Everyone’s been there: You get a bill in the mail, you put it on your desk or in your bag so you won’t forget to pay it, and then stuff — literal or figurative — piles up, and you do just that. 

But as a business owner, you know how costly one forgotten bill can be. If electronic invoicing isn’t part of your equation, every missed payment sets off a chain reaction of time-eating tasks your staff has to complete. 

Let’s take a look at why e-invoicing is a better option — and how PayGround can help you combine online invoicing with paper if your customers need both. 

1. Electronic Invoicing Is Faster.

The speed of electronic invoicing benefits consumers and businesses. When invoices are generated at the point of service as they are with PayGround, customers can pay instantly, or soon after while that transaction is fresh in their mind. That leads to fewer forgotten payments and less time spent by staff chasing them down. Ultimately, that improves your cash flow — an issue 2 of every 3 small-to-medium businesses face.

2. Electronic Invoicing Is More Convenient.

When was the last time you bought stamps? Ordered a book of checks? For most people, it’s been a while. Not only does it take time to write a check, find an envelope and wait for the mail pickup, it also takes time for that money to come out of your bank account.

E-invoicing through PayGround decreases the likelihood of overdrawing a bank account, which also safeguards against your staff getting angry phone calls when an overdraw happens. What’s more, online invoicing allows customers and staff to see in real-time when a payment is due, overdue, pending or processed, so everyone is on the same page. And because patients and customers can pay from any device, it’s more convenient on both sides. 

3. Electronic Invoicing Is Automatic.

Cloud-based systems like PayGround automate everything, which is particularly helpful since staff can generate invoices at the time of service. Your staff can also set up payment reminders so there’s no lag in follow-up time. For repeat services, customers can set up recurring payments or subscriptions and skip the invoicing process altogether so withdrawals happen automatically. 

4. Electronic Invoicing Is Safer.

Everyone knows putting money in the mail isn’t the safest option. If it’s cash, it can be stolen by anyone. If it’s a check, your routing and banking information can be compromised — they’re both printed on the bottom of every check — along with your name, address and phone number. 

Today, we face even more safety concerns, but now they’re related to health. Coronavirus brought to light the fact that we could all be doing more to limit unnecessary contact with others, and that includes in-person payment for services. Bottom line: Online invoicing through platforms like PayGround has long been safer financially, but now it’s also safer physically. 

5. Electronic Invoicing Is Better For The Environment & Your Bottom Line.

The first piece is simple: printed invoices aren’t great for the environment, from the trees that have to be cut down to create paper to the pollution associated with mail delivery. 

But e-invoicing is also a serious cost-saver. Studies estimate that paper invoices cost companies anywhere from $12 to $30 each. Once you factor in direct costs (paper, postage) and indirect costs (staff time to mail, receive and input payments), it’s downright expensive to commit to paper invoices — especially when electronic invoicing costs roughly $3.50 per invoice. Businesses can save anywhere from 44-90% of these costs by switching to online invoicing through systems like PayGround, not to mention reducing errors by 37%. 

Does Paper Still Have A Place?

At PayGround, the answer is yes. Chances are, some of your customers may want paper statements in addition to electronic invoicing — and that’s okay! Maybe they aren’t computer savvy, are not comfortable with online payments, or maybe they get too many emails to notice when a bill needs paying. Whatever your demographic, your business needs to be able to meet their needs.

That’s why PayGround integrates paper statements seamlessly into our system. With the click of a button, your staff can generate a paper invoice that will give your customers all the information they need to submit payment online, onsite, over the phone or via check. You choose which options to give them and we execute those options. 

Click here to find the right balance between online invoicing and paper statements.