In payments in general, but especially in B2B payments, the data that accompanies a transfer of funds is almost as important as the actual funds themselves itself is the information that goes along with the payment.
Getting paid is primary of course, but in a payments space where the lag time between the transfer of goods or services and the actually exchange of money can stretch out over three months, having some idea what one is being paid for at the time the money actually comes in is more than a little helpful.
Ever the payments space helper, PayPal at the request of its business user base is now making trading invoicing data as easy as adding an attachment.
“Not all businesses are alike; nor are their billing needs. At PayPal we actively listen to customer feedback to understand the unique needs of businesses. We strive to continually improve our invoicing product so that you can bill more efficiently and get paid faster.,” the company wrote on its blog.
PayPal businesses user will going forward have the option of adding as many as five attachments to each invoice they use the service to ship. The high verbal demand PayPal heard for the enhanced invoicing capacity was born out by community reaction. Within the first week of releasing the ability to add multiple piece of documentation to invoices, PayPal saw the service used to send over 10,000 electronic invoices.
The new service also allows users to merge the work they have done on payments documentation to merge easily with its system. This takes out the old need to send multiple emails and attachments along to clarify any individual payment
PayPal notes “the following file formats can be attached – PDF, JPG, JPEG, GIF, PNG, TIFF, BMP, or XML. In one click, you can now provide your customers with all the information they need to pay you fast. You can also add attachments to your invoice templates for repeat use.”
Each emailed invoice contains an online payment button that allows customers to pay with a credit card or their PayPal wallet. The services also allows users the ability to record offline payments in the invoice management dashboard.
“Misplace an invoice or the attachments that were sent? No problem, PayPal retains all file attachments for easy reference in the future.”
Sending an invoice through PayPal is free. Users only pay a transaction fee once they are paid online through PayPal.