Say Goodbye to Paper Invoices: The Benefits of Electronic Invoicing for Your Business | B2B Vault | Episode 156

Yo, what's up everybody? It's Justin live from B2B Vault, the payment technology podcast sponsored by Nationwide Payment Systems, hosted by this guy, the Troy Aikman of payment processing himself. Allen Kopelman, and we'll be providing you educational information about fintech, small business payment processing, and the technology businesses are using in the world today. And in today's podcast, we'll be talking about invoicing in 2023, um, why businesses should, uh, convert to, you know, digital payments. Um, there's just a lot of different options. You get paid faster, it's more secure, etc., etc., etc. There's a lot of incentives, positives, whatever word you want to use to call it. And we thought it'd be a good time to touch base on it. And so yeah, man, take it over.

Yeah, like last week was a little crazy, you know. First I was sick, and then we had a torrential insane rainstorm here.

Yeah, lots of rain in South Florida.

Yeah, and a couple of people at the office got kind of stranded. Like they were on Gilligan's Island.

Yes, I was stranded. I was stuck on Gilligan's without a boat. Um, it was crazy. My neighborhood got flooded really bad. Um, my house and this house next door across the street from me were like the only house above water.

The flood zone, like above— you guys were above the flood.

I mean, the water came all the way to my front door. And when cars would go down the street, it would go into my house. So it was a little insane. Yeah, it was a lot much. Um, so yeah, I don't know really what to say about that, but that happened. They call it the thousand-year storm, but I've been living in this neighborhood for about 4 years, 3 or 4 years now, and 3 years ago we had a thousand-year storm. So I guess 3 years is a thousand years to meteorologists. I don't know, man. Uh, but anyway, uh, so I'm really— I hope everyone that was in the Melrose Manors and Melrose— everyone in South Florida, really, man, hopefully everyone got out okay. And, you know, hopefully no one— most, you know, I hope some of your stuff didn't get all ruined. You know, I've seen a lot of stuff.

Yeah, it was crazy on this news, they were showing like all these neighborhoods underwater. Yeah, somebody else from the office, their whole neighborhood was underwater.

Water— terrible—

water went in their car, all in the garage. Did it go in the house? But in the garage, yeah.

And, uh, you know, yeah, no, we really got lucky, man. The house right next door to us, they were bailing out water from their house all the way up until yesterday.

That's crazy.

You know, I mean, obviously they, you know, they were doing it themselves.

It's probably—

I can't imagine all the homeowners that are, you know, trying dealing with this stuff. And it's just a sad little situation.

We had it in my neighborhood a few years back. The pumping— the, the station that pumps the water out of the canal. Yeah, broke.

Great. Yeah.

And then the canal, we had a massive rainstorm, water came all the way down my street. It was probably 6 or 8 feet deep in some spots. A couple people got water in their house. Yeah, my house was not exactly up high enough. I'm kind of back in a cul-de-sac, right? The water didn't come all the way back there, but it was, you know, you could close enough— you couldn't get out of the neighborhood. Yeah, no, even if you had like F-150 truck, you were not getting at it.

Yeah, my dad has a whatever, Nissan Rogue or whatever. We're all sitting, you know, of course my Jeep is in the body shop, so the one car that actually could navigate the water was not around anyway. Um, so yeah, like my dad tried to back out. He pulled in on Wednesday night, um, when it— when all the rain started. Thursday morning, by then the water, I mean by midnight, I was running around putting buckets all over my house. There was just, you know, water was coming in from every direction, the door frames, the vents from the ceiling, my daughter's closet, my dad's bedroom above his bed. I mean, it was just chaos for the past week. Um, and, uh, yeah, I don't know where I was going with this because there was so much happening, man. Uh, oh, my dad backed out of— he's trying to back out on, uh, Thursday morning to go to work, and the water was so— like, our house is like kind of on like, I guess, just a little bit of enough of an incline, and there was probably like 5 feet of water Oh yeah, in our street. And so when he backed up, like he said, the water was over his back window and his car stalled out. And he was like, son of a— he's just— and he said he started it right back up and he just punched it and, and he just parked it again and where he was. And so it's very deceiving when you're driving down the street.

