In this blog, we are looking at how an invoice management system can help you send invoices and how to send and receive invoice payments.
The pet care industry in the US is experiencing profound growth. In 2023, the size of the market was USD 304.4 billion, and it is assumed to grow at a 6.8% CAGR between 2024 and 2032. This is mainly because, today, most people consider pets as an integral part of their family, leading to more spending on pet health, grooming, and nutrition.
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Consider The Following Hypothetical Situation
Imagine that you own a pet care wholesale shop, and now your business is slowly witnessing an increase in the number of clients. Earlier, when you had only 10-15 clients per week, your manual method of managing invoices was fine. But now, since the number of clients per week has increased to more than 50, your manual method is no longer dependable due to several reasons.
- Manually generating and sending invoices is time-consuming and prone to errors. You may have to spend more than 15-20 hours a week just on invoicing and tracking.
- There are also possibilities of you forgetting to send invoices on time, leading to delayed payments.
- Manual methods do not offer the capability to record payments. That is, you might get confused about which clients have made payments and who are still pending.
Now, the question is, where can you find an effective invoice management solution? And the answer is Zil Money. The cloud-based platform can solve all the problems that you might face while managing your invoices.
Easily Create Your Invoices
With Zil Money, you can effortlessly create and send invoices. This helps you to focus more on your core operations and increase your profitability. Moreover, the cloud-based platform allows you to easily track all the invoices that you have sent. This gives a clear idea of where your money is going and from where it is coming.
Below are the steps that you must follow to send your invoices efficiently.
- Tap on the Receivable option on the side panel and then choose Invoice.
- Click on the new option on the left side to create a new invoice.
- Enter your invoice details in the dialog box that pops up.
- Add attachments if needed.
- After entering the details, you can send invoices either via mail or email.
- You have the option to save it as well.
- You can even importinvoices from third parties, which helps you to eliminate manual data entry.
How To Receive Invoice Payments?
Your different clients may prefer to pay your invoices via different methods. Offering different payment options can give clients the impression that you value them. But that is not enough. Clients must be able to pay you immediately. Any confusion in the payment process can frustrate your clients, and you might lose a great deal.
One efficient method that you could offer is payment links. It is one of the fastest payment options available today. You can easily create and send payment links using Zil Money. The platform even allows you to customize your links. You can set the link either for one-time use or for recurring and then send it via email or SMS.
On clicking the link that you have sent, your client will be directed to a specific payment page. From there, they can make payments either directly from their bank account or credit card. With the capability to accept credit card payments via payment link, the cloud-based platform eliminates the need for a card reader. The funds you receive will be directly deposited into your wallet.
How To Make Invoice Payments?
As a pet care wholesale shop owner, apart from sending a number of invoices, you might also receive a number of invoices. Zil Money offers you multiple payment options that can help you with this. Let’s see what they are.
Credit Card
You can instantly pay your suppliers using credit cards, but the problem with credit cards is that they require even the payee to pay transaction fees. Most suppliers do not accept credit card payments as the interchange fee that they have to pay can cut their profit from your payment. Zil Money solves this by acting as a mediator between you and your payee. The platform eliminates the interchange fee and offers you a chance to get credit card rewards.
ACH Transfers
ACH transfers are an ideal method for paying supplier due to their efficiency, cost-effectiveness, and reliability. They are processed by the ACH network, which is governed by NACHA. Zil Money is an official member of NACHA. Thus, ACH payments via the cloud-based platform are easy and affordable. The platform even allows you to set recurring ACH payments. There is also a same-day ACH feature, which ensures that your payment reaches its destination within the next business day.
Checks
With Zil Money, you can quickly make check payments to suppliers that prefer traditional methods. The platform lets you print checks on blank stock papers, which eliminates the need to wait for the pre-printed checks to arrive. Moreover, printing checks on blank stock paper can help you save 80% of check printing costs compared to ordering pre-printed checks. The platform also offers a check customization feature, which increases professionalism.
Conclusion
Managing invoices effectively is crucial for a pet care wholesale shop. With an increasing number of clients, manual invoicing methods can lead to inefficiencies, errors, and delays in payments. Zil Money acts as an effective invoice management system by simplifying the entire process. The platform lets you effortlessly create and send invoices and also send and receive invoice payments.
