Invoice Payment Gateway: Insider’s Guide.
Merchants can accept payments through various modes with a robust payment gateway solution. One of the most promising modes is accepting payments via invoice. This way merchants can easily send an email with an attached invoice to the customer. The customer can review the invoice and click on the pay now button and make the payment using credit or debit cards.
The invoice payment gateway is a revolutionary step, as it helps companies handle transactions with a very high success rate. The integration of the invoice payment gateway is effortless. The content team at QuadraPay has written this extensive guide to give you in-depth knowledge about everything related to invoice payment gateways. We are confident that after reading this guide, you will be able to realize the true potential of this wonderful payment gateway solution.
What is an invoice payment gateway?
An invoice payment gateway is a specialized service that allows businesses to accept payments directly by sending invoices. Rather than relying on traditional payment methods such as checks or bank transfers, merchants can request their customers to click on a link on these invoices and submit credit card details. Invoice payment gateways speed up the payment process and reduce the risk of errors.
The invoice payment gateway is extremely popular among the B2B merchants. This is primarily because these merchants collect high-ticket payments. For such transactions, the customers prefer to get a comprehensive invoice that provides details about the product or service being purchased to be reviewed before making the transaction. The invoice payment gateway combines advanced security protocols with a highly user-friendly interface. Merchants can experience a significant reduction in payment processing time and a remarkable decrease in transaction failure if they switch to invoice payment gateway solutions. Let us explore some important features that come with this solution.
Key Features of Invoice Payment Gateway
Real-Time Payment Processing: One of the most important features of an invoice payment gateway is the ability to accept real-time payments. Merchants can instantly accept transactions and get immediate confirmation. This functionality reduces the overall waiting period of 2 to 3 days to just a few seconds. This feature is extremely valuable for those businesses that operate in a time-sensitive environment.
Multi-Currency Support: With this solution, merchants can accept payments in over 50 currencies. The currency conversion is dynamically backed by real-time exchange rates. With the right invoice payment solution, merchants can expand their business globally without worrying about the currency conversion headaches. Various studies conducted by independent research organizations have concluded that by accepting payments in multiple currencies, companies can see a significant improvement in their overall sales volume.
Advanced Fraud Protection: These payment solutions come with built-in AI-powered fraud detection algorithms. This results in a reduction in fraud transactions to a significant percentage. Transactions are verified in real time, and fraudulent transactions are stopped effectively.
Implementation of Invoice Processing Services
After the successful approval of the invoice payment processing solution, the payment service provider will send you the logins to the gateway. Logging into the gateway account lets you create and send invoices to customers. To initiate the invoice, you will require some basic details of your customers that include the name, email, phone number, service or product information, pricing, etc. After filling in the invoice details and clicking the ‘Send’ button, an email will be automatically sent to your customer, containing the details of the services you are offering.This email will also have a link that will allow your customer to visit a secure payment page where he can submit the credit card information.
Although the name suggests an invoice payment gateway, you should not be worried that it will not provide you with other payment modes. With an invoice payment gateway, you will also have access to an API, which will allow you to integrate the payment gateway with your business website.
The invoice payment gateway solutions come with a single-click integration option for various eCommerce and CRM platforms. You can customize the API and use it as per the unique business requirements of your company. If you face any problems in the integration process, you can always connect with the customer service team that will help you resolve them.
Frequently Asked Questions About Invoice Payment Gateways
How does an invoice payment gateway work?
When a merchant sends an invoice email to the customer, then the invoice includes a Pay Now button. Once the customer clicks on this button, then the customer is directed to a secured hosted payment page. On this secure page, the customer submits their credit card information. The invoice payment gateway immediately sends a confirmation to the customer as well as the merchant after the successful completion of the transaction.
Is the invoice payment gateway secure?
Yes. The invoice payment gateways that we offer are powered by some of the finest acquiring institutions in the United States, Canada, the European Union, and the UK. All of our partner providers that offer invoice payment gateways comply with top industry standards. Higher security standards are maintained, and thus we can say that invoice payment gateway solutions are highly secure.
Can I accept recurring payments?
Absolutely, you can. Our payment solutions come with the ability to accept one-time and recurring invoices. However, the underwriting team will decide whether your profile is fit to accept recurring payments or not. Keep in mind that accepting subscription payments makes some merchants high risk, and for that we have a special solution known as a high-risk merchant account.
How does it improve cash flow?
By switching from a traditional invoicing system to a fully functional invoice payment gateway, businesses can significantly improve their cash flow as it becomes easy for customers to pay invoices promptly. This reduces the time that it takes for receiving payments via the traditional invoicing system.
Some industries can significantly benefit from using an invoice payment gateway. High-value orders in manufacturing and production companies can result in significant financial losses due to outstanding invoices. With real-time payment gateways, these transactions can be completed immediately.
Similar to manufacturing and production, the other industry that can significantly benefit from using an invoice payment gateway is the construction industry. Businesses in the construction industry generally face delayed payments, which can be very problematic for the finances of the company. However, with an invoice payment gateway, these construction companies can quickly receive payments from the customers. The same story goes for wholesalers and distributors, trucking companies, healthcare providers, as well as oil and gas companies. In simple terms, we can say that all types of businesses can benefit by utilizing an advanced invoice payment solution.
The Future of Invoice Payment Processing
The future of invoice-based payment processing solutions is very bright. We believe that human intervention in the checkout process will decrease. This shift implies that merchants will increasingly rely on automated order processing and subscription-based payment systems. These changes will increase the ticket size and also increase the number of returning customers. In the coming years, advanced integration with technologies like blockchain and machine learning can happen. These will enhance the functionality of invoice payment processing solutions.
Final words.
At QuadraPay, we believe that invoice payment gateway solutions represent the future of digital transaction processing as they bring to you exceptional security and greater scalability. Such innovative payment solutions are not only advantageous for businesses but also are essential to maintain an edge over the competition. If you have any further questions related to invoice payment gateway solutions, feel free to email us at [email protected].
