New: Improve Your Cash Flow by Allowing Partial Payments Online
August 18, 2015
At the end of the day, getting paid and managing your cash flow are the most important things that happen in your business. That’s why FreshBooks has introduced a new update that will give you and your clients the flexibility needed so you get paid even quicker: partial payments.
Starting today you can allow your clients to make partial payments online towards your invoices.
Why Should I care?
Waiting for checks and trudging to the bank to deposit them can be a time consuming, and frankly, exhausting effort. Online payments, give you and your clients maximum convenience so you can get paid in a jiffy – but that’s nothing new.
To take things to the next level, you now have the flexibility of allowing your clients to partially pay you online – here’s why this matters
Improved cash-flow for your business:
Sometimes, clients might not be able to pay you the full amount of the invoice right away. By allowing partial payments online, your clients will have the flexibility to pay you what they can earlier, meaning you’re waiting even less time to get some cash flowing into your biz.
Flexibility for you and your clients
While it’s common to simply require full payment either up-front or at the end of a project, some of you have told us you prefer to work out different types of payment schedules with your clients. Now you and your clients have the flexibility to accept whatever payment amounts, at whichever times – it’s no longer “all or nothing”.
How does it work?
You can choose to begin accepting Partial Payments online by going to the “Accept Credit Cards” page under your “Settings” menu. On the right-hand side of the page you’ll notice “ Partial Payments” checkbox. Tick that off and you’re good to go.
Now, when your clients go to pay your invoice online they’ll see a new field for “Payment amount.” It will default to the total remaining balance of the invoice, but your client can now edit it down to whatever payment they want to make.
At this point your invoice will move into a “Partial” status. Your client can now make another payment at any time. Once the entire balance has been paid, the invoice will move into “Paid” status.
Note: if you’re not currently using online payments you’ll need to enable a payment gateway before you can accept credit cards online. Check out Payments by FreshBooks to learn more about how online payments can help your business.
Are there any extra fees required to use this feature?
Nope, this feature is available now on all FreshBooks accounts. You’ll only pay your standard online payment fees.
Does this work with all Payment Gateways?
Yes, this will work with any of the payment gateways FreshBooks integrates with the exception of PayPal. Fear not – the FreshBooks team is hard at work making sure you can seamlessly accept Partial Payments through PayPal.
I don’t get paid online – can I still accept partial payments on my invoices?
Absolutely, if a client pays you outside of FreshBooks, via cash for example, you can apply that payment to the invoice, even if it isn’t the full balance.
Begin accepting Partial Payments online today
Ready to give it a whirl? Head on over to the “Accept Credit Cards” page under the Settings menu in your account to allow Partial Payments to be made online.
Need help getting started or have any questions? Give our award-winning support team a call at 1-866-303-6061, send us an email, or comment below – we always love hearing from our customers.