Invoicing and Collecting Payments

It's important to have a streamlined and effective payment processing setup. It is crucial to ensure your payment processing capabilities are modern, efficient, and versatile. This will not only enhance your operational efficiency but also meet the payment preferences of your clients. Here’s an overview of the recommended payment setup:

Third-Party Processors

For new B2B businesses looking for easy solutions to accept credit card and recurring payments, several options are available that are both user-friendly and efficient. Key considerations should include ease of integration, cost-effectiveness, security features, and the ability to handle both one-time and recurring payments. Here are a few commonly recommended solutions:

• GoCardless: Specialises in one-off or automated recurring payments, highly recommended by Head Office. Please verify availability in your country.
• Stripe: Offers simplicity, customizability, and strong security. Ideal for both one-time and recurring payments.
• PayPal: Widely recognised, user-friendly, and suitable for businesses starting out. Good for one-time and recurring payments.
• Square: Great for online and in-person payments, with straightforward pricing.
• QuickBooks Payments: Integrates with QuickBooks for managing invoices and payments, especially for B2B transactions.

Each of these solutions has its own set of features and pricing structures, so it's important to assess which one aligns best with your specific business needs, considering factors like transaction volume, international payments, and specific industry requirements.

Invoice Management Accounting Software

Online accounting software such as Kashflow, QuickBooks or Xero's invoice management system offers an efficient solution for collecting payments and often integrates with 3rd party processors. It allows the creation and sending of professional invoices with options for accepting credit card, debit card, or direct debit payments directly from the invoice. Xero also supports recurring payments, streamlining regular transactions. This flexibility enhances the likelihood of timely payments and reduces administrative efforts, improving overall operational efficiency.

It’s worth noting that some banks offer complimentary accountancy software as part of their business account offerings. For instance, NatWest in the UK provides FreeAgent, a comprehensive accounting solution tailored to the needs of entrepreneurs.

Electronic Payment / Bank Transfer

For this, they just need to contact their bank and set it up using your bank account details that you will notify to clients.  You should have instructions and details to give to clients, ideally set up on your invoice templates.