Invoice Payment Requests
Managing Invoice Payment Requests
Depending upon the size of the business, managing invoice payment requests can be time consuming and not very cost-effective. Fortunately, with today's cutting edge technology in place, managing invoice payment requests is fast and easy. The most efficient and effective way to manage this part of daily accounting procedures is through expert merchant processing accounts.
How do Merchant Processing Accounts Expedite Invoice Payment Requests?
Business owners in retail, risk and e-commerce industries already know the advantage of merchant terminals that process purchases paid via credit cards. The operatives for extending the use of merchant accounts to full phase accounting procedures are a natural result of the purchasing process. Businesses establish bank accounts specifically for transactions between their business and customers. However, banks are not responsible for following up on invoice payments. Merchant processing terminals are equipped to manage invoice payment requests. These terminals allow businesses to pre-set payment amounts from each customer and then request payment.
Customers have the option of locating the payment menu, click on the payment tab and enter their credit card number. The terminal provides a transaction receipt for the customer's convenience and records.
The business receives notification of each customer's payments. At specified intervals, business owners access their terminal account to monitor the number of payments in a specified transaction period.
Invoice Payment Requests Save Time and Money
For busy business owners with high volume daily customer transactions, invoice payment requests save time and money. Prior to merchant processing terminals, collecting payments from customers required paperwork and bookkeeper monitoring, not to mention sending out invoice payment requests. Terminal processing is based on virtual formats that allow full access to invoice data and invoice payment reports.
Invoice Payment Technology
Due to the use of hi tech mobile devices, businesses today need to keep current with technology that meets customers' mobility needs. One of the features offered in merchant processing terminals allows customers to make payments via mobile devices. It is easy to see the advantage of this feature for business owners who want to keep invoice payments up-to- date. The other big advantage is acceptance of payments via mobile devices like Androids, iPhones and iPads. Business owners who choose merchant account invoice payment requests need to maintain compliance with PCI compliance. This is a security measure for business transactions transmitted over merchant account terminals for business owners and customers.
Tips on Invoice Payment Requests
With the growth of purchasing and sales online, a merchant account terminal has become a necessary part of business equipment. The steps to a fully functional merchant account are relatively simple:
- Contact a bank that offers merchant account processing via terminals for account set up
- Choose a terminal according to most common daily sales and purchasing functions
- Set pricing and payment terms in the terminal menu
- Review invoice payment requests and payments provided by terminal data reports
In some businesses, payment requests are recurring due to the nature of customer purchases. If this is the case, there may be a need to consider the cost of terminal processing fees.