Invoicing With Encyro

Do you want to make profits an automatic part of your workflow? Or put your accounts receivables on autopilot?

Now you can do just that by collecting payment as part of your normal workflow actions (e.g., file-access, e-sign) and avoiding an extra invoicing step. The client pays without ever needing a payment reminder.

Description: The video describes how to use the key invoicing features in Encyro. To enable invocing in your Encyro account, click New Invoice and then Enable Invocing. See detailed steps to enable Encyro invoicing.

What is Encyro Invoicing?

Encyro has added online invoicing capabilities to its secure file sharing and e-signature product. Compared to other online invoicing options such as Stripe, Square, CPACharge, and many others, Encyro offers distinct benefits:

• Encyro integrates invoicing with your workflow such as sending proposals or engagement letters, or delivering the final files - the payment does not require an extra step in your process, saving you effort, and reducing the wait time for clients.
  • For instance, the client need not wait to receive the final file after having made the payment, and you need not manually send the file after receiving the payment and matching it to the right client. With Encyro you specify the payment required with the files you are sending. The client must pay to view those files. The client gets access immediately upon payment. The payment is automatically matched to the correct client on your side.
• Encyro lets you pass on credit card processing fee to customers, encouraging them to use the ACH/e-check option, to save on transaction processing fees.
• Encyro offers multiple professional design templates for your invoices. Each design template further lets you customize it to match your colors, add your logo, and reflect your brand.
• Encyro invoices let you bill exactly the way you want: you can add fees, taxes, or discounts specific to each line item as well as the invoice as a whole. You can also add multiple discounts or taxes when needed.
• Encyro offers multiple ways to receive payments: sending an online invoice, via a payment page (that you could link from your website), via QR codes (especially useful at crowded events where multiple customers must pay at once), as part of an electronic signature transaction, and with a secure message or file delivery.
• Encyro has partnered with a payment processor with exceptional customer service, one with review ratings that clearly stand out in the payment processing industry. Your payouts and bank transfers are in good hands. And all without a monthly fee for your merchant account.
• Encyro offers some of the lowest transaction processing fees. ACH payments are just 0.5% + 55c (for transactions above $100, this is lower than the industry standard rate of 0.8% to 1.2% charged by others).

Key Functionality

The invoicing feature in Encyro adds four primary functions:

1. Sending an invoice for online payment, with options to pay via credit card or ACH.
   • Encyro also provides a printable version of the invoice with a QR code that the client can scan using their phone to pay online.
   • Each invoice also comes with a payment link that you can include in an email or with items sent from a different system (so you can generate the invoice in Encyro but send using other means).
2. Requiring payment with file delivery. You can require your client to pay before they can view or download the files (or a message) that you send.
3. Requiring payment with an e-sign request, such as to accept a retainer or advance with an engagement letter or a payment with an e-file authorization.
4. Payment page to receive multiple payments for either a set amount or for client entered amounts. A QR code is also provided to receive payments in person. Multiple customers may scan the QR code at once without having to line up at a payment terminal, such as at a crowded event.

Detailed Features and Benefits

Let us look at the key features in more detail.

Payment with File Delivery

Sometimes, you need to collect payment before delivering the final project deliverables. A CPA firm may collect payment before releasing the final return (to prevent someone from using the numbers in TurboTax or for filing on paper). A creative agency may require payment before delivering the final e-book, artwork, or ad-copy. Engineering or energy consultants often require payment before providing the final report, plans, surveys, or blueprints that the client will use in their regulatory or permit applications.

The current process has several problems. First, once the customer pays, they are waiting on their files, putting you under pressure to respond quickly. You must manually reconcile the payment with the client project, match up the amount due, and then send the files.

The second problem is that the client has an extra waiting time that they must account for in their project. Client would have paid when they had the time. But before they can review the files, they must wait until when you have the time to respond.

On the flip side, if you collect payment after sending the deliverable, then a real risk is that payments are prone to delays. The client may get busy with the subsequent stages in the project once they have received their deliverable.

Yet another problem is the possibility of disputes related to the deliverable. Such disputes are easier to handle when you have already collected the payment. For instance, its easier to address a client concern by issuing a reasonable partial refund for any errors or omissions compared to dealing with a customer who refuses to pay altogether due to a minor difference in expectations. The onus of follow ups and pursuing collections would fall on you if the payment has not been collected yet.

With Encyro, you can easily send the final files to the customer with a payment requirement. The client will not be able to access the files (even if they have an Encyro account) until they make the payment. And once they do pay, they will not have to wait on you for the files. The client gets faster service. You save the time and effort that would have been spent responding to payment notifications, matching up the payments, and then manually sending files.

