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How to Simplify Invoicing and Billing

Tag: online payments

PayTabs
Mohab Growth Hacks 0

How-to-Simplify-Invoicing-and-Billing

Invoicing is an important function in an organization as an efficient system ensures that the bills are collected promptly, leading to better liquidity in the market. Simplified invoicing system also ensures that your clients are assured that they are billed correctly. Integrated payment technologies may be used for this purpose of simplifying the process. Whether you run a small business or a big one, it is important that your invoicing and billing process is smooth and timely. Here are some of the pointers which may help you in simplifying the entire process. 

Fix the Terms: In order to simplify the process, it is important that the organization has clear terms and conditions related to invoicing. Once you have set the terms, you can proceed with communicating these terms to your clients so that there is no ambiguity on this front. Some of the most important variables which should be covered under the terms are the duration of billing i.e. whether the billing will be done on project basis or hourly basis and the duration within which the invoice is required to be paid. Further, the terms which need to be fulfilled before the payment is made should be included. 

Automate the Process: With the easy and economic availability of various tools, it is easier than ever to automate the process of invoicing. The process involves the transfer of data from invoices to electronic system and thereafter carrying out the task of interpreting and validating the invoices. Some of the other aspects of the process are approvals, payments, resolution and storage. The investment in Enterprise Resource Planning or ERP systems tends to pay for itself in a short duration of time as it brings about efficiency in operations. With the elimination of manual intervention, the firm can optimize its human resources. 

Choose Appropriate Payment Options: In order to keep your billing and invoicing process simple, it is essential that you choose your payment options carefully. With a plethora of options available, it has become more difficult for vendors to keep track. The businesses should ensure that they fully balance the pros and cons of providing a range of payment options to their clients. While it is imperative that you offer a wide variety of payment options so that your clients are assured of ease and convenience, it is also important that the selection is kept at a manageable level. The offering of multiple payment channels is also expected to boost your liquidity and reduce the chances of defaults. 

Integrate Different Variables: Invoices comprise a wide range of variables which may make the entire process complicated and time consuming. The integration of these facets are helpful in ensuring the efficiency. You can start by using integration tools for aggregating the expenses incurred for a particular project or a job. Such integration also helps in exercising proper control over expenses and thus keeping the project on a proper path. Timely integration of expenses ensures that you are able to send the invoice in a prompt manner. 

Pay Attention to Analytics: It is essential to keep proper track of your invoicing system. Once the system is automated, it becomes a lot easier to gather the data and then to compare it against the set standards to find out the deviations. There are several tools available for the purpose of collecting such data and then analyzing it. Various aspects such as time tracking solutions may help in making the process more efficient by providing relevant data. Time tracking solution is especially helpful in improving the productivity by generating detailed reports. These reports provide better communication to the clients about the progress of work and thus render invoicing more helpful to them. Analytics are also useful for the purpose of forecasting, which is helpful in planning. 

Overall, the importance of efficient billing and invoicing cannot be overemphasized. The automated invoicing process may be augmented by the addition of terms and conditions such as levy of penalty in case of late payments. The combination of such online and offline measures helps in making the system more amenable to your business. The installation of such system may require significant amount of resources in the beginning but it proves to be more efficient in the long run. 

4 years ago
PayTabs
Mohab Growth Hacks 0

Accept Online-Payments-Globally

Online businesses are fast becoming the norm and the ability to accept global online payments is one of the prerequisites for this type of business. There are multiple channels available for facilitating the online payment process. Before settling upon a particular channel, it is imperative that the business makes proper assessment of all the available options, evaluating them on different criterions. Further, there are other choices to be made such as deciding whether to set up in-house payment processing system or to opt for a third party vendor for specialized services. Following are some of the pointers in this regard: 

Rise in Online Payments: As eCommerce is becoming more and more prevalent, the volume of online payments is also rising. There is particular increase in the number of mobile payments as people are now gravitating more towards the use of internet on their phones. As per a report released by Price Waterhouse Cooper, the number of people choosing mobile shopping increased multifold between 2011 and 2017. While mobile payment is on the rise, people still use a variety of methods to make online payments. Therefore, it is important that your business offers a wide range of online payment options to the clients.  

Accept Debit and Credit Cards Online: Giving the facility of making the payment through debit or credit cards is one of the most basic services provided by an online business. For this purpose, you may have to open a dedicated merchant account. Alternatively, you may also choose to use an intermediary holding account. All these options come with their own pros and cons. Therefore, it is important that you carefully consider all the scenarios to reach at a conclusion. The most widely used credit card brands are Visa, MasterCard and American Express. However, there are several other credit card brands available as well. It is important to ensure that the clients are provided with the largest possible options for online payment. 

Go Mobile: Mobile payments are increasing at a faster rate than the overall rise in online payments. As the future belongs to mobile internet, it is imperative that your website allows for mobile payments. Mobile payments can take place in a variety of ways such as typing in a credit card number or swiping a card or dipping a chip card on a mobile device. You can offer these services through an app and the same app may allow you several other benefits such as accessing cash flow reports and dispatching invoices. As more and more people start using smartphones, mobile payments are all set to increase in their scope.  

