Majority of the organizations are still relying on or rather inherited to be dependent to use paper checks for the business transactions. Even though the paper checks are time-consuming, tedious and laborious, small and medium businesses still prefer it as their preferred business payment method.

Moreover, the scenario is likely changing with technology getting adopted in its simplest form to ease all these business tasks. The same users are embracing the digital payments to pay their bill/invoices to friends, family or business partners. These online payment service providers and other related payment gateways such as PayPal are giving tough competition to paper checks.

Well, paper checks do get the job done of getting paid to a business by either encashing or crediting it. But in this fast-paced era, where business is closing sales by day end needs to also get paid fast in order for their own business to run smoothly and make a profit. However, regarding paper check, there is multifaceted necessary communication which happens between a bank, an accountant or a bookkeeper, or even multiple accounting software providers leading paper checks in business payment process as much more complex. Survey results showed that paper checks are posing a hurdle to these small business owners with 40% citing that the time spent on bill payment process is actually causing hindrance in their business growth and most of them are looking for alternatives now.

This is where Moon Invoice started making difference for these hundreds of thousands of small and medium business owners by instantly processing their invoices online and also by supporting online payment options. As these businesses and consumers who dealt a whopping $120 billion in transaction value this year presented a lucrative chance.

Moon Invoice, a simple and easy invoicing platform that can be accessed on any smartphone with any operating system have a wide range of customers whose payment methods has been simplified by offering multiple payment options and also simultaneously catering to the numerous features related to invoicing, estimates, purchase order, expense tracker, time tracker, sync, print, payment notifications and many more. Let’s discuss the ‘Payment’ while keeping the general invoicing features in mind.

With Moon Invoice, your business will enjoy simplified payment with multiple options and avoid payment delays. Following are the payment features to adopt that will lead to ‘Upward Shift In Bill Pay Services’ and will also address the long-awaited need to reduce the use of paper checks in order to be compatible with fast-paced business momentum.

1) Bill In Any Currency

Speak your client’s financial language with multiple currency options available. No obstacle in doing business by selling products or services overseas.

2) Multiple Payment Methods

Add preferred payment processing channel for faster payments which improve your business cash flow. Also, get the benefit of PayPal button support.

3) Taxes & Discounts

Add taxes with different companies & items with respect to local regulations. Also, manage tax overheads via a simple yet effective interface.

4) Manage Credits Easily

With the amazing ‘Credit Note’ feature make necessary adjustments to an over/underpaid invoice.

5) On-time Payments, Every Time

Always know beforehand about invoices & expenses becomes overdue. Easily automate payment reminder and get paid on time.

You can also learn more about ‘Instant Payment Boost For Your Business From Moon Invoice’ by clicking here.

Additionally, Moon Invoice lets your business be on top of the competition with Instant Invoicing & Billing, the Easy track of Payment & Notifications, Accurate Insights & Reporting Data. Few amazing add-ons with Moon Invoice are that you can add & “Manage Multiple Businesses”, “22+ Professional PDF Templates”, “Import/Export & Print Utility” and data backup “iCloud sync & MoonSync support”.

Recurring Payments Vs Recurring Invoices

Recurring Payments	Recurring Invoices
Recurring payments charge the customer’s credit card account or debit card account on a predetermined schedule for the same amount as preapproved.	Send an invoice to your customer on a regular basis. The client receives the invoice but, money is not paid unless the customer approves.
A business that takes prepayment of money and sells a monthly subscription service and product. Subscription services are excellent examples of this.	A company that provides fixed services with billable hours is an excellent choice for recurring billing. For example law firms and consulting agencies.

Pros and Cons of Recurring Invoices

Pros	Cons
You eliminate the possibility of human error by automating the billing process. If you use a recurring invoice, you will not be concerned about forgetting to charge your customers for the things they ordered.	You must exercise caution while recurring billing to prevent issuing inaccurate pricing. This also holds for price changes that could take place right once an invoice is created.
If you provide your customers with the option for recurring billing, they are more likely to buy products regularly.	It could be difficult to cope with recurring invoices if a transaction fails for any reason.

Net 45	Invoice is due in full within 45 days with no early payment discount offered
2/10 net 45 terms	2% discount if you pay within 10 days; otherwise full payment of the invoice is due in 45 days
1/15 net 45 terms	1% discount if you pay within 15 days; otherwise full payment of the invoice is due in 45 days
1/10 net 45 terms	1% discount if you pay within 10 days; otherwise full payment of the invoice is due in 45 days
1/7 net 45 terms	1% discount if you pay within 7 days; otherwise full payment of the invoice is due in 45 days

Category	Net Method vs. Gross Method	Explanation
Calculation Approach	- Applies tax credits first; reduces taxable income before computing tax liability.	- Doesn't apply tax credits; computes taxable income without considering tax credits.
Tax Credit Eligibility	- Allows for greater likelihood of tax credit eligibility due to reduced taxable income.	- Limits tax credit eligibility because taxable income hasn't been reduced yet.
Itemized Deduction Requirement	- Lowers threshold requirement for itemizing deductions due to decreased taxable income.	- Raises threshold requirement for itemizing deductions due to higher taxable income.
Advantages	- Leads to lower taxable income and increases chances of meeting qualifications for other tax benefits.	- Results in higher taxable income compared to net method.
Disadvantages	- May miss opportunity to reduce tax burden if taxpayer doesn't itemize deductions or take advantage of tax credits.	- Increases taxable income and may result in higher overall tax bill.