Yeah, you know, and there's flooding. You know, my daughter's a meteorologist. And she always tells me it's the most dangerous thing because you can't really tell the topography. And you could drive into, you know, you could drive into water that's 8, 10 feet deep and you can't really see it because you don't know the topography.

Exactly. Yeah.

The road, like I said, near my house we had an area where it was probably— I mean, it was, it was up to here. It was, you know, probably like 4 foot Oh yeah, my—

the fire hydrant by my house was— you could just see the little top notch, which is— it's, it's just a weird, funny little— I, I can't explain it, like the way that it goes up and down in the front of my house.

One thing is Broward County and City of Fort Lauderdale should be put on notice because these events have happened many times over the time I've lived in Florida since since 1968. Yeah, and they need to take notice.

Um, they talk about it, I mean, whatever. They was just on NPR, the guy was, it's draining but it's not flowing. I don't even know what that means, bro. Come on, fix out the— why isn't it draining? Whatever.

Well, let's talk about—

yeah, invoicing and how your business— let's go get into it.

Invoicing has gotten to be like a growing, growing trend. And during COVID it really exploded, the amount, you know, because we got into this whole touchless transaction thing. So everybody was looking for a way to do touchless transactions no matter how they were. Send a text message, boom, the person clicks the link, makes a payment. You know, send an email, person clicks a link, makes a payment. But you know, some businesses need a little more detail than just, you know, the amount, right? That's where invoicing comes in. And a lot of people turn to QuickBooks, FreshBooks, Xero, which is spelled X-E-R-O. Amazingly, it's from— I think it's from Australia or New Zealand, that company. That's where they started. And, you know, there's a few other programs. But you can link in some other payment services, especially if you're doing at least $10,000 a month or more. You can link in another service that's very affordable, and you can then, you know, you make your invoices in QuickBooks, then you go over, you log into the service, and you send them all out. It sends everybody a link if you want to add on a convenience fee. To that, you can. And that way you can recover your, you know, costs of credit card processing.

Nice.

Or some of the cost, depending on what you want to do. And, you know, that's been kind of up in the air, but it's, you know, it's important to, to, to understand that there's more than one option when it comes to invoicing. You can even just get a simple invoicing program from us that that sends out invoices. It all depends on how much detail and accounting you need in your business. And are you tracking like your inventory? And are you take, you know, like you have all your, maybe you have all your inventory in QuickBooks or something like that, you know. So it just depends on what you're, you know, what level of accountability you want to have for your business, right? You know, it's just like using a point of sale system. But you can, you know, you can definitely save a lot of money. You can also offer different options, like, you know, credit card processing or ePay. And I think consumers, you know, and business owners, when they're paying a bill, they feel like, oh, I don't have to give the number over the phone, right? It's safer. Yeah, enter it in, they see the little lock on the stream, you know, and they can make— and they can make their payment. And it also makes it very convenient to— for the business to get paid, right, that way, because now you're not limited to just the time that you're open, you know. Like, you want to call up— I have one client, PayPal place we do business with. Every time we want to pay our invoice, we have to call them on the phone. Sometimes we have to call 2 or 3 times. And wait for someone to get on the phone and give them the credit card information. And then, you know, and then they process—

that's tough that way.

And I've tried to tell them, I said, you know, we can hook you guys up with a payment portal, which is something else you can do, or just a simple payment form where people can, you know, go to. And you could have it where they log in or not log in, right? You can make it where it's like a hidden page on your website or just a general link all branded with your company logo on it. And then you send your invoice to your customer and then they go to that link and then they make the payment. And it makes it easy for customers to get to, um, you know, to pay a bill. Everybody's shorthanded today. Well, let's say, you know, you're shorthanded, you don't have somebody on your staff that can call, make these phone calls. This way, if I'm a business owner, I need to pay somebody, I can just go to their website, click the link at 7 o'clock at night after dinner, right, pay my bill. And it helps businesses get paid on time, get paid faster, right? You know, the old check is in the mail— we did another podcast about, you know, you shouldn't be getting checks in the mail because there's been a a rash of check fraud where mailboxes get broken into. I mean, come on, people are in there looking for checks and then they're going old style, you know, on— they're going Catch Me If You Can old style and using a nail polish remover to take the name off the check and change it, right?

That's crazy.

