Owning and operating a small business can be challenging. There are so many moving parts, and you need to make sure every department is running as smoothly as possible. Even if all the wheels are spinning in the right direction, you still have to factor in the parts you can’t control, like getting paid quickly and efficiently.
The fact is, 79% of business owners can’t pay themselves due to late payments, according to Fundbox. If small businesses got paid for all unpaid invoices at once, they’d each be able to pay themselves about $40,000!
Collecting payments from customers isn’t always a timely process. If you’re still managing your invoicing with paper, making the switch to email payments can save you time and help you get paid faster. With email payments, customers can pay you from any device with the click of a button. Here are four benefits of accepting email payments through your ERP software.
1. Get paid faster
Email payments help get your invoices out on time; no more papers stacking up waiting for invoicing.
When an email payment is sent to a customer, they can pay invoices online at their convenience from any device. Customers simply click on a secure link and are redirected to a secure webform in their browser. This webform is fully customizable and can be designed with your company's logo, colors, and messaging.
2. Reduce time spent collecting payments
An email invoice takes less like time to create and deliver than a paper invoice, letting you get back to running your business. Instead of taking time out of your day to call customers and inquire about payments, email invoicing streamlines this process. Once an invoice is paid, you’ll receive a list of payments that you can review and approve. Then the payment is passed seamlessly to your ERP software and posted to invoices.
3. Eliminate human errors
Email payments eliminate the clutter of digging through unnecessary paperwork and searching for invoices. Each email payment is linked to a specific invoice; so there’s no need to go back and manually select each invoice. Plus, you don’t have to worry about the possibility of applying payments to incorrect invoices and charging for the wrong amount.
4. Ability to track the status of invoices and follow-up on payments
When you manually collect payments on invoices, it can be difficult to keep track of the status of every invoice. Sometimes an unpaid invoice gets lost or misplaced, which costs your business money.
Email payments eliminate this mystery – you can see exactly whether or not a payment has been made. Since email payments are linked to a specific invoice, you can see which invoices have been paid and which ones are still pending. You can even send friendly email reminders straight to your customers inbox.
Save time. Get paid faster.
If you’re looking for an easy way to save yourself some time, look more professional, and get paid faster, consider setting up email payments. Be sure to find an email payment solution that integrates with your ERP software, such as EBizCharge. With email payments, you’ll be on your way to streamlining your payment process and getting paid faster.