Businesses can get paid faster and increase cash flow with payment processor Authorize.net’s digital invoicing and eChecks contactless payment options.
Some companies sell great products, have loyal customers and make good sales, but still find themselves low on cash. Part of the problem is that certain businesses, like landscapers, plumbers or wedding planners, must often deliver goods or services before getting paid. Often these businesses are forced to wait days or weeks to be paid after sending invoices. Meanwhile operational expenses and payroll still have to be met.
Paper invoices can be a hassle: Filling them out, mailing them out and waiting to receive payment, which often includes processing checks and waiting for those checks to settle, all takes time and affects your cash flow.
By using digital invoices, you can reduce the amount of work and time it takes to process invoice payments. With digital invoices, your customers can receive a digital invoice by email, which they can easily view and pay from any enabled device using a secure payment form. We make it simple for customers to pay with a card, which processes faster than a check and is managed from the Authorize.net’s platform—the same place as the rest of your card payments.
We’ve found that customers usually pay faster with digital invoices, which results in improved cash flow for you. When payment isn’t immediate, you have the ability to check an invoice’s status or send automatic email reminders. Digital invoicing is an included feature in Authorize.net’s platform, enabling you to maximize profits when making the switch from paper to digital.
Another way to help customers pay faster is by offering an electronic check, or eCheck, option. An electronic check works much like a traditional check, but instead of using a paper check to provide their bank account, routing number and payment authorization, customers provide this information through a secure form, allowing the merchant to process the information electronically.
While paper checks require manual entry or scanning, trips to the bank, and slow processing times, eChecks can be processed faster through the Automated Clearing House (ACH), an electronic system that helps move money from one bank account to another. eChecks provide customers with another digital solution that limits contact and are ideal for recurring payments. Businesses benefit by lowering the burden of processing traditional checks, while providing additional payment options to their customers.
The bottom line
Prompt payment can help solve many of the cash-flow issues that plague so many businesses. In the past, getting paid in a timely manner could be challenging due to the need to manually invoice or process paper payments. As a leader in payment processing, Authorize.net provides Digital Invoicing and eCheck as two additional contactless payment options to virtually eliminate these time-consuming and costly processes. Sign up with Authorize.net today to start reducing your workload and improving your cash flow.