Our world is connected more than ever; it certainly lives up to the name of a global village. We can order products and services from companies located in different parts of the world. Logistics aren’t the problem thanks to the maritime and transport industries. Banking sectors are also quite advanced and offer a number of options to facilitate payment transactions.
As a procurer of services, it is important for you to clear the invoices on time. It is crucial for your business’s reputation, which is why companies and individuals agree to work for you. In this piece, we will put together a few options that you can use to make invoice payments fast and reliable. Let’s get to it.
Payoneer
Payoneer is a digital wallet which can be used to receive and send money. It is one of the most convenient options to clear pending invoices. The credentials required to process transactions do not require long banking details. You just have to enter the email address and the payment amount to process the transaction. The seller would receive the money in no time.
Furthermore, the network is available all around the world and is one of the most popular means to process transactions in the freelance market. Most freelancers use Payoneer to receive the payment and then send the amount into their respective bank accounts. This is the best part about this service as with traditional banking channels, users have to find compatible banks in the payee’s location.
Moving on, transfers via Payoneer are reliable and faster than other banking channels. The platform has employed state-of-the-art security to protect users from fraud. It monitors the account for suspicious transactions and lets the users know it finds any.
Another feature which sets it apart is the built-in invoice builder. Payee can use one of the several templates to design an invoice. It will include details of everything with unit prices. So, the payer would have the appropriate documentation to balance the books.
Users can also request loans on future payments to clear invoices early. It helps them avail early discount deals and the savings can be used to clear another pending invoice.
Credit Cards
Credit cards are also one of the most convenient options to clear the invoice payment on time. You can log in to the portal of the card issuers and enter the credential of payee to process the transactions. One of the best perks of using credit cards is that companies can clear invoices even if they do not have credit in their accounts.
Companies that own investment which yields monthly profit would benefit from credit cards the most. Businesses can clear the invoices despite the lack of capital at the time to avail early discount and pay to the card issuer later.
Furthermore, companies are now offering cashback credit cards as well. You get rewards for spending a certain amount of money on a credit card. These rewards can be in the form of travel points, retail discounts, restaurant discounts, and straight-up cash. You can get the one that suits your business the most.
That said, cashback credit cards usually charge more fees than normal cards. So, it should only be used by the companies that can avail of all the benefits it can provide. Another point users must remain mindful of is the fact that credit card is only good if a company can clear all the dues within the same month. Otherwise, the debt will keep piling up along with the interest which would do more harm than good.
Debit Cards
Payment with debit cards is just as easy as it is with credit cards. Users have to log in to the company-provided portal and enter the credentials of the payee. It would process the transaction as long as the receiving bank is compatible with yours. Compatibility is not a problem in American and European banks but it might be a bit difficult if a South Asian bank is involved.
You can avoid it by getting a debit card which is empowered with a widely accepted payment processor. Mastercard and Visa are the two examples. These processors are accepted almost all around the world and by all the online means of transactions. If you’re unable to send a payment you can create a wallet and make a deposit there. The wallet in turn can be used to exchange money from another part of the world.
Wire Transfer
Wire transfer is one of the old but still useful forms of invoice payment especially if it is being made to a company that is located in a remote area. With this form of transfer, you do not have to worry about the compatibility of the bank. The money is transferred electronically with the help of two banks located in different countries.
You request a wire transfer to your bank by depositing a certain amount of cash. The bank then sends a message to the receiving bank that the cash is received and they hand the same amount to the seller. Since the two banks act as go-between sender and the recipient the accounts do not need to be linked. This is in contrast to bank transfers where accounts have to be linked in order to process the payment.
This method is a little inconvenient compared to the others that have been mentioned. But it is one of the most reliable ways to transfer cash where other facilities are not available.
Key Takeaway
Although there are a number of ways to clear invoices, not every type suits all businesses. The nature of business and the location of sellers plays a key role. Payoneer remains the most convenient option to process transactions whereas a wire transfer is the only way to pay invoices when banks are not compatible. So, we have enlisted the best option for invoice payment. Now it is up to you to find the one which is most suitable for your business.