What is an invoice and how does it work?

An invoice is a document that a business sends to a customer to request payment for goods or services provided. It typically includes details such as the customer’s contact information, a description of the goods or services provided, the total amount due, and the payment terms (e.g. due date). Invoicing can be done manually, using accounting software, or through an invoicing platform.

Invoicing for ACH (Automated Clearing House) payments typically involves providing the customer with your bank account information and routing number, and the customer then initiates an electronic transfer from their bank account to your account. This method of payment is typically used for recurring payments or large transactions.

Invoicing for credit card payments involves the customer providing their credit card information and the business using a merchant account to process the payment. A merchant account is a type of bank account that allows businesses to accept and process credit card payments. If you want to send invoices for credit card payments, you will need to have a merchant account.

In summary, an invoice is a document used to request payment for goods or services provided, invoicing can be done manually, using accounting software, or through an invoicing platform, ACH payments typically involve the customer initiating an electronic transfer from their bank account to the business’s account, credit card payments requires a merchant account to process the payment.

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