Yeah, and then put, put a different name on there and then go into a check cashing store and cash the check, you know. And then, you know, you call, you know, your customers, you're calling your customer going, hey Justin, you know, you were supposed to send me a check for $2,500. And Justin goes, yeah, I mailed the check. And then, then you call Justin back a couple days later, well, we still didn't get the check. Then Justin checks his bank account, he sees the check is cashed. But then it says, you know, John Doe on it instead of, you know, Allen's Plumbing. And that's, you know, happened quite a bit. And, you know, every day I'm reading about all types of different financial crimes that are going on, you know, in, in, you know, and scams and business, you know.

I mean, invoicing, you got to be careful too, you know. I mean, but still, like It's better than sending a check.

Yeah, it's better than sending a check.

Yes, it is.

I mean, we deal with one client and they send us checks all the time, and you know, it's a pain to wait. You know, wait, you're waiting for the check, or they're calling you up, oh, you need to come by and pick up the—

that's how my uncle pays me. Well, he used to pay me, he doesn't pay me anymore. Um, yeah, he would send me checks in the mail. Oh, was that terrible?

And then you gotta, you know, but now it's easy because most banks let you take a picture of the check front and back, and then it's still not easy though because you got to wait for it to come.

You have to wait for it to clear from the, the, you know, from the bank. Sometimes if it's a big check, like I've gotten big checks, sometimes that takes 7 to 10 days, which is 2 weeks because that's business days, it's not days in a row. Um, yeah, man, I mean, people getting paid with paper checks, uh, you should come into the future a little bit, please. There's other places and other ways for you to get paid.

Yeah, it's not— that's that paying your bills too. So paying your bills, stop paying with checks and pay with more electronic payments.

I don't even have checks.

I don't hardly ever use a check. I mean, And I was looking at my drawer the other day, I was like, wow, I've like all these checks I haven't used.

And you have personal checks or business checks?

Both. Yeah, every once in a while I need a personal check. Somebody doesn't— what, like guy that comes and mows the lawn doesn't want Zelle, or, you know, he wants cash and I don't have any cash on me, gotta write him a check. Or sometimes like I'm making a donation to a place and then maybe they don't want a credit card, you got to write them out a check. You know, it just depends.

If you're taking donations only by checks or cash, man, I don't know, it's kind of a shady little situation you got going on.

It's not shady, I'm just saying maybe they're not set up correctly with their bank so they can take a large transaction, and that's kind of a You know, that kind of become— that kind of becomes an issue. You know, a lot of businesses, you know, we've gotten several calls this month from businesses that do large transactions, and then they switched over to like, um, a payment processor. And, you know, they didn't think like, oh, I have to tell the payment processor. I don't want to say who they went with, but they went with one that doesn't ask too many questions. Right? So the guy ran a transaction for $15 grand, they shut his account down, they put him on the, on the match list. And I was like, for what? And I said, yeah, but they didn't ask you any questions like what's your average sale, this and that, you know? You got to call them on the phone and you have to explain like, hey, this is how I operate my business. And what people don't understand that, you know, I have meetings with with merchants all the time. I tell— talk to them about, you know, transparency, you know, how they need to be transparent with the credit card processor and the bank so that the bank knows.

I would lose my mind. What if, if I went with a payment processing company, sent an invoice and got paid, and then they put me on the match list, dude? That would— that is the re—

yeah, I don't even want to go into it because the business, you know, because they're not doing underwriting on the person and they're not calling them up going, hey, why are you doing this? What's going on? They don't collect past statements. They don't ask any questions. They just set people up, you know, and they don't ask what's your average ticket, what's your monthly volume. You need to know that. And I tell people, I go, when you first get an account and you're going to do small tickets and small volume, let's say you're only going to do $3,000, $4,000, $5,000 a month, nothing's going to happen. When you start going up in volume, that's when you need to know what you're doing. Like, we deal with companies all the time that we've set up with electronic invoicing. We set them up with payment portals, and you know, when we talk to them, oh, what's the average sale? And then they start talking to me about $2 grand, $5 grand, $10 grand, $20 grand. Lawyers' offices, people putting down a, I'm gonna forget the name.

Retainer.

