Invoices with an option to ‘pay now’ get settled far faster than not.  

Imagine what that could do for your cash flow? 

So why choose to use a Payment Gateway? 

1. You are not getting paid on time the old way 

Small businesses get slammed by overdue payments. Past studies have shown anywhere between a third to a half of invoices are paid late. We all know how this impacts your business: difficulty paying bills, paying payroll, or investing back in your business.   

2. Invoices get paid 35% faster if you are using an online payment gateway 

The two most common types of payment gateways are “Credit Card” and automated “Clearing Houses” like Paypal for example. They can cut the wait time for payment by between 10 and 13 days for Australian businesses, depending on which one you use. 

3. Instant payment gateways are becoming more popular 

People are used to paying instantly for consumer goods, and businesses are heading in the same direction.  Giving customers the option to pay with credit gives them cash flow flexibility and offers them convenience to pay when it suits them.   

4.It is actually quite easy to do 

You can set up payment processing gateways easily if you are already using cloud-based accounting software.  Usually 1-2 hours is all it takes. 

5. It is cost-effective 

Instant payment gateways generally do not charge an upfront cost to set up.  Most charge based on usage.  Some providers will allow the invoicer to pass the cost of these fees onto the end customer. 

Smart accounting software will match the receipt to the sales invoice and record any associated fee at the the same time to help keep your books in great shape. 

When a business sends an online invoice, the pathway to payment is quick and simple for the recipient: 

1. Click a link to open the invoice 
2. Read the invoice and click the preferred ‘pay now’ option 
3. Recipient can then enter their preferred credentials and make the payment 

It is FAST, convenient and increasingly expected. 

ONLINE payment services are worth taking a look at for your business. 

The more options you give customers to pay, the more likely you are to be paid faster. 

Imagine if you could get your invoices paid decently faster.  Then multiply this across a year’s worth of invoices and you could unclog cash flow bottlenecks that have held your business back to date. 

If you’d like to explore what payment gateways are available and would like help setting one up, reach out to Beam today!