Digital billing and invoicing is playing an impactful role in the ecosystem of digital business. Every merchant wants to increase the cash flow in order to take the business operation to the next level. But, doing such a thing is not as easy as it sounds. Merchants are trying to deliver a smooth shopping experience to the customers. But, the old-fashioned billing system is not allowing them to do so. Anyway, things have been changed. We are now living in a time where technology is adding convenience to our lives. If we talk about the business, technology is bringing convenience in the form of digital billing and invoicing. You might be surprised to know that digital billing and invoicing have brought endless opportunities. It is helping the merchants to grow their business faster and efficiently.
Understanding The New Ecosystem Of Digital Billing And Invoicing
If you see the present scenario, you will realize that people are not setting their foot in the financial institutions anymore. Digital billing and invoicing have completely changed the ecosystem. Nowadays, consumers have debit cards, credit cards and therefore, they can check the status of their bank accounts from the ATM. Moreover, mobile payment is taking this thing to a different level. They can transfer money and send payments using their mobile phones. Amid this situation, if your business takes only paper checks and cash, you are actually pushing your business backward.
Many businesses have already started using the digital billing and invoicing method. But, there are still some businesses that are relying on paper-based and highly manual methods. The finance and accounting departments of some businesses are still relying on manual and offline methods. After the emergence of this crazy situation, these businesses had faced various complexities and problems. They have realized the inefficiencies and infrastructure gaps. They are still relying on inappropriate and complicated paper invoices, paper checks, and in-person processes. If your business is still relying on these things, you will not be able to see the growth in your business. Anyway, the digital billing and invoicing system will change the entire scenario.
Digital billing And Invoicing Vs. Paper Checks
Payment method based on paper checks is problematic for both the consumers and the merchants. It is time-consuming as well as complicated. You might be surprised to know that it can take up to $20 to process a single paper check. Moreover, it can take up to 15 days to clear a single paper check. Apart from these, there are many more disadvantages of using the old paper check system. We have added these below:
- The paper checks system actually slows down the entire payment cycle. Moreover, it will hamper the cash flow in the business.
- If you are accepting paper checks, you are actually exposing your business to fraudsters. There is a high chance that your business will meet fraudulent activities.
- Well, customers can close the account after paying through paper checks. In such a case, you will have to deal with a major loss.
- It will be difficult to track each and every payment.
On the other side, if you go with digital billing and invoicing system, you will see a huge profit in your business. A digital billing system will make the transaction process easier and safe to collect. Apart from this, it is really less expensive. The payment will be processed instantly and the merchants will receive the transaction amount within one or two business days.
Advantages Of Digital Billing And Invoicing System
Digital billing and the invoicing system can give your business endless advantages. We have added some of them here:
Ultimate Accessibility And Convenience
Well, you will get the taste of ultimate accessibility and convenience after having digital billing and invoicing system. It is a kind of self-service that allows the customers to bill from anywhere. The merchants can even send email invoices and therefore, they can make an online payment directly from the email.
When it comes to online business and digital payment, the intensity of risk remains lower than the traditional business methods. If you are going with offline payment modes, you will see fraudulent activities. But, the ecosystem of digital billing and invoicing system is completely different. The secure online payment gateway will ensure that your business does not meet any fraudulent transaction.
Expand Your Business
When you are enabling the digital billing and invoicing system, you are actually getting a golden opportunity to expand your business. If you take things in the online ecosystem, you can connect with more consumers. Even, customers of different countries can purchase things from your marketplace. The digital billing system supports international payments. So, you will not have to worry.
Not A Rapidcents Merchant?
Rapidcents offers digital billing and invoicing system. Moreover, it is a virtual platform that will add more value to each digital transaction. So, if you want to enable this system, you must get in touch with this virtual payment processor.