed up the payment process in your company

Filip Kniola Filip Kniola 2014-04-28

Execution and management of payments are the key aspects of every company’s daily life. Their ease and quickness have an impact on the financial condition and current results. In order to simplify and speed up the payment process, change your mindset and step away from the traditional approach. Become familiar with four examples of effective ways to accelerate the payment process.

1. Send invoices via email

Electronic way of sending documents to your clients enables rapid delivery, leaving out the traditional - and often confusing - way of sending snail mail. Selecting such a solution also prevents from complications which may arise from loss of documents during shipping. You also have a direct impact on a faster cooperation between clients, thanks to the use of ready-made trade agreements required for mutual recognition of parties in the process of electronic documents exchange. This type of solution, sending invoices directly from the system, is provided by InvoiceOcean.

According to mailPro report, in the case of paper invoices it takes an average of 19 to 40 days from the moment of issuance to payment, of which it takes at least 10 days to deliver the document.

Looking more closely at the whole process of sending invoices traditionally, you also save time by eliminating the following traditional steps:

  • printing of documents

  • envelope addressing

  • stamp purchasing

  • going to the post office and waiting in line

Sending invoices by email means instant transmission of documents to your clients, which translates into earlier payments and gives you certainty of document delivery in real time.

2. Automatic reminder of unpaid invoices

Keeping track of every invoice takes time and effort. To reduce the number of delayed payments and minimize the time it takes to ensure timeliness, take advantage of simple customer email reminders. InvoiceOcean has developed a feature that allows you to generate automatic reminders regarding unpaid invoices which are sent to your clients

Automation of generating reminders for issued invoices saves hours of activities regarding debt collection and standard mode of payment notifications. By automating this process you also define the parameters for these types of reminders:

  • Email sending date - for example after three, seven, fourteen days or in any other intervals.

  • Reminders are sent automatically for every unpaid invoice, after due date, in a specified time period.

  • Content template and reminders subject can be modified. You can also apply tags which will be converted into text during sending.

  • In the message footer, your company’s details will be added automatically.

You will soon find that regularity in recalling the payments can significantly reduce the amount of arrears and build better relationships with your clients, saving a lot of precious time!

3. Use recurring invoices

Thanks to the recurring payments feature, you only need to define subscriptions once and your clients can automatically make periodic payments for services, using your website or a hyperlink included in the sent email.

The recurring invoices feature is a solution that allows you to receive subscription payments for your goods. With a few simple steps you can integrate it with your own website.

What are the benefits of recurring payments?

  • Flexible and automated accounting system, which eliminates the need for individual invoicing.

  • Automatic “reminding” of consecutive billing period or payments.

  • Continuity of cooperation and the ability to analyze its course.

  • Thanks to recurring payments, happy clients will become your regular customers.

4. Use the cutting-edge online payment system

If the chosen system is well suited to your needs and fully integrated with your company’s sales system, time spent on order management is reduced to a minimum.

The process is done automatically, which is a great convenience for your clients, because they don’t need to look for your payment details. InvoiceOcean guides your clients through transactions step by step, and within minutes you receive information regarding payment. You can improve the invoice payment process by implementing the Pay Online Button on your accounting documents.

These types of conveniences are offered by InvoiceOcean. Invoices for products, which have the Online Option configured, receive a Pay Online Button that allows your clients to make quick payments. You may also install an automatic payment widget for selected products. It takes only a few minutes and will allow you to achieve a number of benefits:

  • Saved time and increased convenience by reducing the time of payment with instant online transfers.

  • Customers can pay in advance without worrying that it will extend the delivery time by waiting for a transfer from another bank.

  • No need to fill out forms with data - payment forms are generated automatically.

  • Transfers are automatically recorded in the system-store, no need to examine the bank account history in the search for payments.

  • 24 hours a day, 7 days a week online payment access.

  • Orders are usually paid within minutes after issuance.

Simply start taking advantage of at least one of the solutions accelerate the payment process and you will quickly notice the effects. Remember that by optimizing the most time-consuming activities, you not only gain time but also money. More information about how much you can save on positive changes in your company will be published on this blog soon.