Over the past 10 years, electronic invoicing has moved from luxury to a near requirement for e-commerce companies to grow. Features like customer payment portals, recurring billing and alternative payment options have made it far easier for customers to pay and businesses to get paid. What was once a nuisance has become easy.
Payment portals have become quite common for billing and collections. They give customer a one-stop shops to make payments, view invoices, look back on transaction history and manage their accounts. If you accept electronic payments, you should have one, preferably branded for your company.
Getting paid - and getting paid on time - is one of the biggest headaches for any business. It takes time and resources better spent elsewhere to zero out every account. When payments are late, you’re serving as a de facto credit provider for your customers - at your detriment.