E-Invoicing: Advancing the payment process fully into the digital age
What is E-Invoicing with payments built in?
Electronic invoicing (E-invoicing) is the exchange of a bill and payment details between a supplier and a buyer in electronic format. This means that the invoice is issued, transmitted and received in a structured electronic format which allows for its automatic and electronic processing.
E-invoicing with payments built in means that the e-invoice is integrated through a gateway to connect with a processor to accept payments without leaving the invoice. The buyer checks the invoice and can initiate the payment – via credit transfer, direct debit or card payment – without having to type in the payment data as the e-invoice already contains everything that the buyer needs to make the payment.
What are the benefits of E-Invoicing?
With the elimination of sorting, registering and manual data entry of paper invoices, an electronic invoicing process can yield savings of 60–80 per cent.
Increased accuracy and security
Electronic capture of invoices enables straight-through processing of critical business data into accounts payable systems without relying on error-prone, manual re-keying of data. With payments built in feature you are not handling sensitive payment data moving across the networks.
Focus on higher value activities
Because of increased invoice accuracy, the amount of re-work required due to invoice errors is reduced. Staff are freed from low-value data entry tasks to focus on more strategic activities.
Faster processing and payment cycles
Electronic invoicing can fully automate the invoice capture, routing and approval process. This allows invoices to be processed much more quickly.
Reduce environmental impact and paper costs
Consider the amount of paper wasted on the invoice process: the invoice itself, the envelopes, stamps, and any documentation. This is a very easy way to reduce your businesses carbon footprint.
No Fees and Convenient for your customers
Your customers can now pay when and how they want 24/7 and without any fees for doing so. No more driving into your business or calling in during business hours. Your staff are not writing sensitive payment details in an unsecure format. Your customers do not pay any service fees for this service-regardless of how they pay.
How does Grandco E-Invoicing integrate into my existing business?
Every business is unique, whether you are a new company starting out or an existing business that currently is running other products and services, we can help. Grandco is a registered MSP (Member Service Provider) with the card networks (Visa, MasterCard, Discover, American Express, Union Pay, JCB, Interac) and specializes in merchant accounts. We understand the costs businesses face accepting payments, as a broker in the merchant industry we help businesses navigate the merchant industry from a multi faceted approach. When we built our invoicing software, we built it around payments first. We wanted to offer an invoice software with the lowest cost of card acceptance, no term contracts, no cancellation fees or penalties and the ability to easily integrate with other software products and services. Our specialized team can custom build software interfaces to work with your current software or build new solutions from the ground up. Reach out to us for a free no obligation discussion on how Grandco can bring your business into the E-Invoicing digital age.