A survey conducted by PYMTS.com revealed that only 4% of businesses had automated their invoicing process, while almost half of small to medium businesses are reluctant to implement new payment systems.
Our mission at Paymo is to streamline the integration between project management, invoicing, and payment processing. Therefore, we have launched PM Payments, an integrated payments platform that allows your clients to pay invoices online via credit card or ACH. The main benefits of PM Payments are the fast approval process and competitive fees. PM Payments is currently available for US customers only.
The Benefits of Integrating Project Management, Invoicing, and Payments
Manage work from start to finish
A platform that integrates project management, invoicing, and payments allow you to manage everything project-related in the same place, from the initial estimate to delivering the project and getting paid. You don’t have to pay and constantly switch between several apps, and the training programs and learning curve are significantly reduced.
You get paid faster
When using an integrated platform, the interval between the service delivery and invoice payment is reduced by two to three days. Also, you’re not waiting for the checks to arrive by mail, but you give your clients the possibility to pay the invoice online, wherever they are, whenever they want and using their preferred payment method.
Eliminate data entry errors
Having an integrated payments solution reduces the need for manual labor. With too much manual labor, data entry errors are extremely high. For example, it takes up to 8 to 40 hours to manually process invoices (100 to 500 invoices) with no payments integration. Therefore, using a platform that integrates invoicing and payments eliminates data entry errors.
Transparency and straightforwardness
When searching for the best-integrated payment platform, you should look at a simple payment model for various card types and a transparent pricing structure. Be aware: if it’s too complicated, like a tiered pricing model, where transactions are grouped into tiers, and each tier is charged at a different rate, you might pay up to 4% more in processing.
Everyone knows that a streamlined system is much easier to work with. An integrated payments platform should strive to make your business operations as straightforward as possible while empowering you to make processing decisions independently.
Finally, when selecting the right integrated platform, you should look for top-notch customer service. There is a higher chance of solving your problem faster when talking to humans instead of robots.
If you are currently using work management software to manage your business, you don’t want to use an entirely different system just for payments. Your main priority should be to optimize your operations. Using multiple systems for project management, invoicing, and payment results in a disjointed experience.
If you want to find out more about PM Payments, please drop us a line.