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In this article, we will take a look at the difference between traditional and Smart invoicing, as well as get acquainted with the list of providers in whose systems this function is implemented.
Invoicing is a process that requires a huge investment of company resources and employee time. And the situation is often aggravated by the fact that payment providers only provide users with basic functionality to create them. This approach deprives payment service providers (hereinafter - PSP) of the opportunity to offer customers a flexible commission option. Fortunately, innovative payment technology providers today are introducing a revolutionary new feature, smart invoicing, that will revolutionize the way you create and issue invoices.
In this article, we will take a look at the difference between traditional and Smart invoicing, as well as get acquainted with the list of providers in whose systems this function is implemented.
But before we get started, I propose to establish a common terminology and take a look at why the traditional approach no longer works.
Ultimately, the main goal of Smart Invoicing is to simplify the invoicing process as well as reduce the resources and time required to customize fees. As a result, earnings are expected to grow steadily.
The traditional approach to invoicing allows business owners to charge commissions based on the size of each individual transaction or total sales. This approach has worked in the past. But with the continued development of international e-commerce, this approach does not give PSUs the flexibility they expect from their payment providers. Fortunately, Smart Invoicing offers an innovative solution to the problem.
Now that we understand the difference between traditional and innovative billing, we propose to take a closer look at the specific benefits of Smart Invoicing for both businesses and payment solution providers.
1. Increase in profits.
Easily customized fees allow payment providers to monetize more payment activities easily and without unnecessarily complicating the process for the client himself. All thanks to predefined rules and payment actions. As a result, providers will be able to charge more without burdening the payment process.
2. Reduced time and resource costs.
Automation of commissions allows companies to significantly reduce the time spent by key team members on invoicing. This, in turn, allows team members to focus their time and effort on other critical business processes necessary to drive growth and business expansion.
3. Reducing the cost of processing.
This technology fully supports the automation of commissions based on customer sales, type of business, etc. Thus, payment providers will be able to significantly reduce the commissions offered to customers.
4. Increase in the flow of clients.
Since Smart Invoicing allows payment providers to cut processing costs, this will undoubtedly increase the level of loyalty of existing ones, as well as stimulate the flow of new customers. And who, in fact, can be against such changes?
5. Reaching new industries.
The flexibility offered by customizing the fee structure opens up many new doors for payment providers. Thus, those who previously specialized in low-risk niches will now be able to offer their services to business owners associated with high-risk levels, thanks to the ability to configure automatic additional fees (for example, chargeback fees) for a specific niche.
6. Simplification of invoice management.
Despite having dozens of lego-customizable payment triggers, managing invoices is actually a fairly straightforward process. Thanks to Smart-invoicing technology, the system itself collects all commissions together, calculates and forms a single invoice.
This is a short excursion into the benefits of smart invoicing payment systems for your business. Impressive, right? And if, after reading all the benefits, you began to wonder which payment provider offers this function, we have prepared a list of companies that you should pay attention to.
1. Akurateco.
Akurateco is a Dutch white-label payment service provider with 15 years of experience in the payments industry. The company offers two fully branded payment solutions - a payment gateway and Cashier, a SaaS payment platform. Both of these products support Smart Invoicing as well as a number of other innovative features such as:
2. Ikajo International.
Ikajo International is another payment provider with built-in Smart Invoicing technology. For over a decade, the company has been providing services to high-risk niche merchants in over 170 countries. Other benefits include:
Invoicing is a process that requires a huge investment of company resources and employee time. And the situation is often aggravated by the fact that payment providers only provide users with basic functionality to create them. This approach deprives payment service providers (hereinafter - PSP) of the opportunity to offer customers a flexible commission option. Fortunately, innovative payment technology providers today are introducing a revolutionary new feature, smart invoicing, that will revolutionize the way you create and issue invoices.
In this article, we will take a look at the difference between traditional and Smart invoicing, as well as get acquainted with the list of providers in whose systems this function is implemented.
