Why accepting online sales is better than just invoicing
In the current era of rapid technological advancement and digital transformation, businesses are finding new ways to streamline their operations and increase their bottom line. One such way is by accepting online sales. This convenient and secure option not only saves time and effort but also helps businesses reduce excessive costs associated with physical transactions.
By embracing online sales, companies can give their clients the option to pay using a variety of online payment gateways from around the world, making invoicing a hassle-free process. Businesses can significantly reduce the number of paper invoices that need to be printed and mailed out.
Online invoicing has numerous benefits:
Faster payment settlements: With online invoicing, you can automatically send invoices to your customers, who can then pay online instantly, speeding up the entire accounts payable and receivable process.
Cost reduction: Online invoice payments significantly reduce the costs associated with manual invoice processing, which include employee time spent creating, sending and following up on each invoice, as well as postage and processing fees.
Efficient cross-border sales: By utilising online payment gateways, businesses can expand their customer base globally and adjust to various languages and currencies while keeping in mind the shipping costs.
Automatic bank reconciliation: Automating the invoicing process, including account reconciliation of invoice and purchase order documents with incoming payments, online invoicing software can reduce human error, prevent damage to client relationships and avoid tax troubles.
Improved payment security: Unlike cash that can be lost, online payments are instantly verified by the customer's bank or card issuer, while payment gateways are also mandated to meet strict compliance standards.
All businesses need to do is create an online account with a payment gateway provider, set up their payment processing preferences, and add a payment button or link to their invoices. Customers can then click on the payment link, enter their payment details and complete the transaction.
These types of online payments include bank transfers, direct debit payments, credit and debit card payments, payment links, and even QR codes that redirect customers to an online payment page.
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