Zoho Books and Zoho Invoice, the online business accounting solutions from Zoho, now have a new feature to reduce the tedious process of charging recurring invoices to customers on a regular basis.
Zoho Books and Zoho Invoice have long had a recurring invoice function that sends a manually checked or fully automated
The new feature lets you charge your customer's credit card for recurring invoice payments on a daily/weekly/monthly basis.
In the case of failed payments, Zoho Books/Invoice will then try to process the payment again after a few days, before suspending it (dunning).
The ‘dunning process’ is defined by Wikipedia as:
“... the process of methodically communicating with customers to ensure the collection of accounts receivable. Communications progress from gentle reminders to threatening letters and phone calls and more or less intimidating location visits as accounts become more past due. Laws in each country regulate the form that dunning can take. It is generally unlawful to harass or threaten consumers. It is acceptable to issue firm reminders and to take all allowable collection options.”
Zoho have currently enabled this new function for Stripe, which allows you to accept payments from almost any credit card and debit card, no matter where your customer lives.
It is important at this stage to note however that in order to accept payments with Stripe, you or your business must be located in one of the countries Stripe supports.
- Australia
- Canada
- Ireland
- United Kingdom
- United States
Stripe is also available in open beta in:
- Belgium
- Finland
- France
- Germany
- Luxembourg
- The Netherlands
- Spain
This function will require basic steps as follows:
Step 1: Set up recurring invoices.
Step 2: Set up recurring invoice preferences.
Step 3: Configure Auto Charge.
Step 4: Configure payment failure retries (Dunning) and more.
We’ll keep you updated as we learn more but this looks like it will be a very useful function for small businesses!
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For more information on Zoho Books and Zoho Invoice online accounting software for small businesses please contact us here.