Self-service application and payment receipts for Pay by Invoice
What is self-service application of payments and credit memos?
Self-service application of payments and credit memos (i.e., Apply Funds) is a new tool available to Pay by Invoice customers to assign unapplied credit memos and payments to outstanding invoices, without needing to contact any support agents. Prior to this feature launch, customers were required to provide this instruction via email to the accounts receivable team in the form of remittance instruction. This feature allows customers to apply their own payments, and see their account balances update within seconds.
What are payment receipts?
Customers can select any payment within the Payments and refunds tab of the Your Invoices for Pay by Invoice page and view the:
- Open balance of that payment, available for application
- History of applications to get us from the original deposit amount to the current open balance
- Transactions involved in each application event (specifically, which invoices and credit memos are impacted by each application)
How does it work?
Admins can navigate to the Apply Funds experience to:
- Select the unapplied payment(s) you’d like to use to pay your outstanding invoice(s)
- Select the unapplied credit memo(s) you’d like to use to pay your outstanding invoice(s)
- Select the invoice(s) you’d like to pay
- Adjust the payment amount(s) for the selected transactions until there is a perfect balance of credits (unapplied payments and credit memos) and debits (invoices)
- Apply your payment
Within seconds, the transaction balances, as well as the account balances, will be updated. To view application history indicating how a payment has been applied towards invoices and credit memos, select that payment within the Payments and Refunds tab.
What are the customer benefits?
By using the new self-service tools to (a) apply your payments and credit memos and (b) view your payment application history, you can reduce communications with accounts receivable, reconcile open balances, and improve your cash flow.
Where are we launching?
We’ve launched this feature for Pay by Invoices customers in US, Canada, UK, Germany, Spain, France, Italy, and Japan.
Get started using these features on Your Invoices for Pay by Invoice.
