Sending an invoice through the mail and waiting for payment can take days or sometimes weeks. And if your invoice gets lost in the mail, you could be chasing after clients for months.
Online invoices are a convenient and efficient alternative. You can track outstanding invoices through a virtual terminal so you’re not calling and emailing the same client to get paid on time.
The average company spends 360 hours a year chasing late payments. Using online invoices is just one way to earn back your valuable time.
Customers Want to Pay Online
One of the reasons why payments are missed is because it’s just difficult to pay. It’s easy to forget about a mailed bill, and many people aren’t used to paying with checks in their day-to-day lives. It’s not that your customers don’t want to pay you – it may just be out of sync with what they’re used to.
Plus, if customers opt to use ACH payments instead of their credit cards online, you’ll save even more. ACH processing costs less than a dollar per transaction and doesn’t incur the credit card processing fees. Best of all, you won’t have to chase down updated billing information when credit cards expire. It’s convenient for them and saves money for you.
Save Money by Going Paperless
You know that every time you have to mail an invoice, it costs your business money. And each “past due” mailing means that you’re spending more money on chasing late payments. Skip the postage and get invoices to your customers faster with online billing.
By switching to online billing, you’re making it easier for customers to pay you. They may receive an email notification with their invoice and pay you in just a few taps on their smartphone. By offering online invoices, you’re giving your customers a better experience by making it as easy as possible to complete their payment.
Get Paid Faster
Online invoices are a faster alternative to sending paper invoices through the mail. You can email clients invoices from your virtual terminal and build a custom web payments page for them. You won’t have to call or email clients to get them to pay – virtual terminals send due date reminders so clients know when a bill is due.
Customers can also set up autopay for recurring bills. Once a payment is made, they’ll automatically receive electronic receipts and you’ll get a notification. Online billing is an efficient way to stay on top of all your customer accounts. Instead of devoting hours to tracking down clients, you can work on growing your service company’s book of business.
Track Important Payment Information
A virtual terminal allows you to accept payments online and also tracks customer information and invoices. You can see outstanding receivables and the details of each paid invoice.
You can also view your scheduled invoices if your clients have a recurring billing schedule or if they’re using autopay. Along with invoicing, customer records and their payment methods are easy to track. And if a customer’s credit card is about to expire, the virtual terminal will alert you before their next payment.
Online invoices are a time-saving tool for service companies. Plus, they’re perfect for tracking all the metrics that matter for your business. And because a virtual terminal can integrate with other technology, everything is right where you need it. You won’t have to chase down clients for payment so you can get back to working on what you love most.
Learn more about how we make billing simple for contractors, home remodelers, and more: Fattmerchant for Field Services