The detailed help article is available here but the process is really simple: when sending a secure message using Encyro, you simply click the Require Payment button and add the payment amount along with optional details such as discounts.

Payment with Electronic Signatures

With Encyro, you can require a client to pay when they e-sign a form that you send.

For instance, in the case of tax preparation, the IRS stockpiling rule provides tax preparers 72 hours to file the return after the client has signed the e-file authorization. If you wish to file with the IRS only after having received the payment for the preparation fee, it is best to collect that fee together with the signature on the IRS form 8879 (Encyro also supports KBA for IRS compliant e-signatures on form 8879, besides the option to collect an online payment with the signature.)

Not only does it reduce your risk of bad debts, it also saves time for both you and your clients by eliminating an extra step in the workflow. The signature and payment are handled in a single transaction, saving you valuable time during the busy season.

Often, you may need to collect an advance deposit or a retainer with an engagement letter or a proposal acceptance. Receiving a deposit lets you confirm that the client is serious, so you can start spending your time and resources on the work. It also assures the client that the engagement is final and they can stop searching for alternative service providers.

Besides payments, the Encyro e-sign feature also lets you request files such as identity documents or other paperwork needed to get started with the work, as part of the same e-sign request, speeding up your workflow and eliminating multiple back and forth follow ups.

Adding a payment requirement to the Encyro e-signature request is straightforward - you simply click the Require Payment button in the form to compose the e-sign request, and add the line-item amount (along with optional details such as discounts or fees). Detailed steps are available in this help article.

Integrated View

For many professional service businesses, as the client base grows, invoicing can end up being a hodge-podge of multiple processes including paper based invoices and payments received in disparate systems. Having your invoices in a unified system where you manage client files and contracts can make life a lot easier, especially in matching up payments with the work performed and reconciling your accounts receivables.

With Encyro, you see the payments and client files in one system. Payments appear in the same client folders that you use for the client files and messages. This lets you save time on multiple steps in your payment cycle. In particular, you no longer have to manually match each payment received with the correct client or deliverable. On the client’s side as well, they have to deal with fewer systems as they can pay in the same system as they use to send you their documents or other secure communication.

Your Encyro account also lets you filter invoices by payment status, amount, whether they have been viewed by the client, and also the invoice overdue age. A simple A/R aging view is also provided.

Pass on Credit Card Transaction Fees

Encyro Invoicing lets you pass on the credit card transaction processing fees to the client. This makes the cost of card processing visible to the client. They may then decide to use ACH to avoid the fee or pay the card fee as they prefer. In either case, you save on transaction processing costs.

Most large online payment systems such as Stripe and Square do not offer this capability. If credit card surcharging is not prohibited in your state, its time to start taking advantage of this feature today.

Online Payments: Get Paid Faster

Customers often prefer the convenience of paying online instead of writing checks and sending them in the mail. Accepting payments online has valuable advantages for your business as well:

• Speed: Online invoicing lets you receive the payment much faster and avoids the processing overhead of depositing checks and making manual entries to track payments received.

• Efficiency: Online invoices reduce human error in data entry, check writing, and manual calculations of discounts or fees. Encyro lets you enter multiple discounts, fees, and taxes, both for each line item and for the invoice as a whole. The total is calculated automatically.

• Lower cost: You can save money on printing hard copies, postage, and mailing stationery. You also avoid the frustrations of printer jams and paper reloads.

• Security: You no longer have to worry about bounced checks and check tampering.

• Tracking: You get real time visibility into the payment status. Encyro shows you when the invoice is viewed by the client and when its paid. You also receive a notification email for the payment received. No more waiting for the mail.

With Encyro, the invoice you send can be paid online using ACH, a credit/debit card, or Google Pay. You can either send the invoice using Encyro (the client will be sent an email with a link to view the invoice and pay it), or you can copy the invoice link from Encyro and send it to the client in your own email message, text message, or in other communication from a different system such as a CRM or practice management system.

Printable PDF: Even if the customer prefers a printable copy such as a PDF file to attach in their internal systems, the Encyro generated invoice PDF includes a payment link, an invoice code, and a QR code. The payment link can be used if the PDF file is viewed online. If the invoice is printed, the customer can either use the short payment link with the provided invoice code to pay online, or simply scan the QR code with their phone camera and pay on their phone.

Save time: Encyro also includes features to save you time when creating invoices:

• Invoice templates: You can save templates for common bundles of line items, discounts, and other invoice settings such as subject lines, footer messages, and email cover pages.
• Product catalog: Line items, discounts, fees, and taxes that you use once are automatically remembered and matchng ones are suggested as you start typing a similar item.
• Send Similar: If you forgot to save a template, you can use any previously sent invoice as template for a new one!

Professional Invoice Designs

Encyro provides eight sharp designs to select from for your invoice. Each of the designs can be customized to match your brand or logo colors.

