The 2 C’s: How to Check if Your Business Invoice is Up to Date | Behalf
The 2 C’s: How to Check if Your Business Invoice is Up to Date
No matter your business model, collecting payment from customers for the goods and services you deliver is essential. Technology, big data, and the ever evolving electronic payment landscape are forcing companies to rethink how their customers pay business invoices. For some that means extending more aggressive trade credits. Others are switching to electronic payments or outsourcing their payment services altogether. Let’s face it: most corporations have slow internal processes and are struggling to modernize their payment systems to keep up with their customers’ expectations.
Eventually your company will have to update its payment process. You may have even started this effort already and are well aware of how intensive a full implementation will be. However, there are many opportunities for you to demonstrate a commitment to payments innovation to your customers in the near term. Look for easy ways to improve your customer experience, extending better terms and more flexibility in how your customers can pay, on the road to full modernization. A quick and simple customer survey is one great way to expose low hanging fruit for you to action now. .
Simply changing the way your business invoice looks can radically improve your customer’s payment experience. A company’s business invoice is a reflection of itself. You want to demonstrate to consumers that your company is not a dinosaur in its respective industry. Changing the template of your business invoice will not take nearly as much time or energy as it would restructuring the way customers pay. As part of your payments modernization roadmap, it is time to evaluate what kind of message your business invoice sends. You can use the fresh new look of your business invoice to signal the innovative technological changes in infrastructure that are likely ahead. This article explains the 2 C’s to check if your business invoice needs an update: convenience and clarity.
Your company’s business invoice must be easy to access and pay. Technology has made everything faster and more convenient. As a result, people have less patience for drawn out payment processes. The last thing your company wants is a time consuming payment process that discourages customers from returning. Ditch the paper business invoices. The days of mailing business invoices are in the past. Make your business invoice electronic with an online payment service, or at the very least electronically accessible. You can easily email business invoices to customers with convenient click-to-pay functionality. This is easier for customers, but also has the added benefit of getting you paid faster. Your company most likely accepts credit cards; include a link in the business invoice to a credit card payment processing engine. Whichever tactic you use, strive to deliver a payment email flow that has your customer one click away from payment. For added convenience on your end, use an email tracking program that lets you know when customers view your business invoice. Your company’s business invoice should make things easier for the customer AND your accounts receivable department.
Make sure the terms and language on your company’s business invoice are abundantly clear. Spell everything out for customers; nothing should be left up to interpretation. Simply saying “Net 30” is too vague, it could be interpreted as 30 days from when the business invoice was sent or when it was received. Instead, give an exact due date. Also make it clear where and what the business invoice identifiers are. Using a business invoice number system makes it easier to identify orders. To ensure you get paid faster, emphasize your array of payment options and any discounts for selecting specific terms in big, bold print. Your primary goal should be to to move your company’s business invoice to the top of the to-pay pile.
As long as your business invoice satisfies the 2 C’s, it will convey your company’s commitment to providing its customers a smooth payment experience. The reality is, technology and big data are quickly reshaping the business world. When you allow your company’s antiquated business invoice to hit your customers each month, you are reminding them that there might be a better, more innovative service out there for them. Don’t let old school payment practices make your customers question whether they should be moving on.
Once your company is ready to move upstream into payments technology, you will discover a universe of ways to delight your customers with innovative payment experiences. Consider a new payment method that empowers your customers with best-in-class terms and simultaneously rewards your business. When you accept payment on your customers’ Behalf, they can qualify for up to $50k in funds and create their own payment plan. They can use the credit line to make larger, more frequent business purchases and enjoy up to six months to pay. Regardless of the terms they choose, you always get paid in full within 1 business day. No paperwork. No collections. And you can even skip the multi-year payment implementation roadmap.
Learn more about how Behalf’s on demand payment tools are transforming the way businesses buy and sell here.