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How to Offer Digital Invoices As An Option For Your Customers

How to Offer Digital Invoices As An Option For Your Customers
How To Introduce Digital Invoices To Your Customers
The world is going digital and invoices are no exception. Find out how you can introduce your customers to the option of digital invoices now.
Posted in: Customer Experience
How to Offer Digital Invoices As An Option For Your Customers
How To Introduce Digital Invoices To Your Customers

Based on recent statistics, it's estimated that e-commerce sales will grow by 50% to reach approximately 7.4 trillion dollars by 2025. With e-commerce world growth on such an upward trajectory, it should come as no surprise that digital invoices are becoming imperative for business operations. Customers, clients, and even collaborative business partners are all making the switch from unsustainable, tedious paper invoices to efficient, automated digital alternatives. You should too.

There are many practical benefits to providing digital invoice alternatives to customers. Offering digital invoices doesn't just make life easier. They can also help you ‌attract new clientele with your efficient, modernized ways.

In this post, we'll break down the benefits behind digital invoices and provide insight into how your business can implement them as an option for customers in a results-driven way. 

Why Digital Invoicing?

Why Digital Invoicing?

According to a 2022 study, it forecast the value of electronic invoices to grow by 80% by the year 2027, with over 60% of Americans paying their bills digitally. Why? Well, there are several good reasons ‌this market is making waves in the world of business.

#1.Improved efficiency  

With e-invoicing, businesses can receive bills in any format, as well as provide a centralized hub from which to manage all incoming and outgoing payments.

#2.Reduced risk of error  

In terms of data management, computers are simply more consistent and reliable overseers than humans. With an automated system, accuracy becomes a given and security is increased.

#3.Provides data insights  

You can program some digital invoice systems to collect and assess data. This enables your business to gain a deeper insight into data trends and to create more informed decisions and strategies.

#4.Sustainability 

Traditional manual invoices require vast quantities of paper, which contributes to the degradation of the planet. E-invoices leave a much smaller carbon footprint behind them.

When it comes down to it, digital invoicing saves time, promotes productivity, and allows all parties involved to enjoy a streamlined payment experience. It's not just your business that benefits from an electronic billing system. Everyone you send or receive invoices from benefits, too.

How To Implement A Digital Invoice System For Customers

How To Implement A Digital Invoice System For Customers​

Some of the most common reasons for a company resisting the adoption of digital invoicing methods include fear of fraud, lack of budget, and contentment with traditional paper billing systems.

However, there are plenty of easy, safe, affordable, and efficient ways to go about making the change.

If, like many other businesses around the world, yours is still stuck in the loop of a traditional paper billing system, here are three steps you can take towards smoothly and successfully phasing out. 

#1.Consider your and your customer's needs

Before you can get started, it's important to consider what ‌features your business and its customers are likely to require. Not all e-invoicing systems are equal. In fact, many of them are very different in the ‌services and features they offer.

Typical features may include paying bills, requesting historical receipts, disputing invoices, providing updated payment details, and contacting customer services.

However, ‌add some extras, such as customizable billing logos, custom domain and white-labeled email address so that customers see the name of your business rather than the invoice provider and automatic notifications. The list goes on. 

#2.Pick a digital invoicing option

As more businesses ‌show an interest in digital billing services, the ‌options keep on growing. There are a vast number of different providers that offer invoicing systems that cater to all budgets and sizes of businesses. There are also several options that integrate with existing CRM and other software.

These providers will give you access to a secure, optimized, automated system with which to send, receive, edit, and store digital invoices. If you're unsure about which portal to go with, you can reach out to your business community for recommendations.

#3.Communicate your decision

Before you bill your customers electronically, it's vitally important that you officially communicate the change to them. Send out a newsletter or email informing your client base of the decision to switch to digital, and what they can expect from future payment interactions.

Some of your older customers may resist the change at first. But if you explain the benefits to them with enough patience and clarity, they will eventually come round.

Remember to reassure them of the security of their payment data, and how it will benefit them from a productivity perspective.

#4.Essential Components Of A Great Digital Invoice

Once you have selected a provider that meets your and your customer's needs, it's helpful to familiarize yourself with the layout, format, and features of a well-drawn-up digital invoice.

Most of the invoicing programs available come equipped with a wide variety of different styles and customizable elements. These can help improve brand identity and create a more unique experience for recipients. You can also find free invoice templates online that provide the ideal benchmark and that are customizable, too. 

Here are some ‌features that customers ‌look out for on digital invoices:

Here are some ‌features that customers ‌look out for on digital invoices:​

#1.Personalized details

Personalization has been a major trend in business-to-consumer relations over the past few years. Studies show that adding a personalized touch to invoices can contribute to improved loyalty, better engagement, and even faster payments.

#2.Intelligent automations 

Some of these new digital portals provide options for automatic invoice send-outs, notifications, and data capturing. Taking advantage of these automations can significantly improve company efficiency.

#3.Multiple payment options 

These days, customers may prefer alternative payment methods such as PayPal, Apple Pay, or even a cryptocurrency like Bitcoin. Adding these options to your billing system can make you more accessible and attractive to new clients.

The Future Of Invoicing

At the rate that digital invoicing systems are going, we're looking at a future that relies on them exclusively. Adopting this new approach to billing customers may seem like a big change now. But in a few years' time, it will be the life force behind most businesses.

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Wednesday, 07 December 2022

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