Invoicing can be very hard as there are many things to include while making sure that the list is balanced and according to the invoice terms. Among all the things that one needs to add to the chart, the payment methods are hardest to determine. If you are also confused about the invoicing payment methods, do not worry because we have created a list of general payment methods that will help you make your invoicing more easily.
Following are the general invoicing payment methods.
The Basic Bank Transfer
This payment method is normally called BACS, in short. This is one of the widely used invoice payment methods. Basic bank transfer is mostly preferred by corporations such as automation services and banks. All the payments and transactions are made in digital format, which means there is no participation of physical money. at
The customers and the banks opt for online or telecommunication. The amount of time taken in one transaction is about three to four working days. However, there is a new common service introduced in the market known as the faster payment service. This service was introduced within the UK region and is followed by UK companies and banks.
To use the service, your invoice should have the following things
- Your name
- Your bank account number
- sorting code
- Bank details
The second payment mechanism is regarding payments through bank codes. The bank codes come in three varieties which are given below.
These kinds of codes are used for international transactions and payments. For example, IBAN stands for International bank account number, which is widely applicable on a global level, and the customers can easily indulge in foreign transactions. The following countries are the top users of this code.
- New Zealand
If you possess a merchant account, then you can accept payments through this kind of service. Make sure to use official and legitimate e-commerce websites. However, remember that if your transaction is large, there will be an addition of taxes.
If you have a PayPal account, then you can easily do your transactions on a global level. However, there is taxation in this method as well, so choose wisely.
If you believe in traditional processes, you can just have physical cash as your invoice payment method. However, we will have to know the exact number for each transaction to balance your invoice chart, and that will take a lot of time.