Using the Paypal invoice feature for your small business needs

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Whether your are a new blogger or an experienced blogger, a small business owner or freelancer you may have been asked if “you accept Paypal.” You may have also been asked to submit an invoice via PayPal or by some clients to accept credit cards. All of these things can be done, making PayPal an efficient way of keeping track of payments and expenses as well as what is outstanding or unpaid, and providing a quick way to send a reminder. I find PayPal (other than the fees) to be one of my favorite methods of handling my small business finances.

+ The information provided is based on the belief that you currently have a PayPal account. If you don’t have one, it can be easily created by visiting Paypal.com. If additional assistance is needed when setting up your account or using it for business be sure to talk to the helpful customer support system.

creating a paypal invoice

Log into your account and select the Send and Request option.

creating a paypal invoice

Select Create Invoice.

paypal invoice feature

 

Select the type of invoice you need to submit. I usually use the default function because my invoices usually are a flat rate sum but I like being able to detail what it is. You can also use the amount function if you are charging a rate only. Select hours if you charge by the hour (example 4 hours at $55 an hour).  The invoice number and date are automatic, however you may want to change the invoice number if you have for example submitted other invoices using an alternate method.

If you need to you can create your own template, however the three provided do offer most the itemization that they need.

Optional items: You can upload your logo and use your logo on your invoice. Other optional items include changing the due date, reference number, currency or due date. Additional options include attaching files like reports.

Include the email address to the person you need to bill. Once you have included their address it can be saved and used ┬árepeatedly by starting to type the name. You can also send to multiple parties. For example I’ve had some clients where I send it to the accountant for payment, but also to the marketing department so that she would know it had been submitted and be aware of where it was in the process.

paypal invoicing

I like to end my invoices in the notes section with “Thank you for your business,” or other note of appreciation. I leave other correspondence for email messages. Terms and conditions can be stated, for example my contractor included a note about the warranty on the parts and labor for the repairs made in my house and attached the files of the items used and hours worked.

PREVIEW: It’s important to preview and review your invoices before sending. The wrong number can cause difficulties with your client. You can also save them to be sent at a later date should you get called away from the office.

SEND: Click send and you will receive an email message to the email account associated with your Paypal account confirming your invoice has been issued. An email will be sent to the client to pay and they may use their debit or credit card or their PayPal funds available in their account.

It’s that easy. I like that I can also go through the unpaid invoices quickly and easily with the sorting function or I can look at the full list of all paid and unpaid. Use the “REMIND” button to remind clients that they invoice remains unpaid when it has not been paid by the time agreed upon.

Remember PayPal just charge a fee but then again most of these types of services as well as even some banks do. Consult your accountant to determine if it is a tax deductible expense.

This is just the basics of using the PayPal invoice feature, be sure to contact their customer service department for additional information as well as assistance should you have any problems.

 

 

 

 

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