Whether you’re a freelancer working in the gig economy or are scaling your small business to new heights, how you collect payments says a lot about your company. The more complex this process becomes, the more effort you must devote to managing your payment system. As order management, on-time billing and reporting become essential to the success of your company, cumbersome financial platforms can negatively impact the amount of time spent running your business, a trade-off that takes you away from doing what you do best – solving your customer’s problems.
According to data from SAP Concur, 73 percent of small businesses rely daily on manual processes to send and collect payments. Relying on paper records may have worked in the past, but the outdated process can make it difficult to track outstanding payments. Customers can readily fall through the cracks, preventing you from collecting your full dues. Fortunately, thanks to technology, integrated payment platforms can simplify much of the billing and invoicing process saving you time and reducing human error. Sifting through piles of invoices and receipts becomes a thing of the past, as all your payment information is neatly displayed online whenever you need it.
The Keys to Simple Invoicing
1) Simplify the Payment Process
The first rule of effective invoice management is to streamline the entire payment process. Avoid the temptation to use invoices to market to your clients and instead embrace a simple design that clearly articulates what services or products were rendered and what is now due. This logic also extends to the payment process itself. When delivering digital invoices to your customers, ensure that they can pay using a credit or debit card and minimize the number of pages that they must navigate through to finalize their payment. This will prevent errors and helps guarantee faster payment.
2) Automate Payment Reminders
We’ve all been there, a bill arrives and we set it aside to be paid at a later date only to discover three weeks later that we have yet to actually pay it. Payment reminders are a quick and easy way to save time and resources when dealing with late accounts. Online invoicing solutions allow you to resubmit an invoice to a client as a reminder that payment is due. When looking for an invoicing platform, make sure this service is included.
3) Streamline Tracking and Reporting
Your invoicing system must enable you to quickly track the status of your payments. Once identified and sorted, you may then choose to close and properly file the invoice, extend the invoice’s payment terms or send a payment reminder to your customer. Proper invoice analysis also helps in forecasting the demand for goods and services, while helping you maintain appropriate inventory levels. A simple and easy to navigate dashboard with export functionality is essential to streamline your tracking needs.
Click2Pay: Send Professional Invoices for Free
Our convenient Click2Pay service lets you send digital payment request to anyone, anywhere in the world. Simply input their email address and the amount, and our free invoice system will notify them immediately. When we created Click2Pay, we streamlined the invoicing process. Your customer can pay you with their credit or debit card and they are not required to create a SolidTrust Pay account.
Your client’s payment is instantly credited to your secure STPay e-wallet and our easy-to-use dashboard allows you to easily track all your payment requests. Your invoices can be sent on a date and time of your choosing and our integrated payment reminder allows you to easily remind your clients about outstanding payments that may be overdue.
Let us take care of your invoicing needs so that you can take care of what really matters – growing your business. To start sending free invoices, login to your secure STPay eWallet and go to My Money > Invoices/Click2Pay.
Do you currently use an invoicing system? Let us know in the comments section. If you enjoyed this post, please subscribe to our Blog and follow us on Facebook and Twitter for news, updates and more helpful content!
Let’s be honest, there’s nothing exciting about making a personal budget. In fact, the task is so disliked that the majority of us choose not to do it. Unfortunately, this is a mistake. Individuals who track their monthly expenditures are five times more likely to achieve their financials goals. Paying off debts, saving for a large purchase, topping up a retirement fund or financing your child’s future educational needs are all goals that benefit from proper financial planning.
The overarching goal of a personal budget is simple, it’s a tool to minimize expenses and maximize savings. By reducing your unnecessary expenditures and increasing your savings, you can put your extra money towards important long-term financial goals, whatever those goals may be.
Budgets accomplish this by first, making you aware of exactly how much money you earn, and second, by drawing your attention to how you are spending your money. After creating a budget, you may be surprised to learn that your electricity and heating bills are 25% higher than your neighbourhood average or that your minimum credit card payment only covers the interest owing, failing to reduce your card’s actual balance.
Budgeting for Beginners
Budgets don’t have to be complicated. A piece of paper and a pencil is all you need to begin tracking your expenses. Write down your monthly household expense categories and tally each corresponding receipt, grouping expenses as you see fit. At the end of the month, evaluate your expenditures and decide if there are any categories in need of some fiscal restraint.
Your expenses can also be tracked using a spreadsheet, which you can save on your smartphone or personal computer. This allows you to easily update your budget throughout the month. For those who want to digitally track their expenses, the Money Management Template is an excellent Microsoft Excel spreadsheet that is free to download and use.
Budgeting for the 21st Century
Thanks to technology, budgeting no longer needs to be a tedious task. Apps like Mint, You Need a Budget and Simple make the budgeting process almost effortless. These apps can link directly to your bank accounts and credit cards, automatically tracking your expenses against a budget that you customize for your individual needs.
No longer do you need to manually record expenditures, they will tally your transactions and leave no dollar unaccounted for. Many budgeting apps also boast money saving tips and the ability to search through utility and mobile providers to find you the best deal, and thereby, reduce your monthly service costs. When combined with debt repayment and goal tracking features that help motivate you to reach your financial goals, it’s easy to understand why millions of consumers have embraced digital budgeting apps.
