reads Zoho’s tagline. As a corollary to this, the Zoho Invoice team is fanatical that small businesses invoice.online and get paid.online. When your invoicing software was released, it was integrated with PayPal and we quickly added Authorize.net and Google Checkout to our repertoire. With that, we completed the troika of payment gateways to provide our customers a complete online invoicing experience. It is over two years since our customers have been accepting electronic payments and it is time to introspect and to gain interesting insights into to which payment gateway most of our customers turn to. So let’s talk some real numbers.
Payment gateways – How they stack up against each other?
Unsurprisingly, PayPal leads the pack as it is well entrenched in the market and in the last one year we saw a lot of small businesses outside the United States where it is the only option available using Zoho Invoice. Furthermore, PayPal standard (their only offering we support currently) is pretty easy to setup. Arguably, PayPal has played the role of an anchor tenant here. However, viewing this infographic in binary (one gateway wins, everyone else loses) would smack of short sightedness. We have observed a similar pattern of growth for payments via all three gateways and customers have shared similar experiences across the spectrum.
Let me add a caveat. The above statistics should not influence your decision to choose a payment gateway. There are factors beyond mere popularity like the location of your business, your average and median invoice amount, the number of invoices, etc. that should be considered before zeroing on a payment gateway. We will throw light on all these and more in forthcoming posts.
That is pretty much what we have for now. This is just a teaser and watch this space for more posts where we demystify online payments, share some interesting trends accompanied by evidential reports and of course help you choose the best way to get paid.
Until then, Happy Invoicing
When we launched Zoho Invoice last year it was one of the few affordable online invoicing services to support multiple currencies. However, there were some limitations and we have been pleasantly surprised by the number of users seeking improvements. This upgrade addresses these limitations to a large extent. So let’s quickly get down to the details:
Currency decimal places – It’s configurable!
Prior to the upgrade, irrespective of the currency in which you operate the amounts were rounded to two decimal places. This doesn’t go well with customers in a few countries. Let me give you an example of Japanese Yen (JPY) that does not have decimal places. Previously, when you raise an invoice totaling 100 Yen, the amount would appear as 100.00 in the invoice. Japanese customers tend to confuse 100.00 with 10000 Yen.
With this upgrade, you can configure the decimal places for JPY to 0 so that the .00 after 100 would no longer rear its ugly head. I am sure our friends in Japan will like this feature. We also hope our beloved customers in the Middle East and elsewhere who operate in currencies with 3 decimals will benefit.
Quantity Decimal Places – Precision Personified
Zoho Invoice now supports six decimals places for quantity on an invoice. All amounts in the invoice will be formatted to display up to the decimal places you have specified. If you are a telecommunication company who calculates customer calls in minutes to the 4th decimal or any other business not happy with the restriction of 2 decimals, you can try out Zoho Invoice now – the quantity decimal places should no longer be a deal breaker. With this, your invoices should look more accurate and better.
Invoice Creation – Service/Item Prices in Foreign Currency
We have also made changes to the way the item prices are shown while creating/editing invoices in foreign currency. Henceforth, if the invoice currency is different from your base currency item prices will be displayed in the invoice currency even while creating/editing the invoice. Previously, while creating invoices the item price were shown in base currency even though while viewing or sending the invoice they get converted to the invoice(foreign) currency. The amounts in invoice currency are calculated based on the exchange rate that you enter.
This upgrade lays the foundation for more exciting things to come from Zoho Invoice. We are in the midst of a hot Indian summer and one way to beat the heat is by delivering some cool stuff for our customers. Stay tuned.