The Digital Invoice

It’s clear that business operations now are radically different than ever before. One such area that’s seen plenty of change over the last couple of years is invoicing. Just as we saw with digital wallets in our last blog post, the global digital invoicing market is projected to exceed $24 billion by 2027 – more than a $20 billion jump from 2018. Service businesses are particularly of interest for this. In an industry where payments can be a little unclear and sometimes difficult to coordinate, digital invoicing has thrived. 

How does digital invoicing come into play with services and what value does it really serve? Well, service businesses don’t often have the luxury to carry around a terminal and register when they’re doing their work. It’s tough to go on-site and process transactions right on the spot. Not only that but some projects require deposits or even monthly payments, etc. Custom transactions performed on site can be tricky to process. Digital invoicing helps remedy this issue by providing an outline of the services performed, its cost, and the ability to pay for everything online. Customers can receive an email and pay for the services right through the invoice. It provides customers convenience and is a more professional payment collection method than e-transfer. There’s definitely more peace of mind through transactions in a company’s secured payment gateway rather than through e-transfer.

Another important challenge to consider: managing paper invoices and e-transfers. According to a recent survey conducted by Hubspot Research, 27% of small to medium sized businesses have had a hard time creating, sending, and tracking invoices. Digital invoicing looks to automate this process. There’s plenty of opportunity for human error and mismanagement when it comes to invoicing. When you use digital invoicing you’re able to centralize tracking and collections all in one platform. All of this contributes to reducing your overall costs and improving the efficiency of your business. Studies from the Hackett Group have actually shown that digital invoicing costs 60% less on average than traditional paper invoicing.

When it comes to invoicing, innovation has ensured that collections can be made easier. Digital invoicing does exactly this by enabling your business to simply offer a branded invoice that can collect payments on the spot. Another factor contributing to the rise of digital invoicing is the rise of the digital wallet and cashless payments. Both ends of the payments equation have to be aligned and more and more customers simply want to pay online. Whether you’re a service business or retailer, digital invoicing makes it easier for you to collect sales and get paid quicker.

Fortunately, the JAZ team aims to be ahead of the curve. Our virtual terminal and e-commerce solution can come equipped with online billing and invoicing. We want you to provide your customers a safe, professional, and convenient process to accept payments. Receiving an email and being able to pay right from there is more convenient than chasing after customers for e-transfers, cheques, etc. Every payment is routed through a securely hosted payment page so that your customers are at ease when they pay you. Check out our service business solutions and virtual solutions today and serve your customers better!

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