UK: Payment Services – Why Use Them?

With the current financial worries around the cost of living crisis people are looking at their finances and credit control ever more carefully.

Adding a payment service to your sales invoices encourages customers to click on the link and make payment straight away. Evidence shows that there is usually a significant drop in debtor days when using a payment service link on invoices, with payments coming in twice as fast as without the service.

Some payment services also offer the ability for customers to spread the cost into more manageable monthly outgoings too, very useful in the current economic climate.

For example: iwocaPay not only offers the pay now facility (free for both parties), it also offers customers the ability to spread the cost over a period of time (3 or 12 months) for a small fee - which can be either covered by you or by your customer, at your discretion. Either way you will receive payment of your sales invoice in full and iwocaPay take on the collection of the instalments over time.

The link between the payment service provider and your cloud accounting software is often straight forward to set up, completed in the matter of a few minutes at most, and can seamlessly add the payment link within your sales invoices.

If your cloud accounting software offers different invoice templates you can even chose which customers will receive a pay now linked invoice and which won't - which can be incredibly useful if you have regular customers who make one payment for a batch of invoices instead of payment on a one-off or less regular invoice.