The payment methods you offer directly affect how quickly you get paid. Here's how to set up the right options for your business type and client base.
Why Payment Methods Matter
The harder it is to pay you, the longer it takes to get paid. Every friction point in the payment process — a missing bank account number, an unsupported card type, a payment portal that requires account creation — adds time between your invoice and your cash.
Choosing the right payment methods for your business isn't just an operational decision. It directly affects your cash flow.
Bank Transfer (EFT / ACH / BACS)
Bank transfer is the standard payment method for B2B transactions in most countries. It's free for the recipient, secure, and creates a clear paper trail.
What you need to provide on every invoice:
Pros: No fees, works for any amount, standard in B2B. Cons: Takes 1–3 business days to clear, no immediate confirmation to the payer.
Ensure your bank details are on every invoice, every time. Don't assume clients have them saved.
Credit and Debit Card Payments
Cards are standard for consumer transactions and increasingly common in B2B. To accept cards, you need a payment processor.
Common options:
Payment links: Most processors allow you to generate a payment link and include it on your invoice. The client clicks, enters card details, and pays immediately. This significantly reduces the time to payment.
Pros: Immediate payment, convenient for clients, works across borders. Cons: Processing fees (typically 1.5–3%), chargebacks are possible, funds may take 2–3 days to reach your account.
Direct Debit / ACH Debit
For recurring billing (subscriptions, retainers, regular deliveries), direct debit lets you pull payment from the client's account automatically on the due date.
The client provides a direct debit authorisation once; subsequent payments happen automatically.
Services: GoCardless (UK/Europe), ACH processing (US), BECS direct debit (Australia).
Pros: Ideal for recurring billing, payment is automatic, reduces admin. Cons: Setup requires a mandate from the client, not suitable for one-off invoices.
Cash
Cash is still used in many trades, retail, and service businesses — particularly for smaller amounts, on-site work, and in markets where other methods aren't standard.
If you accept cash:
Cash income is still taxable. "Cash in hand" payments are not off the books — they're part of your business income.
What Payment Methods to Offer by Business Type
Freelancer / consultant: Bank transfer is standard for project invoices. Consider payment links via Stripe for clients who prefer cards. Simple and low-cost.
Retail / hospitality: Card payments via POS (Stripe, Square, SumUp) are essential. Cash for flexibility. Consider digital wallets (Apple Pay, Google Pay) for speed.
Trades / field service: Card terminals (SumUp, Square) for on-site payment. Bank transfer for larger quoted jobs. Cash for small jobs.
Subscription / SaaS: Direct debit or recurring card billing. Automate as much as possible.
B2B services: Bank transfer as the primary method. Payment links as an option for smaller invoices or quicker payment.
Including Payment Details on Invoices
Whatever methods you offer, include all relevant details on every invoice — bank account details, payment links, and any reference instructions. The client should be able to pay without asking you for anything extra.
A payment link that expires or bank details that are wrong will cost you days of delay.
Payment Tracking in Quotation Expert
Quotation Expert lets you record which payment method was used when marking an invoice as paid — useful for reconciliation against your bank account and cash records. Your dashboard shows outstanding invoices at a glance so you can see exactly what's been paid and what's still waiting, regardless of the payment method used.
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