With competitors nipping at its heels, PayPal recently unveiled an option that many companies have been offering for months. In the past, members have only had the option of sending a generic invoice through the service, with no option for adding letterhead or customizing it to fit your company’s needs. PayPal Online Invoicing seeks to provide businesses the best of both worlds.
For most small businesses, the alternative has been to send invoices to clients through e-mail, including a PayPal e-mail address on the invoice as an option for payment. Keeping invoicing within PayPal is a win for all involved, with PayPal able to levy fees, the small business owner better able to track income, and the customer able to pay with one click. If your customer doesn’t have a PayPal account, no problem. That client can still send money by entering credit card information or pay using a check or money order the old-fashioned way.
“PayPal Invoices might not be the most feature-rich invoicing option on the web, but it definitely gets the job done,” Matthew Guay wrote on App Storm. “It lets you create invoices right from your browser that your clients can pay via PayPal or any standard credit card, and even lets you print invoices so you can send them on your own and get paid by cash or in any other way that works best for you.”
If you already have been sending invoices through PayPal, you’ll notice that the new process isn’t all that different. In your PayPal account, click on Request Money. Click on Create an Invoice. Here you’ll see all of your information already filled in. All you have to do is add your logo and complete the invoice the way you always have. If you’ve never used PayPal invoicing, you’ll find the process is far easier than generating invoices manually. For one thing, the invoice number automatically changes with each invoice. When your client receives the invoice, they’ll be given the option to pay using a PayPal account or to enter their credit card information manually.
For business owners operating primarily from tablets or smartphones, PayPal invoices can be sent directly from a mobile device. When a customer receives the invoice, he or she also has the option of paying through a mobile device, which can help prevent delays in payment.
PayPal also helps small businesses manage finances, sending reminders when payments remain pending for a while and allowing you to easily extract information into an Excel spreadsheet. By automating your small business’s billing and payment, you’ll be able to more easily track expenses and income while still maintaining a professional appearance for your client base.
While there are other services available, many customers still feel comfortable making payments through PayPal, which protects credit card information. PayPal Invoicing makes this process easier while allowing your small business to customize invoices to look as you need them to look.