A professional, branded invoice enhances your business image. It also provides a formal record of the transaction that some customers may need for their internal accounting, re-imbursements, or for record-keeping. Additionally, the invoice serves as your visiting card the next time the customer is looking for a similar service.

The Encyro invoice designs also let you add a custom message (such as a project summary or discount eligibility), a footer message, custom reference numbers (such as PO numbers), and an email introduction that is sent in the email with the invoice link.

Comparison

If you are comparing Encyro Invoicing with other options, the following points would be relevant to keep in mind.

1. Will the payment processor provide good customer support if ever there is an issue with a payout to my bank? Square, Stripe, and QuickBooks Payments have very low reviews for customer service on BBB and other review platforms. Encyro has partnered with Helcim as the merchant service provider. Helcim has a very high, and probably the highest, customer service rating in the payment processing industry. Their support team located in North America is directly reachable by phone and email.

2. Account holds and freezes: Many large payment service providers such as Square and Stripe are known for automated account holds and freezes. When that happens, it can be a challenge to get real customer support. Such holds are highly disruptive to business operations. Delayed funds availability is one of the top complaints for payment processors. This was a key consideration in Encyro’s selection of a payment processing partner, and Helcim’s upfront merchant account review minimizes these risks for you.

3. Does the invoicing feature require paying an extra monthly fee or PCI compliance fee? Encyro has no extra monthly fee for invoicing (other than the base Encyro fees). Helcim does not have a monthly fee either. Other products often have high monthly fees. For instance:

   • If you use Freshbooks for invoicing, you end up paying $780/year for the plan that allows unlimited invoices.
   • With InvoiceNinja you pay $120/year for just invoicing (Encyro includes secure file sharing, encrypted email, and e-signatures besides invoicing for less than that).
   • With Invoice2Go, their lowest plan is $399/year and that is just for invoicing (without the added Encyro features).
   • Invoicely charges $359.88/year, again just for invoicing.
   • Zoho Billing is $468/year.
   • CPA Charge costs $120/year, again just the invoicing without the extra Encyro features.

   These prices are quoted as listed on the product websites as of this writing and may change. Encyro’s latest price is available on the Encyro pricing page.

4. Credit Card Transaction costs: Many invoicing products charge 2.9% + 30c. Some such as CPACharge have even higher rates - 2.99% processing + $0.30 per transaction for VISA/Mastercard and 3.90% processing + $0.30 per transaction for American Express. With Encyro, your credit card processing fees are based on Interchange+ pricing. For the most common Visa credit card, this comes to 2.64%+30c (fees details are available from Helcim). For debit cards, with Encyro, the cost is even lower, around 0.93% + 30c for regulated debit cards. With other invoicing products such as Square and CPACharge, you end up paying the full 2.9% + 30c even for debit cards.

5. ACH Transaction Costs and Cap: Most other products charge 1%. Encyro charges only 0.5%+55c. Typically there is a cap on the fee, so for large transactions you pay a smaller fee than 1%. Square with the free plan has no cap but even if you go for their $600/year plan, the cap is still $10 (much higher than Encyro). CPACharge also has a $10 cap. Encyro on the other hand has a $6.30 cap. So not only is the Encyro ACH fee lower (0.5% + 55c instead of 1%), the Encyro fee-cap is also lower.

6. Integration: Will your payments be stuck in a separate system that you must manually match with clients? With Encyro, the payments are automatically matched to your client folders. In fact, if you use the payment with an e-sign or secure file delivery, the payment is matched to the specific workflow automatically.

7. Setup: How easy is it to get started? Do you need to fill out a long paper application or deal with wait times on the phone? With Encyro, the entire process is online and fast. You simply fill out the business details, create your online Helcim account, and the invoicing feature gets enabled in a day or two.

Conclusion

Encyro Invoicing adds a powerful new feature to help you save both time and money. By embedding the payment as part of your file sharing or e-sign workflow, you avoid an extra step in your process, saving valuable time. Not to mention that the payment is made as part of completing the transaction without you having to manually match up paid invoices or sending payment reminders. Even if you keep the invoicing step separate from the other stages of the transaction, when you create the invoice in Encyro you will see it in the same client folders as your other secure client communications, keeping all the valuable information in one system.

Tax preparations professionals can now confidently file within IRS stockpiling deadlines after an e-sign signature is received, if they use the Encyro “require payment” feature with the e-signature request. Engineering firms delivering ready-to-file reports or blueprints can avoid client wait time in file delivery after payment by using Encyro payment option in the secure file sharing flow.

Sign up for an Encyro account today to try it out. Once you have an Encyro account, go to Settings and purchase the Pro plan, then proceed to enable invoicing.