Decreasing the time from a sale or service delivery to payment will benefit any business’s cash flow. See how to make it happen. 

It probably isn’t a stretch to say there’s one thing your merchants want more than any other — to make more margin. That’s why their ears will perk up when you bring up the quick wins and bottom-line impact the switch to online invoicing can bring about. 

Everyone wants to get paid faster and ditching paper to go digital is the first step to getting there. Whether your small business customer is a caterer, veterinarian, field service outfit, or any other organization that sends invoices, online invoicing can help them increase their cash flow and their profits. 

What is online invoicing?

Sending printed paper invoices by mail is what’s kept the small business economy afloat for decades. However,  thanks to modern technology, it’s possible to invoice better by digitizing the end-to-end process of helping merchants collect what their customers owe them. 

Business owners who upgrade their operations with online invoicing will quickly see cost savings from a reduction in invoicing supplies like envelopes and postage. There’s less to print (which means less toner to buy) and no hurried post office runs to get there before the next collection. 

But that’s just one aspect of the upside. Think of how much online invoicing compresses the timeframe in which merchants can expect to get paid. With a paper process, your clients would have to spend time preparing printed invoices, wait for customers to receive them, and hope they address them quickly. Then the whole thing starts in reverse if the customer writes a check that travels through the mail to make it through the merchant’s doors and eventually into their bank account.

Fortunately, it doesn’t have to be that way. Online invoicing offers a streamlined alternative with attractive cash-flow efficiencies by giving customers the freedom to instantly pay with a credit card or other digital option as soon as the electronic bill lands in their email inbox or they receive a text. This means merchants get paid faster than when they rely on paper checks. A digitized system also gives the payer a handy digital receipt they can easily store for their files while cutting out manual back-office data entry by syncing with key accounting software.

With online invoicing, small businesses also spend much less time chasing down customers who have yet to settle up. Sending gentle reminders through a digital process is simple and straightforward, requiring little more than a few keystrokes. Plus, monthly payments are a breeze with North American Bancard’s platform, which makes it easy to create recurring bills for regularly provided services with cards on file. 

Online invoicing must be part of your portfolio.

Using an online invoicing system is a critical tool for any growing merchant looking to reach the next level. Help prospects understand why they should make the switch by lending your expertise and guiding them through the ins and outs of online invoicing and what it takes to get moving. 

It all starts with listening to your client’s unique pain points and truly grasping the problems they’re hoping to solve. Then, give them the confidence to break free from the burden of cluttered paper-based billing and embrace the significant savings (in time and money) that come with choosing an online invoicing solution designed for a digital-first world. 

Contact North American Bancard to learn more.