Overview

iVendNext’s Payment Requests feature makes it easy to request payments from customers. This article explains how to set it up and use it to boost collection efficiency.

1. What is a Payment Request?

A Payment Request is a document used to formally request payment from a customer for a sales order or invoice. It can be sent via email and may include a link to a payment gateway, allowing customers to make payments directly. Payment requests are particularly useful for:

• Advance Payments: Requesting partial or full payment before delivering goods or services.

• Outstanding Invoices: Reminding customers of overdue payments.

• Recurring Payments: Automating payment requests for subscription-based services.

Payment requests can be created from Sales Orders or Sales Invoices, and they can also be used for internal records in Purchase Orders or Purchase Invoices.

2. Prerequisites for Creating Payment Requests

Before creating payment requests, ensure the following are set up in iVendNext:

1. Sales Invoice: Create and finalize the sales invoice for which you want to request payment.

2. Purchase Invoice: If applicable, ensure purchase invoices are ready for internal records.

3. Sales Order: For advance payments, ensure the sales order is created.

4. Purchase Order: For internal records, ensure the purchase order is ready.

5. Payment Gateway Integration: If you want to include a payment link, set up a payment gateway in iVendNext.

3. How to Create a Payment Request

Payment requests in iVendNext are not created manually but are generated from Sales Orders or Sales Invoices. Below are the steps to create a payment request:

3.1 Creating a Payment Request via Sales Order

1. Navigate to the Sales Order list and open the relevant order.

2. Click on Create and then select Payment.

3. Choose the appropriate Payment Gateway Account if you have integrated a payment gateway.

4. The system will generate a payment request with a link to the payment gateway (if applicable).

5. Save and submit the payment request.

3.2 Creating a Payment Request via Sales Invoice

1. Navigate to the Sales Invoice list and open the relevant invoice.

2. Click on Create and then select Payment.

3. Select the appropriate Payment Gateway Account for accounts posting.

4. The system will generate a payment request with a link to the payment gateway (if applicable).

5. Save and submit the payment request.

4. Notifying the Customer

Once the payment request is created, you can notify the customer via email. iVendNext simplifies this process by automatically fetching the customer’s email address if it is already set up in the system. Here’s how to notify the customer:

1. Open the Payment Request document.

2. Use the Print Format option to generate a formal payment request document.

3. If the customer’s email is set, it will be fetched automatically. Otherwise, you can manually enter the email address.

4. Send the payment request via email. If a payment gateway is integrated, the email will include a link for the customer to make the payment directly.

5. Payment Request Without a Payment Gateway

If you do not want to use a payment gateway, you can still send payment requests with manual payment instructions. Here’s how:

1. In the Payment Request document, set the Bank Account details.

2. Compose a message in the email body with the bank details and payment instructions.

3. Send the payment request to the customer, who can then transfer the amount to the specified bank account.

6. Benefits of Using Payment Requests

Using payment requests in iVendNext offers several advantages:

1. Improved Cash Flow: Ensures timely payments by sending reminders and payment links.

2. Convenience for Customers: Allows customers to pay directly via payment gateways.

3. Automation: Reduces manual effort by automating payment reminders and requests.

4. Tracking: Provides a clear record of payment requests and their statuses.

7. Best Practices for Using Payment Requests

Here’s a quick look at some of the best practices for using Payment Requests.

• Set Up Payment Gateways: Integrate payment gateways to make it easier for customers to pay directly.

• Customize Email Templates: Use iVendNext’s Print Format Builder to create professional and customized payment request emails.

• Monitor Payment Status: Regularly check the status of payment requests and follow up on overdue payments.

• Use for Recurring Payments: Automate payment requests for subscription-based services or recurring invoices.

8. Example of a Payment Request Email

Here’s an example of how a payment request email might look:

Subject: Payment Request for Invoice #12345

Body:
Dear [Customer Name],

We kindly request payment for Invoice #12345, which is due on [Due Date]. The total amount due is [Amount].

You can make the payment directly by clicking on the following link: 

[Payment Gateway Link].

Alternatively, you can transfer the amount to our bank account:
Bank Name: [Bank Name]
Account Number: [Account Number]
IFSC Code: [IFSC Code]

Please let us know if you have any questions or need further assistance.

Best regards,
[Your Company Name]