Collecting Payment From Customers: Links, Invoices and Automation

Amid the demands of running a business, one thing you can’t afford to overlook is collecting payment from your customers. Keeping your cash flow fluid is critical for ongoing operations, so ensuring that the money keeps flowing in is just as important as keeping the products and services flowing out. Use this guide to learn how to collect payments from your customers in India using payment links, invoices and automation. It will show you how to collect payment from customers online, using secure and scalable methods.

How to collect payments from clients

There are lots of different ways to accept payments from clients online, and which one is right for your business will come down to various factors – how your clients like to make payments, which method is most convenient for you, and the transaction costs for the types of payments you’re likely to take.

Different methods of collecting online payments

The truth is that there won’t be a single payment method that you’ll use for everything, so it makes sense to use a payment platform like Payoneer that can facilitate the following methods:

• Debit and credit card payments
• Online payment requests
• Automated invoicing
• Bank transfers
• Mobile and digital wallet payments

The cost of accepting online payments

This can be highly variable depending upon the method of the payment and several other factors. If, for example, a payment is made between two Payoneer accounts, it may be processed quickly and without a fee, subject to applicable terms and conditions. Other methods of payment will incur fees from credit card companies and payment processors. You might expect these to be between 1% and 3% of the total. Cross-border payments have more steps and more complex compliance requirements, so are likely to cost more. When you decide on a payment platform and method, check for things such as setup fees, annual or monthly charges, and what the chargeback fees will be.

How to collect payments online

So how do you start collecting payments from your customers online? This is the process, step by step:

1. Identify your payment needs and the platforms that could fulfil these needs
2. Compare pricing structures, scalability for future growth, compliance and security
3. Choose a combination of payment processor, payment gateway and payment platform that will work for your needs – you might need all three if you want to run an ecommerce website or, if you just want to be able to invoice clients and collect payments domestically and internationally, a payment platform like Payoneer might be all you need
4. Create an account with your chosen platform and learn how to make online payment links and how to request payment from clients

The benefits of using online payment and collection services

There are multiple benefits to learning how to collect payment from clients in the most effective and efficient way using a payment platform. Sending out automated invoices with integrated payment links tends to result in faster settlement and helps keep your cash flow coming in. Using a platform like Payoneer to generate invoices and manage your accounts receivable can also help you get paid by clients, stay on top of collection admin, and create a paper trail for your records and accounts.

Payoneer can be a useful solution for businesses looking to collect customer payments because it allows you to issue consistent, professional-looking invoices while simplifying the process to pay clients through local receiving accounts. Depending on the payment type and applicable requirements, supporting documentation such as FIRA/FIRS/NOC may be available. Users should verify eligibility and availability within their Payoneer account.

Using Payoneer for your payment requests means you can get paid by clients not only in India, but in 190+ countries and territories and in more than 70 different currencies, at pricing designed for businesses receiving payments internationally.