Invoice is a critical part of any business operations. Business usually need invoice to request payment from clients. Though it appears like a simple document, any minor errors in it prolong the time for customers to pay. One common challenge faced is vendor payments declined due to lack of proper invoice document. So, it is important to exercise caution while handling invoice payments. Send invoices free using Zil Money all in one payment plaform.
Click Here to See Interactive Demo
What Is an Invoice?
An invoice gives detailed list of product and services provided by one individual to another and also clearly mentions the total amount due for the services provided. Invoices are helpful for keeping track of all the sales transactions a business makes with its clients. An invoice typically contains the details like names of the seller and client, description and price of goods or services, and payment terms.
Traditional vs Modern Invoicing Methods
Fast Invoice Creation and Payment Processing
Numerous companies around the world earlier relied on traditional methods of processing invoice on paper. When invoices are sent from one department to another, they are subjected to a lengthy review process, which results in delays in payment. Additionally, traditional invoice methods heavily relied on postal delivery. This adds to further delays in receiving invoices on time.
Zil Money simplifies the way invoices are generated, managed and paid, ensuring a smooth experience for all. The platform makes it easy to generate invoices and send invoices free to customers via email or text message. Embracing these methods ensures that invoices reach clients on time. The software improves the invoicing workflow, thereby freeing up precious time and resources, while ensuring accuracy and swiftness in transactions.
How Does Zil Money Invoice Payment Work?
Create a Payment Request from the Dashboard
Log in to the Zil Money account and navigate to the dashboard. With just a few clicks, generate a payment request tailored to one’s needs.
Select Customer, Add Amount, and Attach Documents
Select the invoice recipient and specify the amount due. Attach necessary documents to provide relevant information.
Send Payment Requests via Email/SMS
Utilize the flexibility of communication channels by sending payment requests through emails or SMS.
Quickly View and Track Payment Status
Stay on top of financials with a real-time view of payment requests. The platform’s Invoice Payment doesn’t just simplify the payment process; it also creates a conducive environment for easy transactions. The platform offers pay links that enhance the overall payment experience for users.
Email and SMS Invoicing
SMS invoicing is one of the innovative ways to improve customer reach. This method mainly makes use of mobile phones to communicate directly with the clients. It involves sending a text message from a mobile phone that includes an embedded link. When the user clicks on this, they are taken to a website where they can make a payment. A key benefit of SMS payments is that, they are effective for creating memorable communication that captures customer attention.
Email payments usually include clickable links. When users click these links, they are directed to payment pages where they can settle unpaid invoices, products, or services. Typically, these emails will have an invoice that gives customers all the details needed for payment.
Email and SMS payments are the best choice, as they are much efficient than sending paper invoices through the mail.
No More Manual Invoice processing
Errors can occur during the manual creation of invoices, including missing information, obsolete billing details, and inaccurate amounts. It is possible for these inaccuracies to result in disagreements, payments being delayed, and additional administrative work being required to rectify the faults.
The Institute of Finance and Management (IOFM) states that manual invoice processing can have an error rate between 8% and 12%. PayStream Advisors conducted a study showing that this error rate is about 3% to 5%. Fixing mistakes in manually processed invoices can be quite expensive, with the cost to resolve an invoice error being approximately $53.
Stop using manual invoicing and switch to the platform’s automated solution. Instead of making invoices from the ground up or using word processor templates, this platform simplifies the invoicing process with ready-made templates and an easy-to-use interface, making it a top choice for businesses and freelancers.
The process of invoicing is a critical and sensitive undertaking for enterprises. When executed properly, this often-overlooked task can significantly enhance a business’s success. Businesses that adopt Zil Money can effectively address the difficulties associated with traditional invoice processing. By doing this, they can lower expenses, simplify their procedures, and eventually increase their competitiveness.
