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A Guide to PayMaya’s Digital Invoice Feature

Aug 7, 2020 10:42:00 PM

As you may know, invoices are used by providers of goods or services to detail the amount that the customer owes. A traditional invoice contains a list of the goods and services purchased by the customer, then a breakdown of how much the customer must pay. Invoices are widely used by big businesses and small-and medium-sized enterprises (SMEs) alike for the purpose of recording sales transactions. Even the issuance of simple printed invoices is essential to a business’s accounting and bookkeeping practices.

That said, invoicing is often a pain point for businesses, especially smaller ones who are just getting the hang of managing their finances. If you’re a fledgling entrepreneur, you may be so overwhelmed with the production or marketing side of your business that invoicing becomes an afterthought. But in turn, you could also be on the receiving end of the following problems related to invoicing:

  • Your payment terms on the invoice may be unclear. As a consequence, it takes extra time for your customers to clarify them with you.

  • Your invoice may not direct the customers to a streamlined payment platform. That may keep them from paying their debt quickly, which will be to your detriment.

  • Maybe you don’t have a set schedule for issuing invoices and only do so when you remember. As a result, however, your customers may not receive their invoices on time.

  • You may not have a consistent or dynamic enough template for the invoices you issue. When it’s time to write the invoice, you may have to do a lot of unnecessary manual work to finish it. And then, you’ll have to do it all over again come the next one.

  • If you don’t have a proper system, the invoices themselves may not be accurate in listing the proper items or amount due. Not only does this keep you from getting the right compensation for your goods or services; it also makes you look unprofessional to your customers.

  • Printing paper invoices is logistically demanding, and it consumes a lot of supplies. If you’re a new company and taking a bootstrapped approach to your business, you may not want to spend so much on paper and ink.

In large part, however, these issues can be resolved if you work on actively improving your invoicing system. One of the easiest ways to do so is to shift to a digital invoicing system. This entails creating and sending online invoices to your customers instead of traditional paper ones. The best digital invoicing systems allow for instant, hassle-free digital payment from customers right after they’ve received the document. For companies who want to stay competitive in the digital era, investing in a reliable digital invoicing system is crucial.  

The PayMaya Digital Invoice solution, a flagship product for enterprise from fintech company PayMaya, will level up your business’s invoicing capabilities. PayMaya’s digital invoices will make your process more efficient, give you a better handle on your cashflow, and ensure better purchasing experiences for your customers. All the while, you can decrease your overhead spending—and your environmental footprint—by going paperless. Here’s what client businesses of PayMaya Digital Invoice can expect from the system, and a list of business types that can benefit from the service.

What PayMaya’s Digital Invoice Feature Offers Budding Entrepreneurs

PayMaya is a Filipino company that pursues innovative payment solutions for Filipino businesses and consumers alike. The PayMaya Digital Invoice feature showcases all the hallmarks of the brand: convenience, ease of use, and innovative use of technology to solve long-standing challenges. You can expect the following from this excellent digital invoicing system.

Easy Payment Using Different Payment Channels

Invoices generated by PayMaya’s Digital Invoice system can be paid using a variety of payment channels. Aside from PayMaya’s proprietary e-wallet, customers can use VISA and MasterCard to pay the amounts they owe. PayMaya Digital Invoice also supports JCB, and soon it will also accommodate payments from WeChat Pay. Your customers will be very happy that they can pay for your goods or services using the payment channel that’s most convenient for them.

Quick Digital Payment with a Payment Link

PayMaya digital invoices can be sent to customers either via email or via a messenger app. Regardless of which method you choose to bill your customers, you can ensure that payment is easy for them. With every email or messenger invoice sent through PayMaya’s system, your customers will receive a link that directs them toward the payment module. That means that they can settle the amount with just a few clicks, all without having to redirect themselves to another platform.

Ability to Pay Even Without a Website

Other digital invoicing systems may require you to set up a website, but PayMaya Digital Invoice can be used even if you don’t have a dedicated website for your business just yet. You can bill your customers for their card and e-wallet payments either via email, via chat, or via SMS. So even if you currently run your business from a social media page, you can issue customer invoices in an efficient, professional, and cost-saving manner.

Beautiful, Customizable, and Professional-Looking Templates

The PayMaya Digital Invoice system allows a business to generate quick, accurate invoices with set templates. For the person in charge of issuing invoices, it can be as simple as plugging the unique details of each transaction into each template. This will require you to do less manual work when writing the invoices, and it frees up time for you to do other tasks. Plus, PayMaya allows access to a number of beautiful, sleek-looking templates that you can customize in order to reflect your brand or company identity. This, in turn, will add a professional touch to your documents and give your customers a favorable impression of you and your business.

Authorization and Capture Features

What if the amount to be charged from the customer changes from what’s already written in your invoice? The good news is that it won’t be hard for entrepreneurs to adjust the details in their invoices, thanks to PayMaya’s authorization and capture features. These features are what make it possible to edit the invoices—for example to exclude a product that’s out of stock—before payment is finalized. Businesses that already use PayMaya Digital Invoice are quite happy that this system allows this level of flexibility.

