July 30, 2020
Average Read Time: 3 minutes
Companies are starting to embrace the benefits of electronic invoices, or e-Invoices, as part of their billing solution—and for good reason: e-Invoices help you get paid faster. You also gain additional benefits such as reduced days sales outstanding (DSO) and intelligent cash flow management.
Combining e-Invoices with a service like MerchantE Link-to-Pay for NetSuite can enhance your e-Invoicing practices even more by using embedded pay links to streamline the payment process, reducing friction for your customers.
In this article, we'll explore the benefits of adding pay links to your e-Invoices. For even more information about e-Invoices, check out our post, Using E-Invoices to Improve Cash Flow in Uncertain Times.
Paper-based invoicing consumes a lot of time and resources. From printing and mailing the invoice to waiting for the payment to deposit and clear. E-Invoicing can streamline the billing process, reducing high DSO and putting you in control of your money faster. Adding features like embedded Pay Now buttons or pay links to your e-Invoices can encourage customers to pay as soon as they receive the invoice.
According to PaymentsSource, 92% of invoices received electronically are paid on time compared to 45% of invoices received in paper form. Additionally, companies that use e-Invoices can see a reduction in delayed and missed payments because customers are enabled to pay them immediately upon receipt.
The MerchantE Link-to-Pay service, already integrated with NetSuite, can help you tap into these advantages while automatically including pay links on your e-Invoices. Most e-Invoicing systems can even be configured for automatic sending, saving you time and money.
Customers today are moving toward digital payments like ACH, credit/debit cards, and virtual wallets, and they expect options when paying their bills. Transitioning from paper-based invoicing to e-Invoicing lets your customers pay the way they want to pay—online or mobile, eliminating the friction of paper checks.
By supporting more flexible payment methods, your customers can pay you faster. Most solutions give the customer options like storing their favorite payment method in the system or setting up recurring payments.
Another aspect of e-Invoicing that helps build customer satisfaction is security. Because you no longer have to handle their sensitive payment information, your customers feel safer and more secure paying electronically.
E-Invoices with pay links are not just good for customers—they're also good for you. They’re better for customers because the pay link removes the hassle of writing, signing, stamping, and mailing a check. For your accounts receivable professional, unnecessary time and resources spent on sending paper invoices, tracking down payments, and reconciling it on the back end are all eliminated.
One of the best features of using e-Invoices is that it reduces the number of human errors. Mistakes delay the invoicing process, which can impact your DSO. With e-Invoices, if something isn’t filled properly or needs to be changed, it only takes one quick phone call or email, and it’s done. Click. Payment received!
E-Invoicing with pay links is a one-stop, one-click way of sending and paying invoices. It’s safer, quicker, and less expensive than traditional invoicing. Instead of relying on a paper-based system to handle your billing process, why not use a feature like Link-to-Pay right from your NetSuite dashboard?
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