Choose an Online Payment Gateway: In order to make it convenient for your clients to make online payments, you may simply add a payment form to your website. The form may be amended to provide the facility of storing data so that your recurring clients are not required to add information every time they place an order. This work may also be outsourced to companies which provide specialized services such as secure processing of the payments and hosting the payment form. Further, you may also customize the payment processing procedures to meet the specific requirements of your business and your clients. These services have the additional benefit of providing you the online destination which you may use for promotional purposes. 

As eCommerce widens its scope, the newer methods of making and receiving online payments are being introduced at a fast pace. To offer the best to your clients, it is important that you constantly update your online payment alternatives. Apart from ensuring that these methods are safe and secure, it is important that you pay due attention to the speed of processing as well.  

4 years ago
PayTabs
Mohab Growth Hacks 0

Digital Payments: Safer during Emergency and Crisis

Online shopping and digital payments have become an integral part of modern lifestyle. These payments offer a wide range of options and make life easier for customers. However, this modern invention gains even more relevance in the times of emergencies and catastrophe. Whether it is a natural disaster in the form of floods or earthquake or it is the outbreak of a fatal disease, the facility of making digital payments can make surviving crisis more manageable. Here are some of the ways digital payments may be used for crisis management.

Avoid the Spread of Infection: Online shopping is a viable option to displace regular shopping where you need to step out of the safety zone of your house and expose yourself to elements. This feature is especially useful in the case of infectious outbreaks such as the spread of a virus. In these cases, the germs are generally spread through exposure to these pathogens. However, with the help of online shopping, you can avoid unnecessary outdoor trips. On one hand, the use of online shopping will work towards limiting your exposure to foreign elements. On the other hand, the chances of you catching any such infection are also greatly reduced. If there is any outbreak or there is any other disaster, then meet all your urgent requirements by going for online shopping than stepping out.

Stock up On Your Daily Requirements: Access to online shopping and digital payment also enhances your market reach. You are no longer dependent upon your local market or store for buying stuff. Even if your local markets have run out of items including food items and other necessities, you can order essentials from online sites. Such sites may be within your country or even global , thus increasing availability of such items. With online shopping, you can also avoid complications such as hoarding as you can simply order the items as and when you want to instead of hoarding them.

No requirement to Rush to the Bank: During crisis, it is important to maintain liquidity so that you can meet expenses as and when they arise. However, during such times, it may not be convenient or even possible to visit your bank to withdraw money. In these circumstances, it is vital to have access to modes of digital payments. You can combine online shopping and digital payments to survive these catastrophic times. Even if you have to undertake offline transactions, digital payment methods such as the use of wallets may be made for paying for these dealings. The convenience of such payments can make it a lot easier for you to go through difficult times.

Donate to Good Causes: Crisis times call for cooperation and the pooling of funds. You can use online payment methods to donate to various charities helping people prevail in such times. Digital payments create novel ways to manage funds. The use of crowdfunding for sourcing money which is to be used for welfare and rescue measures is one such innovation. You can donate to charities through net banking or credit cards, thus helping other people. In other cases, you may be the recipient of such funds as these methods allow you to receive funds even from far off places.

Reduce Exposure to Currency: Online shopping and digital payments can greatly reduce the stress during crisis times. However, it is still very important to protect yourself against infections and other emergency issues. In order to curb the spread of viruses, you should practice proper hygiene by carefully washing your hands and avoid unnecessary contact with others. You should also make liberal use of cleaning agents such as hand sanitizers and cleaning wipes. These precautions should be used while handling cash as well since coins and notes may carry  germs. You can try curtailing your exposure to currency by using digital payment methods. However, in the circumstances, when you cannot avoid contact with currency, then you should try to limit your exposure by using gloves and other protective mediums. You should also use sanitizers before and after handling cash.

Digital payments are a blessing during crises.

4 years ago
PayTabs
Mohab Growth Hacks 0

What Does a Payment Gateway Do with Your Data?

A payment gateway is an essential element of online payment ecosystem. It allows businesses and consumers to carry out online payment transactions. While online merchants are not expected to have expert knowledge of payment gateway systems, it is still helpful to know about their mechanism so as to provide the best possible services to your clients. One of the most important aspects about a payment gateway is that it collects vital information about a business and its clients. It is important that the safety and security of such data is ensured. Following are some of the critical pointers about data handling by payment gateways.

PCI DSS Compliance: A payment gateway does not store the data in its original form. In order to provide the most secure form, the payment gateway should be PCI DSS compliant, which is the current gold standard when it comes to the security of data. The PCI Security Standards Council is a global organization which carries out the task of setting compliance rules with regard to the treatment of user data obtained during the online payment process. The current rules require the data to be encrypted for eliminating the risk of data interception. This implies that payment gateway never stores critical information such as CVV, password or pin. The information related to name, card details and address is only used for completing the transaction and is not stored.

