Transferring your small business to online billing will give your customers the opportunity and flexibility to purchase with convenience, preventing them from having to write out a check and make a trip to the mailbox. Online billing refers to a secure electronic service that allows clients to pay their bills without finding a stamp or writing a check. When customers have convenient and efficient ways to pay their bills, the small business will start earning interest income and reduce interest payments by paying debts. Building an online billing system can be a simple task for small businesses that use the various turnkey options available to accept payments, integrate bookkeeping functions, and invoice. Here are some of the steps involved in transferring your small business to online billing.
Evaluate your business
Examining your business is a necessary step needed to move toward online billing. One of the main items to consider when evaluating your business includes size, location, and the products sold. For instance, a large company or business may consider creating an in-house payment system which can be a technical challenge that may require a solid IT infrastructure. A small business that is just starting out might consider going for the various online payment systems growing every day, which is why they should also consider what they are selling. Thus they should have a payment method that suits the different products they are offering to the market.
Consider starting small
A simple and convenient way to begin online billing is to allow customers to make their payments through a PayPal account. Send them regular invoices by snail mail or email and include your PayPal email address on the invoice. Ask the customers to include their invoice numbers and names in the notes section of each transaction undertaken by PayPal. Select an invoicing method by sending email invoices or paper and offer the URL of the online business payment page. Small businesses should also instruct and inform their customers about using their online payment system before sending their first invoice.
Identifying your financial partners
A small business that wants to build an online billing system should contact their credit card or bank companies to discuss some of the online billing solutions they offer. Some of the financial institutions offer turnkey solutions and products that you can add to your business website. The products then allow the customers or clients to log in and pay their expenses or bills. Small business owners should ask the bank companies about the fees involved, including the monthly minimums and the per-transaction fees.
Select your payment service provider
The process of checking out and selecting your payment service providers involves researching the different online payment solutions, including Chargify, Quickbooks, Paypal, outright, online invoicing, Xero, and Freshbooks. Small business owners should determine which online paying solutions they can use and eliminate the difficult ones. Choosing an online paying solution will be based on your level of computer literacy and expertise. Small business owners should also ask about the fee that is involved in each of the billing solutions. They should also identify which systems will allow them to start small with bill paying and invoicing.
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