Retainer fee, right? And then, you know, retainer. Yeah, they're gonna put a retainer fee down, or let's say they're doing, like, we have one that's huge, it does employment law. The average retainers are anywhere from $10 grand on the low side, and their largest client pays $50 grand a month in a retainer. $50 grand retainer, and they put it on a credit card. So we set them up with a portal, they have to log in, they create an account, and then they make— they process their payment every month. They get an invoice, they process it. And you know, some businesses like law offices, accountants, other types of businesses might have it where they need— because of the way they take the money, they want the money to go in one bank account and then they need the fees to come out of a second bank account. And you know, you have to be able to accommodate those times. You know, we have to accommodate like those type of clients all the time.

Doesn't sound too difficult.

No, it's not difficult, but some companies, some payment processors or companies where you just go fill stuff out online are not really set up to do that.

Right.

And then the merchant, your business owner, gets frustrated.

I can understand why.

Like, I was talking to a guy, you were in the meeting listening, and the guy was talking about, oh yeah, on e-commerce, you know, some days he was saying like, oh, I processed 500, 1,000 orders in a day. And he goes, and out of the blue, the processor says, yeah, we want a spreadsheet of all the tracking numbers. And the guy didn't answer their email and they shut— they started holding his deposits. I go, of course they want that. You have to be transparent with your credit card processor. They might spot check you every once in a while and say, hey, this guy took 1,000 orders, let's get his, uh, you know, shipping, you know, his ship— his, uh, list of his tracking numbers. And that way we can see like, oh, these tracking numbers exist, and we can watch and see how long every— that the accurate, you know, you also have to give accurate information on your website of, you know, how long everything's taken to get delivered. Invoicing is also another part, you know, we're talking about invoicing too. Invoicing is a whole part of your business where most likely you're either invoicing before you're delivering the product, which is going to get— which is going to be done right away. Or you might be invoicing pieces of a job as it's going along, or in some cases you might be invoicing a company that has some terms with you. And that's why it's important to have a good, you know, invoicing system and, and be able to run it efficiently and track it and all that. So that way— yeah, that way you can track, you know, like with our software that we have, You can log in, you can see who paid, who didn't pay, resend the invoice, change the email address, CC 5 people on it if you need to. You know, you got to—

which one we're talking about?

I'm talking about just for— well, all the, all the, you know, anybody. I'm just saying, like, with whatever system you use in your business, you just need to make sure that you have, you know, accountability set up to where you can monitor that.

Yes.

You know, so, you know, like if you're using, like, you know, maybe a lot of companies just do like PDF invoices, they send them out, and then some of them don't have— like, we deal with one huge company that have zero monitoring setup. They once a month they run an AR report on what's not paid. You know, a small business, you can't do that. Here we are coming into a rough economy You need to make sure you're getting paid right away from your customers and that you have the right tools in order to do that. So like, if you're cleaning pools every month, do you really want to invoice people, or do you just want to put them on automated billing? Oh, it's $100 a month, we come by once a week, you know, whatever it is, and then you just bill them automatically. And with the software we have that links back to all the accounting software. Yeah, you can set that up in there, and then it basically credits— it creates an invoice in QuickBooks for that, even though you've made it in the software. When after it processes, it creates an invoice in QuickBooks and marks it paid. That way you have a good customer record in your QuickBooks.

That's cool.

So it works back, so it doesn't just sync one way, it syncs back and forth.

So that's very useful. Right.

So, you know, we just have to talk to the business and we try to design, you know, everything's about technology today. So I don't try to just say, oh, here's this technology solution, now it's just shove it down your throat.

Right.

Find out how does your business work? How do you do this? How, how does it, how are you doing this? How do you do that? And then we pick the correct technology that's going to work for your business. You know, I was working with a guy yesterday that has a laboratory. So I was like, oh, how does the business work? So they're like, oh, they're just like, they're like, you know, it's a laboratory. So I go, do people walk in or do you get stuff in the mail? So then the guy who owns it really didn't know. So we had the, yeah, the manager on the phone. He's like, no, we work with doctors' offices. Or we work with individual doctors, or people order the test from our website, and then they pay, you know, they pay for the test, and then— or they— or the test is free, right? Okay. They get it from the doctor, you know, and then they have to mail it in, and then we send them an invoice, you know, for their— for the payment, because the people don't come into the lab.

The owner of the company didn't know how they were getting paid?

