5 Ways Old-School Invoicing Solutions Fail Small Businesses

5 Ways Old-School Invoicing Solutions Fail Small Businesses
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Just like in any industry, the invoicing solutions field has seen major shifts over the past few years. That means that the older players are being forced out by more effective and cost-conscious options.

Companies like Basware, OB10, Ariba, and GXS were early players in the invoicing space, but now that more nimble companies like InvoiceSharing have arrived, these old giants are being forced to change how they operate. Here’s how old-school invoicing solutions fail you as a business:

1. They Try to Convince You That Invoicing is Complex (and Therefore Expensive).
Initially, invoicing solutions were more complicated and expensive. But we’ve come a long way in terms of technology, so that’s simply not true of newer electronic invoicing platforms today.

2. Getting Set Up Takes Time. Lots of It.
When you sign up with an aging invoice solution, you can’t get started using the platform right away. They’ve got to custom create an interface for you (and expect to pay for that privilege) and get your system set up perfectly. With newer solutions, you should be sending invoices within minutes of your setup process.

3. Both Senders and Receivers Have to Pay.
You pay to send an invoice, and the receiver pays to process it or send a payment back. It doesn’t make financial sense that both parties should have to pay on the same invoice. That’s why InvoiceSharing is so passionate about not charging you to send or receive invoices. Ever.

4. They Don’t Offer Expanded Services.
One thing we’re proud of at InvoiceSharing is that we’re continually partnering with new services to help our customers do more. But the antiquated invoicing solutions make it difficult for you to integrate their services with your existing accounting system, defer payments on an invoice until you have the cash to pay it, or pay on invoices directly from your bank account.

5. They Don’t Tell You About the Transaction Fees.
Older invoicing platforms often charge a monthly rate for your use of their tools. But that doesn’t include additional transaction fees, like what you pay if you send more invoices in a month than your plan covers, or if you want to accept payments digitally. Those little fees can really add up.

Ultimately, older invoicing companies aren’t in business to help you solve the problem of paper invoices, but rather to make money through inefficient processes. They want you to think that electronic invoicing is complex, and therefore expensive. They make it difficult to scale as your business grows.

Fortunately, you have a choice when it comes to who you work with on digital invoices. We hope you’ll consider InvoiceSharing.

Drs Jeroen Volk RA

CEO


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