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May 2022Tired of late payments? 6 ways how e-Invoices help you get faster payments
Posted on May 30,2022 by Reethu Shyam

This e-invoicing blog will cover-
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What is an e-invoice?
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What is e-invoicing?
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Benefits of e-invoicing
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6 Ways e-invoice will help you get paid faster
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Best e-invoicing software
Firstly, what is an e-invoice?

What is E-invoicing?
Electronic invoice is an electronically developed invoice that is exchanged between a buyer and seller in an integrated electronic format. E-Invoicing fully automates the entire invoicing process from invoice capture, generation, payment, receipt printing, and payment collection. In this process, data is read and routed directly from the seller into buyer’s Accounts Payable system. A central cloud based platform serves as the conduit between the supplier and buyer. An invoice thus generated is called an e-invoice and the process is called e-invoicing.Benefits of e-invoicing

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streamline the invoice processing cycles
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reduce man-hours
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eliminate human errors
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decrease turnaround time
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Optimum utilization of resources
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Increased efficiency
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Enhanced productivity
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Better customer satisfaction
7 Ways e-invoice will help you get paid faster

Reasons for delayed payments
Did you know that it takes at lease 135 man hours per week and $170,000 per year to issue, process, track paper invoices. Delayed payments further compound the financial team. There are umpteen reasons why a paper invoice results in late payments. Listed below are a few of the reasons and disadvantages of paper invoices- Deliberate payment failure
- Invoice wrongly delivered/ failed invoice delivery
- Get lost in the sea of invoices
- Inefficient & Time-consuming due to manual process
- Accounts Payable process & its challenges
- Extended DSO
- Cost per paper invoice is very high

Prompt Notifications, Prompt payments
Globally, on an average, a person spends 5 to 6 hours on his phone. Sending your invoice over to your customer’s mobile is a great way to ensure faster payments. Several invoice solutions have the option of sending e invoices via email or even text message. By sending invoices digitally, businesses are enhancing the chances of customers seeing the invoice which helps in getting them paid as well.Automated Reminders
Life happens and people may genuinely forget about payments. In such cases, reminding them is a great way to ensure faster payments. Helping customers track invoices and due date is crucial for timely payments. Businesses do not have to move a finger to send reminders. Scheduling reminders is easier than setting an alarm! One click and VOILA! reminder set!Text and Pay
The text and pay option is so easy that just buy clicking “reply” customers can make payments. Enabling customers to make payments on the go is a great way to ensure faster payments. Text and pay gives customers the power to make payments when they want, in the currency of their choice, and from wherever they want!Payment links
Sharing payment links is also similar to the Text and Pay option. Here, customer receives a payment link via mail, mobile application, WhatsApp, etc. An embedded link or button on the invoice will take the customer to a secure checkout page. They can enter all payment details safely and make payments. Hence, Offering customers multiple payment options through which they can easily make payments at any time from anywhere is definitely an effective tactic to ensure timely payments.More Payment Options
There is an increasing demand for convenience and flexibility. Offering clients different payment modes will increase the chances that they make payments on time. Leveraging a payment solution that supports a gamut of payment cards-both credit and debit- will automatically ensure that payments are faster. Most solutions and businesses support Visa and master card, but giving options to pay in all major card providers will eliminate one more hurdle to faster payments.Automatic Payments
Most invoicing solutions come with scheduling automatic payments option. Setting automated payments will ensure long-term customer relationships by relieving customers from the stress of tracking due dates and amount. Businesses will have a steady stream of income and plan monthly revenue accordingly.Storing payment information
Imagine having to re-enter the card details every time you shop online? Annoying right? A frequent buyer will have poor buying experience if he has to go through the painful task of entering card details every single time. By digitally storing all payment information, you are making sure that your customer has the best buying experience in every way possible.The Future of e-Invoices..
The root cause of late payments is definitely the time-consuming manual processes. Thus, automated processes will inadvertently make the entire billing process more efficient, less time-consuming, and hence more cost-effective. Transitioning to e-invoices will reduce your DSO, build better customer relationship, and thereby ensure greater business growth. The Global electronic invoicing market will reach a staggering 752 million dollars in the next 5 years!Best e-invoicing software
SmartInvoice is the go-to billing software for any business. With it’s user-friendly and feature-rich mobile application, you can ensure that all your payments are timely and successful. Benefits of SmartInvoice includes but not limited to-- Comprehensive Subscription Management Solution
- Payment Gateway integration
- Real-time payment tracking
- Multi currency
- Eliminate manual errors
- ERP Integration
- Recurring and scheduled payments
- Automated Reminders
- Batch processing
- User-friendly mobile application
- Customized templates
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