The app works in real time and lets users handle all facets of their business from their mobile devices.
“The way we do business is changing; not everyone works from an office, and small businesses need the flexibility to handle core processes like invoicing on the go,” said Alyssa Henry, seller lead at Square. “With the Square Invoices app, small business owners are able to get paid remotely and access their funds quickly and securely.”
The average time for a business to get paid is about 21 days from the time an invoice is sent, according to a report by Fundbox. Square removes the need for a physical invoice or physical checks that get sent in the mail.
“Whether they are getting paid for photographing a wedding or after taking on a new landscaping job, sellers can send invoices and get paid in just a few simple taps. In fact, more than 60 percent of invoices processed through Square are paid the same day,” the company said.
The app also helps business owners keep an eye on the financial health of their companies. Beth Skony, who owns Launch Pad Media, a book editing and author services copyediting business based in Chicago, said getting paid faster helps her manage cash flow.
“Before, we would typically wait at least a couple of weeks to get paid because we had to send invoice statements manually and wait to receive a check in the mail,” she said. “It was difficult to keep track of what we were owed, determine what payments were overdue and ensure we were getting paid. Now, the process is streamlined, and more often than not, we’re getting payments the same day. Having access to our funds when we need them most has been a game-changer for our business.”