We hope this post has inspired you to rethink the value of creating and using a budget. Not only will you be able to more easily track where your money is going every month, you will be much more likely to achieve your long-term financial goals.
Do you use a budgeting app to track your expenses? Let us know in the comments section below. If you enjoyed this post, please subscribe to our Blog and follow us on Facebook and Twitter for news, updates and more helpful content!
Sending money to your family back home can be a challenge. If your loved one doesn’t have a bank account, the process is often slow and inconvenient, and sending regular money transfers can take a toll on your financial bottom line. You, our valued members, asked for an easier way to look after your loved ones and we listened.
Last year, we launched Bill Pay Your Way, our exclusive cross-border bill payment solution. Available to all SolidTrust Pay members, Bill Pay Your Way provides you with access to more than 600 billing companies in 15 countries with no transaction fees. Payments are easily made from your secure online STPay e-wallet and are confirmed with the billing company within 48 hours. Simply input the billing account number and the balance owing will be automatically provided to you.
In addition to being able to pay major utility providers for electricity, water, gas, cable/satellite, landline, mobile and internet services, insurance providers, educational institutions, government departments and transportation companies can also be paid using Bill Pay Your Way.
5 Benefits of Using Bill Pay Your Way
1) In developing markets, over 80 percent of people pay their bills in person. This results is lost productivity and incremental costs as individuals attempt to pay their bills on time. Bill Pay Your Way eliminates this problem. You take care of all payments and can pay your loved ones bills anytime and on any device you use.
2) Bill Pay Your Way is ideal for landlords who require a convenient way to ensure that their tenant’s utilities are paid on time. Not only does this avoid unnecessary service disruptions, it saves you money as you no longer require the services of property management companies to handle these payments.
3) Financial mismanagement is a perennial problem. Senders often have no idea how their money is being used and routinely face pressure to send even more resources. Bill Pay Your Way solves this problem and allows you to exercise full control over where your money is being spent.
4) At its heart, Bill Pay Your Way is an empowering financial management tool. You obtain visibility into major family expenses and can help direct your family’s expenditures. Better financial management has been proven to help families avoid falling back into the poverty trap.
5) We discovered that balance inquiry transactions often return past due responses which means that many families are struggling to stay current with their bill payments. Bill Pay Your Way eliminates this concern and provides you with peace of mind knowing that timely bill payments are made. This ensures that your loved ones are never without the vital services that they depend on.
To make your first cross-border bill payment today, login to your secure SolidTrust Pay eWallet and go to My Money > Pay Your Bills and click on the Bill Icon at the bottom of the page.
In 2018, more than 371 million Interac electronic funds transfers were sent in Canada worth a total of $132 billion. Even if you don’t live in the Great White North, you’re likely familiar with Interac’s services. They enable you to send money to friends, family members and associates directly from your bank account. With a few clicks of your mouse and your recipient’s email address, funds can conveniently be awaiting collection right in their inbox. All that is required is a password created by you to accept the transfer. It may come as a surprise that despite being password protected, these transfers can become easily compromised.
According to cybersecurity expert Claudiu Popa, transferring money by email is much more risky than most people realize. Financial institutions have sacrificed security in an effort to get a high number of people to use their services. This has resulted in skyrocketing rates of misappropriated electronic funds transfers. If your email account becomes compromised in a data breach, fraudsters can gain access to your information and use your messaging service’s server to intercept your transferred funds and deposit them into their own private bank accounts.
Worse still, financial institutions and Interac will do little to help you retrieve your lost funds, citing often difficult to find agreements that stipulate the conditions of using their services. If the bank deems your password and security question to be easily guessed or obtained by others, any loses you incur through theft will not be reimbursed. Instead, it becomes your responsibility to protect your email and passwords so as to not fall victim to cybercrime.
We Will Never Compromise Your Security
At SolidTrust Pay, your security is our top priority. Our corporate grade anti-virus and firewall protection is continuously monitored by our network of global security personnel. We are PCI compliant and use 256-bit SSL certificates to keep your personal information safe and secure. Despite the strength of our security infrastructure, if your account does become compromised, our recovery services ensure that you will be compensated for the full amount lost regardless of the strength of your passwords.
Unlike other e-wallet providers and payment processors, we have instituted a dual password system to better safeguard your personal and financial information. We require that all passwords be updated every 3 months and they must adhere to strict parameters. When creating a password, it must possess an uppercase and lowercase letter, a number, a symbol and be at least 6 characters in length. These requirements are the same for secondary passwords.
All SolidTrust Pay transactions require a secondary password, a TrustCard code or a Two-Factor Authentication (2FA) text message as an added security measure. Your secondary password cannot be reset or retrieved via email. This is to prevent an unauthorized person from resetting both the primary and secondary passwords linked to your account.
By requiring a secondary password for all payments and transfers sent from your e-wallet, we adopted Two-Factor Authentication (2FA) security protocols before they became best practice. We are continually striving to remain one step ahead of cybercriminals and cyberthreats, a mandate that guides our Corporate Philosophy.
When you choose SolidTrust Pay for your payment processing needs, you’re getting far more than a convenient and secure e-wallet – you’ll enjoy complete peace of mind knowing that your personal and financial information is securely stored, encrypted and only accessible by you.