Payments Links - How They Help Businesses Get Paid Efficiently
Why is dough another word for money?
Because everyone kneads it.
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Businesses can streamline the purchase process by creating online payment links. It is a super simple system to set up, and sharing the links is easy. You can use them for any type of online purchase or provide a payment process without manually creating invoices.
There are many platforms to set up payment links, but three of the easiest ones are Freshbooks, PayPal, and Stripe.
Benefits of payment links:
One: Convenience
Customers can make payments from anywhere, anytime, using their preferred payment method. They don't need to log in to a separate payment portal or remember to input invoice details manually. This convenience can lead to higher payment completion rates.
Two: Ease of sharing
The links can be shared through your website, social channels, chats, and emails - on virtually any platform you communicate through. I have a payment link page on my website for when I do something helpful for someone, and they ask how to thank me, but I feel awkward (or lazy) about sending an invoice (it’s in my footer, so it’s not a glaring page, but I can send folks to it easily).
Three: Faster Payments
Allows customers to make payments with just a click, whereas traditional invoices require manual entry of payment details, which can be time-consuming and prone to errors. This results in faster payments and improved cash flow for businesses.
Four: Improved Tracking and Reconciliation
Often comes with built-in tracking and reporting features that allow businesses to monitor payment status in real-time. This makes it easier to reconcile payments, identify outstanding balances, and follow up with customers as needed.
Five: Integration with Accounting Software
Integrate seamlessly with accounting software like QuickBooks or Xero. This integration eliminates the need for manual data entry, streamlining the reconciliation process and ensuring accurate financial records.
Six: Reduced Administrative Burden
Generating and sending invoices manually can be labour-intensive, especially for businesses with a high volume of transactions. Payment links automate this process, saving time and reducing the administrative burden on staff.
Seven: Security
Robust security measures, such as encryption and fraud detection, to protect sensitive payment information. This helps businesses mitigate the risk of data breaches and fraud, enhancing customer trust and credibility.
Consider using payment links for your accounting firm and your clients.
For your clients, I’m sure you can dream me up with all kinds of scenarios where receiving a payment without creating an invoice would be bangin’.
But there is a case to be made for our firms as well.
Out-of-scope work - make it simple for a client to pay you before you do the work and invoice it
Automate retainer and deposit payments
Standard service offerings that people can sign up for online - get paid in the moment without creating an e-commerce site
Payment links are simple to set up and easy to share and use. Using payment links can create a great experience for clients and customers and ease the administrative tasks of creating invoices and sales receipts where they are unnecessary. Fun, right!?
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