We know all the different ways. So after we found out, we did find out that some people do visit the site and come in and get tested in person, and then there's invoicing going on, and there was also e-commerce. So then we went back and we were like, well, here's a solution you can use where you can just, you know, so everything is all linked together in one spot. You don't want to have, you know, oh, here's my credit card machine and that's reporting here and then here's my invoicing, and that's in another software. And then my e-commerce is a lot of moving parts, third software. So I showed them one software package that where they could do all of that in one place. I was like, yeah, you put a device on your PC, right, and then that links into the software. Then you have the invoicing.

Yeah, that makes sense.

That links into the— that links back to your software. And then your e-commerce, it that's the e-commerce plugin. That's what you have to look at. You want to have a full commerce solution. You don't want to have all these pieces, you know, you don't want to have all these pieces and then everything's in a separate place. And then you could have a customer, they walked in one day, they invoiced another day, and the third time they went to your website. And then they go, oh, I need information on how much I paid you last year. And you're hunting through 3 systems looking for what they did.

That's crazy. No thank you.

Yeah, but that's what they're doing now. That's why they're having a hard time. So we show—

been there, did that, don't want to do it again.

All right, so we show them one software we can put it all together. Yeah, you have to take somebody's business and you have to find out everything about the business. Otherwise, you know, it's just like we had another company, they asked us, oh, we need a point of sale and the point of sale needs to do this and this and this. And then we get to the— we go through the whole sales process and everything. We get to the implementation point and then all of a sudden they go, well, we have a problem. We have no UPC codes. We don't have this. We don't have that. Oh, this system is not going to work for us. And they didn't know what, you know, what was required when they're putting the whole thing together. So then we had to go back to the drawing board. Find a different solution that doesn't use UPC codes.

So you can—

oh yeah, I remember this big disaster, you know, and it was just a lot of work because a lot of work went into the first part, right? So the same thing, we don't want to give people the wrong technology, and the person who was buying the thing didn't have a clue as to what the requiem— what, you know, when we asked them, oh, do you have— we we were going through the question, the questions, when we decide what kind of technology they get, they're going, we're like, oh, do you have UPC codes? Yes. Then, then at the end, after we're doing the implementation, they're like, no, we don't have UPC codes. So you can't use, you know, certain systems only work, you know, work with a scanner, right? So they were like, no, we don't have that, which I mean I mean, for the amount of stuff they were selling, I mean, they should have put together— they should have got a UPC system, uh, software, a printer.

It's not hard to do.

Yeah, they should have put UPC stickers on everything because that way you're tracking your inventory very accurately, 100%. Because we explained to them the system, then we gave them a different system, which we explained can track inventory, but it's only going to do a countdown.

Right.

So if you say, oh, there's 500 of this, 250 of this, and 100 of these, and 50 of these, then it's going to count as you sell them, it's going to count down to zero. And then if you're going to add more, you got to go in and change the inventory. Otherwise it's going to not appear on the inventory list. So you have to know what kind, you know, what you're prepared to do. Right. You know, we wanted, you know, And invoicing is the same way. You can, you know, some of the systems that do invoicing, you don't need to put track items, but with some of this stuff we can track the items too. It all depends the level of the level you need, you know, the level you need. Like we even have service companies that use like the, the click and pay. Someone, they don't want to deal with the, they don't want the guys that come to the house to get credit cards from people. So the— they just call the office, oh, I'm finished at Justin's house, air conditioning bill's $200. They send, you know, then the person sends Justin a link or an invoice, Justin clicks on it, makes his payment, boom, done. And with ours, you can even, you know, some of them we have a tip button available. That works, which is good.

Yeah, I mean, it works for a lot of businesses, you know, if you're doing like website maintenance, recurring monthly payments, um, just takes away a lot of the legwork that, you know, you're doing operating your business with now. Um, so there's a lot of good reasons to, you know, choose a more robust system instead of PayPal. Um, for instance, that's just one of them that I can think of that come with invoicing, right? I mean, QuickBooks, you know, they have the invoicing built into it too, but you have to connect your payment gateway through it.

Well, you can connect— you have to— now they have QuickBooks Payment, but the thing is it's not very robust because it doesn't link into— doesn't do multiple things, like if you need to do recurring transactions.

No, right. Yeah, you know, QuickBooks has always been terrible for that.

