How the New Invoicing System of PayPal Can Benefit Your Business
PayPal launched its invoicing service in 2004 in order to serve the businesses as an end-to-end solution. Many businesses around the globe use PayPal not only as a payment method or payments processors but rely on its vast range of tools to assist in more secured and faster payments. The PayPal invoice system has made it flexible and seamless to create and send out invoices and has also made it easier for customers to pay quickly and securely. With the worldwide usage and reliance on this company, PayPal introduces many new product and services to make it easy for business and individuals to manage the payment processes. Recently a new invoicing product has been launched by PayPal which includes plenty of useful features to assist businesses to bill more effectively and get paid quicker. It is ideal for businesses to utilize PayPal’s invoicing system to enhance their process.
Additionally to the existing features and capabilities offered by PayPal invoicing system, the process has become more streamlined and simplified. The six new features of the invoice system include:
Three Invoice Templates
PayPal introduced 3 invoice templates to enhance the flexibility. These features include:
- Quantity – to break out the sold quantity
- Hours – to bill on hourly rate
- Amount Only – when hours and quantity don’t apply
This enable the businesses to enable minimum payment amount or partial payment for the customers to make an upfront deposit and then make the rest of the payment later. When the payment is made, the invoice will include a partial paid status till the full payment is made. The due amount will appear on invoice for both for you and the customer.
Check Payments or Record Cash
This allows you to manage and create the invoices with PayPal, even when the customers pay you through check or cash.
This enables you to copy individuals, like your business partner or an accountant, when you send off an invoice.
Sharing a Link to your Invoice This feature enables you to send the customer an invoice yourself by copying the link to the invoice of your customer.
This enables the businesses to keep a record of their invoices in their systems in the form of PDFs.
Benefits for Businesses
Using PayPal helps the businesses in managing, tracking and sending customized invoices and getting paid efficiently and quickly. Here are a few benefits of using the invoicing system:
- Customizing invoice templates for meeting the required business needs and requirements
Saving the items and customer details for re-use
Sending invoices to a group of individuals simultaneously
Attaching files including contracts, expenses, and images
Sending invoices to customers worldwide, complete with email notifications and localized invoice
Viewing the overdue and unpaid invoices quickly and sending out reminders
Viewing detailed invoice history, including all the sent reminders
It is essential for businesses to utilize simpler and quicker systems in order to enhance efficiency and accuracy. It will be more beneficial for your business to utilize this invoicing system for increased effectiveness.