Generating invoices and managing billing does not have to be a long and stressful process. As crazy as it sounds, sometimes these tasks can take hours to complete - plenty of us have been there before. Luckily, there are alternative options available to help you save time and increase efficiency. Stripe has a solution for you and we have a team to help integrate it.
Invoicing
Stripe Invoicing is a global invoicing software platform. With Invoicing, the entire process is streamlined.
To start, all you have to do is create a custom invoice straight from your Dashboard. Just add a product and customer information to create it. You have the ability to customize it with your brand’s logo and color palette. You can also add product details, line items, coupons, tax rates, etc.
Next comes sending the invoice. Stripe allows you to send an invoice online using just a few steps. You have the option to email the customers a PDF invoice or you can provide a unique link to a custom email domain or a Stripe-hosted invoice page with which you can accept the payment online. Each invoice has a responsive design, developed for mobile, tablet, and desktop accessibility, and offers Apple Pay and Google Pay. (Did you know customers will pay 3x faster on average when using Apple or Google Pay? 👀 )
We all like the sound of getting paid fast right? Invoicing supports over 25 languages and more than 135 currencies. And as with all Stripe Payment products, it will provide optimized payment methods based on the customer’s location.
Lastly, streamline your operations with the Invoices Dashboard. This allows you to manage your invoices and access detailed reports. You can update, void, duplicate, refund, or mark invoices as paid outside of Stripe. And best of all, this can automate processes for accounts receivable and reduce time spent tracking invoice payments.
Billing
For more ambitious businesses, look no further than the Stripe Billing platform. This product gives you flexibility to fit your business needs. It allows you to collect more revenue, accept recurring payments, add new products, support business models, and ultimately optimize your operations.
To start off, you can start collecting payments instantly. Once the Stripe Billing API is integrated (which our team is always happy to assist with) you can begin collecting one-time payments or recurring payments via card, ACH, or other payment methods.
For business teams, we have good news - it’s an end-to-end billing software with flexible subscription billing components. This includes features such as:
one-time payments
recurring billing
usage-based billing
tiered pricing
promotions and trial periods
billing frequency
Not only does Billing provide flexibility but it also helps you collect more revenue. By implementing features like smart retries, automated failed payment emails, and an automatic card updater, Stripe Billing has helped businesses recover 38% of failed payments on average.
Similar to Stripe Invoicing, Billing also increases efficiency for your operations. You can sync billing and payments data with your other workflows. It also provides automated reporting and revenue recognition to help you analyze your growth, churn, and finances.
Lastly, another beneficial feature is PSD2 compliance. Billing helps protect your revenue by adhering to the PSD2 regulation which involves European customers being required to provide Strong Customer Authentication for subscription and invoice payments. It identifies which payments require SCA and triggers 3D Secure authentication when required.
To Conclude
Both of these Stripe products can be very beneficial for small or large businesses, helping you save time and increase efficiency. Keep in mind, implementing these will require working with APIs and Stripe’s documentation. If you need assistance getting started, the PK team is always here and happy to help.
PK Information is a FileMaker-certified development agency serving the Tampa Bay and Knoxville regions. We believe that great software can change everything. Would your database benefit from a process review? Contact us today!