It's very basic.

Yeah, it's clunky, and I've never I've never liked QuickBooks in general, but—

So we have software you can bolt onto it.

Yeah.

And that software can accomplish multiple things and then feed back into your QuickBooks.

For the accounting side of it.

Right, but it syncs back and forth, which is good because some of them just sync one way.

Yeah.

Don't sync back. This one syncs in and, you know, back and forth. So that way if you run transactions in the software, it'll post it in QuickBooks. QuickBooks.

Yeah, that's good.

Yeah, so, you know, invoicing digital, you know, taking your business to the digital age, right? The digital age of getting careful, huh?

Crossing over to the digital side.

The digital side.

Uh, so much going on in the digital world today. No one wants to talk about it though.

No, it's, you know, everybody, you know, you gotta grow if you want to grow your business and you want to get efficient and you want to come up with a more efficient way to collect money. You can check out Nationwide Payment Systems. You can book an appointment. We can go run a, you know, ask you questions and then show you demo of a couple of different systems, and then you can see which one of those is going to work the best for for you. That's, that's the most—

that's, that's what's definitely most important. Yeah, what's gonna, you know, what does your business need? What are the needs of your business?

Right, because today everybody wants to have this like all, all commerce system or omnichannel or omnicommerce or full, full payment platform, you know. So, you know, what, whatever you want to call it, you know, you need to make sure like what are all the pieces that you want to have. You know, oh, I want to have this point of sale, I need it to talk to my QuickBooks. Well, not every point of sale talks to QuickBooks, you know. So you got to know what you're, what you're dealing with and how to, and how to deal with that.

Yeah, yeah.

Because, you know, the, the bigger your business gets, you know, the same thing. Like, we were having the conversation with the guys yesterday, we were telling them like, hey, you know, you want to get up doing over $100,000 a month on a merchant account, the bank is going to ask you for bank statements. They're going to ask you to see your P&L, your balance sheets. You know, they want to know what's going on with your business and want to see that you have a healthy business.

It's the only way you're gonna, right, break that hump, right?

That's how— because if you want to get over that hump, over $100 grand, and you want to scale, same thing with invoices.

I mean, it's the same for any businessman. You gotta, you gotta get your paperwork tight, and you're gonna have to be, you know, and show everyone what you're doing, right?

You have to. I met a guy the other— recently doing $500 grand a month, no QuickBooks set up, no, no nothing. I was like, listen, here's two accountants, call them on the phone, figure out which one you can work with, you know, who can help you. Here's a— you know, I gave him a third person that was actually local, right? If you wanted somebody to come down to your place and have them help you, because, you know, the bet— you can't do that much business and not have financials and accounting and every, you know, all your bank— you can be— go very simple, just have your bank accounts, your, your what you spend, your credit cards, all running through your QuickBooks, and then you're able to account for all your income and account for your expenses, and then, and then you can produce.

He's doing $500 grand a month and he's just got money going into his checking account or something?

Yeah, he has no clue what's going on. He shows me— he sent me a piece of paper showing me, here's my sales, here's my expenses, and here was the profit. And I was like, that's not gonna work. They sent me his bank. He had a ton of money in the bank, but the bank was like, hey, we want to see guys' P&L. We want to see this. We want to see pictures of the— they got a whole warehouse full of inventory. And I was like, how are you tracking your inventory? It's like all on paper.

What do they sell? All kind—

they, they, they're like—

oh yeah, yeah, yeah, yeah.

It's like a— they're like a wholesaler.

Yeah, yeah, yeah.

They wholesale items. They were selling items on Amazon, on Walmart. This, this is another guy from the guys I talked to yesterday. They were selling on Amazon. This guy was selling on Amazon, Walmart, on eBay. He was selling on Etsy. He was selling all over the place. He had a website, but it was a hot mess because the guy didn't have zero tracking set up. So we sent somebody over there. I think he hired a guy, so hopefully in another couple of weeks they're going to be able to, you know, put together a financial situation for him so he's gonna be able to move forward with this business. Nice. You know, that's what you got to do in business today. You got to be organized, you know, got it. You know, you want to scale, you have to be organized in order to scale.

So there you have it, there you have it.

That's the podcast for today.

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B2B Vault. Peace out. Carpe diem.