But before we get started, I propose to establish a common terminology and take a look at why the traditional approach no longer works.
What is Smart Invoicing?
Smart invoicing is a technology that allows you to fully customize fees based on manually defined payment actions. This means that each PPU can independently determine what actions of its clients it considers necessary to impose a commission, and the system will automatically enter these actions into the invoice at the end of the payment period. What's more, he can also set commissions based on industry, client's business type, etc. The list of fee-charged payment actions doesn't end there, which indicates that this technology can actually help a multitude of business owners from a variety of industries.Ultimately, the main goal of Smart Invoicing is to simplify the invoicing process as well as reduce the resources and time required to customize fees. As a result, earnings are expected to grow steadily.
Difference between traditional and smart invoicing
Unfortunately, a huge number of payment service providers have not yet implemented Smart Invoicing technology. What do they offer their customers instead?The traditional approach to invoicing allows business owners to charge commissions based on the size of each individual transaction or total sales. This approach has worked in the past. But with the continued development of international e-commerce, this approach does not give PSUs the flexibility they expect from their payment providers. Fortunately, Smart Invoicing offers an innovative solution to the problem.
Now that we understand the difference between traditional and innovative billing, we propose to take a closer look at the specific benefits of Smart Invoicing for both businesses and payment solution providers.
Why Payment Service Providers Use Smart Invoicing
1. Increase in profits.
Easily customized fees allow payment providers to monetize more payment activities easily and without unnecessarily complicating the process for the client himself. All thanks to predefined rules and payment actions. As a result, providers will be able to charge more without burdening the payment process.
2. Reduced time and resource costs.
Automation of commissions allows companies to significantly reduce the time spent by key team members on invoicing. This, in turn, allows team members to focus their time and effort on other critical business processes necessary to drive growth and business expansion.
3. Reducing the cost of processing.
This technology fully supports the automation of commissions based on customer sales, type of business, etc. Thus, payment providers will be able to significantly reduce the commissions offered to customers.
4. Increase in the flow of clients.
Since Smart Invoicing allows payment providers to cut processing costs, this will undoubtedly increase the level of loyalty of existing ones, as well as stimulate the flow of new customers. And who, in fact, can be against such changes?
5. Reaching new industries.
The flexibility offered by customizing the fee structure opens up many new doors for payment providers. Thus, those who previously specialized in low-risk niches will now be able to offer their services to business owners associated with high-risk levels, thanks to the ability to configure automatic additional fees (for example, chargeback fees) for a specific niche.
6. Simplification of invoice management.
Despite having dozens of lego-customizable payment triggers, managing invoices is actually a fairly straightforward process. Thanks to Smart-invoicing technology, the system itself collects all commissions together, calculates and forms a single invoice.
This is a short excursion into the benefits of smart invoicing payment systems for your business. Impressive, right? And if, after reading all the benefits, you began to wonder which payment provider offers this function, we have prepared a list of companies that you should pay attention to.
Who offers Smart Invoicing?
1. Akurateco.
Akurateco is a Dutch white-label payment service provider with 15 years of experience in the payments industry. The company offers two fully branded payment solutions - a payment gateway and Cashier, a SaaS payment platform. Both of these products support Smart Invoicing as well as a number of other innovative features such as:
- Smart routing and cascading to increase the number of passing payments by 30%;
- Payment calendar to control the funds you should expect or pay, and the deadline for payment;
- State-of-the-art system for monitoring and preventing fraud and chargebacks;
- Various mobile SDKs to easily integrate mobile payments into your application;
- Simplified data management system to fully consolidate all data in one easy-to-use system.
2. Ikajo International.
Ikajo International is another payment provider with built-in Smart Invoicing technology. For over a decade, the company has been providing services to high-risk niche merchants in over 170 countries. Other benefits include:
- A large number of acquiring partners;
- 70+ integrations with banks and payment methods;
- API and HPP integration;
- Free recurring payments.
