The new Bank Tokenization feature allows your clients to securely save their bank details, making future payments easier.
“Where’s my money?” Let’s face it: It’s a question you’ve likely asked yourself as a business owner, that you wish you didn’t have to. Because wondering why you haven’t been paid for your work is not only frustrating, it can derail future projects when the money you’re counting on isn’t there.
But just because your client is slow to pay, doesn’t mean they’re purposely holding out. Sometimes they just can’t find the time, or when they do find the time they just forget they have an outstanding invoice…
To help solve these problems, FreshBooks is introducing Bank Tokenization. It’s a simple new feature that allows your clients to save their payment information in FreshBooks, so they can pay for future invoices faster.
What Is Bank Tokenization?
Bank Tokenization allows your U.S. based clients to securely save their ACH bank account details when they visit FreshBooks. That way, when they go to pay future invoices their information is ready and waiting.
Wait: What If My Client Is Not Based in the U.S.?
Don’t worry, clients outside of the U.S. can save their Credit Card details for future invoices instead. It works the exact same way as Bank Tokenization, and is just as easy to set up. Learn more about how clients can save their Credit Card details here.
How Do I Enable Bank Tokenization?
As long as you accept ACH on invoices, you don’t have to do anything! The option will be available on all future invoices you send out to clients that pay by ACH.
What Will My Client See On An Invoice?
Your client will see an option to save their ACH bank account details. If they choose to save their details, every future invoice will then have their information pre-filled. Here’s what this looks like on an invoice:
And here’s what it looks like for your client after they’ve saved their details:
Why Should I Use Bank Tokenization?
If you have a lot of repeat clients, or offer a subscription service, Bank Tokenization takes a lot of the work out of payments for you and your clients. Once they save their details, they’ll never have to waste time entering information again – they can just set it, and forget it.
How Secure Is Bank Tokenization for My Clients?
If your clients are hesitant to save their banking information on FreshBooks, they don’t have to be. All their details are protected by industry standard security. And if they ever want to remove their info in the future, they can just click the trash can icon next to their saved details on an invoice.
FreshBooks Is Always Here for You
If you have any questions on how to use Bank Tokenization, or anything else, a team of Support Rockstars is ready to help you out. Contact them here.
about the author
Dave is a Senior Copywriter currently working for FreshBooks, serving the 10 million amazing small businesses using the platform. When he’s not writing, Dave can likely be found binging Netflix alongside his dog Indy.