Small Business Invoicing and Payments
Small Business Invoicing and Payments, part of the TransferNow® for Small Businesses Product Suite, allows small businesses to electronically send invoices and receive electronic payments from customers directly into their bank account. This enables small businesses to improve cash management, while reducing time and costs associated with paper checks.
By providing small businesses with a simple and secure accounts receivable management solution, financial institutions can attract new customers, generate new subscription and transaction-based revenue streams and strengthen relationships with existing customers.
Key Features:
- Simple Online Electronic Invoicing and Payments - Enables small businesses to create and send invoices and receive customer payments through cost-effective online technology.
- Convenient Invoicing Options - Offers one-time, regular or scheduled invoicing to meet each business's individual needs.
- Branded Invoices - Gives small businesses the opportunity to customize the look and feel of invoices with their logo and graphic identity.
- Easy Customer Payments - Facilitates easy electronic payments through a financial institution branded payment hub where customers can view and pay invoices online.
- Multiple Payment Options - Provides multiple options for customer payments including credit card payments and account-to-account transfers using the ACH network.
- Customizable Payment Terms - Provides the ability to tailor payment terms, including discounts and penalties, depending on specific customer relationships.
- Real-Time Invoice and Payment Tracking - Enables small businesses to track invoice and payment history in real time to better manage accounts receivable and cash flow.
- Optimized Payments Operations - Handles all aspects of ACH processing, including exceptions, resubmissions and inquiries, and features five daily ACH submissions and the latest ACH deadline in the industry.
- Comprehensive Risk Management - Leverages CashEdge's industry-leading risk management expertise to provide robust identity and account verification, and configurable options for account and transaction monitoring.
Benefits to Financial Institutions
- New subscription and transaction-based revenue streams
- Enhanced offering to attract new small business customers
- Differentiated services for an underserved market
- Closed-loop payment system across small businesses
- Increased small business customer satisfaction
- Robust risk monitoring capabilities
Benefits to Small Business Customers
- Improved accounts receivable management
- Multiple options for simple online invoicing
- Enhanced opportunity to receive customer payments faster and reduce days outstanding
- Secure and efficient funds transfers from customer to small business (without sharing financial information)
- Decreased time and costs associated with administrative tasks and paper checks
- Real-time tracking of invoice history
Frequently Asked Questions
Aite Group estimates that 25% of U.S. small businesses will adopt EIPP over the next four years
(2007 - 2011).