Web-based invoices that give recipients the option to pay online result in payments being made twice as fast as those that don’t, according to data from Harvest, an online time-tracking and invoicing vendor.
The company looked at data from more than 250,000 paid invoices from their system. They found that invoices that included the option to pay using PayPal were paid 16 days faster than those that did not, which took an average of 32 days.
Although online payment isn’t new to the Internet, few agencies have used it. As their clients become accustomed to being able to pay all of their bills online, agencies need to offer this method as an option.
The increase in the use of direct bill options helps agencies manage receivables more effectively. It’s important for agency Web sites to offer, and display prominently, all types of payment options.