Tokenization: Payment gateways also carry out tokenization of critical information. This implies that when you key in your card number, it is automatically converted into a single token. This token consists of a unique set of characters which replace the original card number. Using such tokenization, the payment may be processed without revealing sensitive details. As these token numbers are generated and assigned randomly, it is highly improbable that the original numbers may be retrieved by carrying out reverse engineering. There are different types of tokenization processes around, the main ones being format preserving and non-format preserving. Generally, non-format preserving tokenization is considered to be the safer option.

SSL Certification: As important as the PCI DSS compliance is, it is equally important to ensure that the websites are also securely configured. The payment gateways generally use SSL certification which secures the data using TLS encryption. Such certification may be verified by looking at the URL in the browser. If the website bears https:// protocol then it means that it is secure. This is especially important for ecommerce companies and websites so as to make sure that the integrity of consumer data is maintained.

Fraud Screening Tools: Most of the payment gateways offer you fraud screening tools which may help you in reducing the risk of payment frauds. Some of the most prominent tools used for this purpose are Address Verification Service, Card Verification Value and Card Code Value. With the use of these tools, the risk of online payment frauds may be curtailed to a large extent. A payment gateway endeavors to provide a secure channel between a business and its customers for enabling online transactions. It is important that proper measures are taken by such payment gateways to ensure the safety of critical data of all the parties involved.

Additional Measures: Websites may also use additional tools such as the use of the hash function for making the transactions more secure. Under this function, a signed request from the merchant is required for validating the transaction. Such signed request is a code and is known to only the payment gateway and the merchant. For further security of the transaction and the data, the IP of the requesting server is also authenticated, so as to filter out any malicious activity. Some payment gateways also use Virtual Payer Authentication (VPA), which is a 3D secure protocol. This step adds an extra layer of security, enabling online clients to authenticate each other, and thus adds to security measures.

Overall, several new tools and methods have evolved to increase the security factor of online transactions. While selecting a payment gateway, a business should take proper cognizance of the security measures taken for maintaining the secrecy of critical information pertaining to the business and its clients.

4 years ago
Payment security lingo: What’s point-to-point Encryption
Mohab Growth Hacks 0

Payment security lingo: What’s point-to-point Encryption

One of the biggest threats to online security comes from data breaches. Such breaches have now become mainstream and it is now very important for the companies to save their data from such infringement. There are several new technologies and tools available for securing the data belonging to the business and its clients.   One such important tool is Point to Point encryption or P2P encryption, as it is popularly known. It is especially important for businesses which accept online payments through different modes including debit cards and credit cards.

What is P2P encryption?

P2P encryption refers to a standard established by the PCI Security Standards Council. The main aim of this standard is to ensure that confidential data pertaining to debit and credit cards are instantaneously into unbreakable codes. Such coding is important to ensure that the data is protected against fraud and hacking. The standard is designed to provide optimal security of payment process and data for online card transactions.

The P2P encryption Standard enumerates the requirements to be fulfilled by an online payment solution to qualify as a PCI validated P2PE solution. These requirements pertain to a complete set of software, hardware, decryption, gateway and device handling etc. The final decision in this regard rests with P2PE Qualified Security Assessors, who are independent third party entities with requisite qualifications to make such assessment. It is important to note that only ‘solutions’ may be validated and not individual units of hardware. If a payment solution does not meet the requirements for being validated as P2PE solution but offers similar type of encryption then it may be accredited at End to End Encryption Solution.

How Does it Work?

P2P encryption works using a number of secure applications, devices and other related processes. Whenever a business swipes a debit or a credit card, it initiates an interconnected series of actions. The point of interaction device, which is used for swiping the card, encrypts the information immediately. If the device is PCI validates then it uses an algorithm for the purpose of encryption. These encrypted codes are then sent to the payment processor or payment gateway, which decode the information. The main requirements for setting up a PCI P2P encryption system include the secure management of encryption devices as well as decryption devices and the proper upkeep of decryption environment.

It should be noted that coding and decoding keys are not provided to the merchants. They are given a unique token number to identify particular transactions so that they can keep proper records and issue refunds as and when required. However, merchants stand to gain a lot from this process. They are assured of the safety and security of their transactions. Their business is protected against card frauds, which in many cases lead to heavy financial loss. The merchants are also able to improve their turnover by assuring the customers about the safety of their data and payments.

P2P Encryption vs. End to End Encryption

For P2P encryption, there are certain features which are unique to this protocol. The solution offers hardware to hardware coding and decoding where POI device comes with Secure Reading and Exchange of Data function. The solution is also required to be validated for the PCI P2PE Standard. For this purpose, the solution should fulfill the requirements such as temper evident packaging, shipping and installation. Such solutions also come with instructional manual to guide merchants about device use and storage.

End to End encryption, on the other hand, does not unencrypt the card details between the two terminals. It secures the data provided the endpoints are offered by PCI accredited organizations.

The Benefits

P2P encryption is important for the development of ecommerce and online businesses. Many customers are not inclined to make online transactions due to the fear of data breach and financial losses. By providing P2P encryption, the businesses can assure their clients that their financial data will be secure. This can help in increasing the revenue for the business, adding to the bottom line. All leading payment processors now offer P2P encryption to ensure smooth and safe transactions.

4 years ago