Although PayPal has grown into what seems to be a huge behemoth of an organization over the 15+ years in the making, they have not lost sight of their SMB customers’ needs. Paypal invoicing is a business service that many SMBs already rely on, but to further improve the product, Paypal has announced the launch of six new features that are sure to help business get paid faster and more efficiently.
The upgrade will include the following six new features:
1. Template options, because every business invoices differently based on their needs, SMBs need a product that is simple and nimble. The template option is a feature that enables customized fields for added flexibility. Businesses that have a need to indicate quantity, hours and amount only detailed on an invoice, can now create, save and reuse templates with ease.
2. Partial payment, as well as a minimum payment amount, is a great tool for SMBs to offer their customers. Invoice receivers can appreciate this flexible option. The automated feature will allow both the SMB and invoice receiver to view the outstanding balance, the invoice will update from the partially paid status once the payment has been fully received.
3. Recording cash or check payments is a huge improvement function which will add ease to accounts receivable management. Invoices paid in nondigital transactions can be updated efficiently.
4. CC field allows the email inclusion of contacts like a business partner, accounts payable contact, or an accountant. This feature can help streamline the process of including multiple parties that may need access for data tracking, even if only one contact is responsible for the payment.
5. Share a link gives an SMB more options on how they want to invoice their clients. If sending an email with a link to the invoice is preferred, this is the new feature that will allow it.
6. Save an invoice as PDF will help with future record-keeping. Clients can now download a PDF of their invoice.
The US is the first to access the new PayPlay invoicing features and PayPal is looking to expand to other global markets in the coming months. These features are efforts made to improve the end-to-end business solutions already provided by PayPal. With the goal of making invoicing a seamless experience for SMBs and enabling flexible options for customers to pay, these automated solutions are leaps in the right direction for AP and AR SMB functions.