Schedule Recurring Payments Ahead of Time

When it comes to invoicing, it’s always good to follow a set schedule for payments. This is what ensures a timely and consistent cashflow for the business. However, some entrepreneurs may not have yet mastered the art of managing their invoice schedules. PayMaya Digital Invoice, however, can help you achieve mastery over issuing, receiving, and regularly scheduling payments for your invoices. For example, for recurring purchases—such as monthly subscriptions to your services—PayMaya can notify you about when it’s time to issue an invoice. This will help you plan your invoices ahead of time, as well as relieve you of the burden of managing your invoice schedule all by yourself.

Guaranteed Secure Data Exchange with Your Customers

Whenever your customers use a fintech platform to pay for goods and services, they’ll need the assurance that all their transactions are private and secure. After all, nobody will want sensitive data—such as financial or personal details—to fall into the hands of the wrong people. With PayMaya Digital Invoice, you can reassure your customers that their data is being handled securely. PayMaya Digital Invoice is 3D-Secure, which means that it runs on a strong authentication system for payment cards. It is also compliant to the Payment Card Industry-Data Security Standard (PCI-DSS), a thorough information security standard that helps protect cardholder data.

Excellent 24/7 Support from PayMaya’s Customer Service Team

If you’re worried that PayMaya Digital Invoice will be difficult to learn, remember that PayMaya has a dedicated 24/7 support staff to assist you. Our customer care team can work with you round-the-clock and provide key technical support for using the system. Even entrepreneurs who don’t consider themselves “techies” won’t have a hard time using PayMaya Digital Invoice, thanks to the assistance provided by the PayMaya support staff.

Who Can Benefit from Using PayMaya’s Digital Invoice?

PayMaya Digital Invoice has already made a name for itself as a trusted tech solution for top Filipino conglomerates. In June 2020, PayMaya inked a partnership with Jollibee Foods Corporation to roll out Digital Invoice for its delivery websites and hotlines. Soon, customers will be able to pay for their food orders using an invoice sent via SMS or email. It will add to the convenience that customers look for when purchasing food from their favorite quick service restaurants.

But fast food delivery is only one application out of the many that are possible with PayMaya Digital Invoice. It’s a solution that can be deployed across various industries, for companies of various sizes. Here are five examples of businesses that can make good use of PayMaya Digital Invoice. If your line of work is tied to any of these, you will be able to visualize how PayMaya Digital Invoice will serve you.

Startups

Startups or newly established businesses will enjoy using PayMaya Digital Invoice to charge for their products or services. Having a reliable invoicing system will help facilitate the quick growth that every startup needs. Plus, PayMaya’s Digital Invoice templates can help visually highlight the startup’s brand and imbue its sales activities with a touch of professionalism. If you own a startup, consider getting PayMaya Digital Invoice and employing a simple, lightweight, yet effective invoicing system for your operations.

Consultants

PayMaya Digital Invoice is also a good solution for those who do consulting services. It will be easy for consultants to make digital invoices in order to bill clients per hour or per session. If you’re a corporate coach or consultant for financial services, project development, and the like, you’ll earn your clients’ trust with a good invoicing system. This may also be a reason for them to recommend your services to other organizations.

Small Online Stores

Another type of business that would benefit from using PayMaya Digital Invoice are small online stores. The digital invoices will prove handy for managing sales made off all kinds of products. Online invoices prove especially helpful for the supplier side of business as well. If your store supplies another business with raw materials or finished goods, you can use PayMaya Digital Invoice to keep that business’s account updated. And since our digital invoices can be paid for from anywhere in the world, you can also use them to bill international partners. If an offshore business owes your company for goods or services, they can simply open the invoice and pay from their company card or e-wallet.

Freelance Writers

Freelance writers will also find PayMaya Digital Invoice compatible with their business model. Writers usually charge per word or per article with a minimum word count, and this is something that they can detail in their digital invoice. If you’re a freelance writer, you can use the PayMaya Digital Invoice system to reflect your rates. Then, you can send your invoices to your local or international clients for quick card or e-wallet payment.

Freelance Illustrators or Graphic Designers

Likewise, creatives who do illustration or design can issue digital invoices from PayMaya for their clients. For graphic designers, the invoice can include what they charge on a per-project basis, such as for a logo or for a web page design. Illustrators can detail their rates per commission and show the costs for add-ons like full color. If you’re an illustrator, designer, or an all-around creative, you’ll find that PayMaya’s digital invoicing system can add prestige and professionality to your name. It’s one of several investments you can make for a thriving freelance career in art.

Level Up Your Invoicing Processes with PayMaya Digital Invoice

The applications listed above are just some examples of how PayMaya Digital Invoice can give businesses the edge they need. The solution can work for big companies and solo entrepreneurs alike. With PayMaya Digital Invoice, your business can keep its sales, bookkeeping, and accounting practices up to speed with the modern era. Sign up to be a PayMaya Partner today, and upgrade how your business does its financials!