Wells Fargo & Company (NYSE:WFC), in recognition of Earth Day, today introduced Online Invoicing through Wells Fargo Business Online, a time and money-saving online banking offering for small businesses.
The new service makes it easier for small business owners to create and send invoices and receive payments online.
"Online invoicing gives small business owners an opportunity to take an enormous amount of paper out of the waste cycle and to reduce the need to physically transport invoices and payments across the country," said George Throckmorton, senior director for NACHA - The Electronic Payments Association and a spokesperson for PayItGreen. "Today is Earth Day and we applaud Wells Fargo for introducing Online Invoicing because it is good for the environment."
According to Aite Group, a leading independent research and advisory firm, most small business owners manually create their invoices or use a third party solution. In addition, a recent report stated that despite small business owners' interests in electronic invoicing, only a few U.S. banks currently offer the service.
With Online Invoicing through Wells Fargo Business Online, small business owners can:
- create professional invoices with easy-to-use templates, customizing the look with their own logo, business information, payment terms, discounts and penalties;
- receive invoice payments from customers via bank transfer (ACH) or, if the business accepts card payments, by debit or credit card;
- set up automated email payment reminders and past-due notices; and
- streamline reconciliation with comprehensive reporting tools that show if an invoice is paid, outstanding or past due.
Benefits to small business customers include:
- convenient receipt of invoices via email with both a PDF attachment and a convenient link to the Wells Fargo Online Invoicing Payment Hub, where they can quickly view invoices and make payments online;
- the ability to pay invoices easily and securely online or by check; and
- simplified tracking of invoices and their payment status all in one place.
"Now, small business customers can view account balances, activity and future cash flow on one secure web site," said Richard Weeks, senior vice president at Wells Fargo's Internet Services Group. "Small business customers can potentially get paid faster, and having a strong and steady cash flow is more critical than ever."
Wells Fargo Business Online provides a secure, fast and easy way for small business customers to manage their business and personal finances. A full range of integrated online payment solutions include:
- Business Bill Pay - pay any company or individual in the U.S. from a business or personal account;
- Direct Pay - pay employees by direct deposit and make next-day payments to the business bank accounts of vendors anywhere in the U.S. and;
- Foreign Exchange Online - send and receive payments in over 100 currencies, while taking advantage of real-time rate quotes and competitive exchange rates.