App Aware: PayTrace

App Aware is a free editorial feature of Insightful Accountant offered to the App Developer community. These features not only promote a developer's app(s) but help make our readers aware of new FinTech designed for the small-to-medium businesss market. Today's App Aware is about PayTrace, an app developed to help automate the accounts receivable process.

PayTrace offers a robust solution for accounts receivable workflows and helps businesses reduce time spent waiting to receive payment from their customers. This B2B automation solution focuses on helping you get paid faster. With PayTrace you can give your customers more payment options, and more payment options mean that customers have more opportunities to pay your invoice.

PayTrace lets your customers choose the payment options that work best for them. Digital records give those customers insights into their open invoices, and reduce customer costs by no longer having to issue paper checks, or mail payments. Customers are assured by encryption capabilities of electronic payments through PayTrace which reduce the potential for fraud.

PayTrace also streamlines your A/R processes. By digitizing your invoicing you not only make it easier for your clients to pay you, and get paid on a timely basis, but you reduce the workload of A/R personnel. Imagine eliminating manual work associated with A/R, cutting costs for Invoice processing, and getting paid in one or two days as opposed to thirty to sixty days.

Working with QuickBooks:

PayTrace integrates with all U.S. versions of QuickBooks Online including Self-Employed, Simple Start, Essentials, Plus, Advanced and Accountant. 

Using PayTrace is easy. Simply connect the PayTrace Trace-AR module to QuickBooks Online using your QBO account login credentials. Once connected, you can create and process Invoices while still tracking those invoices in QBO, or managing them in greater detail within PayTrace. Your customers see the familiar Invoicing templates they have come to know from QuickBooks, but you can send a digital payment link within your Invoice, as a separate email or via SMS text message to your customers. Another option is to configure client payment portals within PayTrace to let your customers manage and pay their Invoices using credit cards or ACH payment options. 

Key Features of PayTrace:

Sending a digital payment link speeds up both Invoice delivery and payment. You can expect faster “invoice to cash” while eliminating manual processes and lowering resource costs. Credit card payments also offer the benefit of lower fraud rates than payments made with paper checks and wire transfers.

The times are a changing. More and more, your customers are looking for the convenience of paying their bills, including your invoices, without the hassle of paper checks, window envelopes and postage. With PayTrace your clients can pay using the payment method they want via your electronic invoice, email, SMS  or their dedicated client portal. E-invoicing improves customer satisfaction by making payments less time consuming, less costly, easier to submit and track within their accounting.

App Comparison and Contrast:

According to PayTrace, if you were to look for similar apps with which to compare or contrast PayTrace, you would likely consider either VersaPay or E-biz Charge. You can routinely find product comparisons, generally provided by the competing product, boy searching the internet.  Insightful Accountant does not attempt to make any direct comparisons within our App Aware features*.

Key Benefits of PayTrace:

Here are some of the benefits why you should explore PayTrace and the Trace-AR solution:

• Connect PayTrace with QuickBooks Online in minutes using simple, out-of-the-box integration.
• Eliminate invoice inefficiencies and outdated processes.
• Automate manual processes, reduce human error and free up staff for additional  tasks.
• Provide customers with multiple ways to pay including a payment portal, all with digital audit-trail
• Qualify for lower B2B Credit processing solution rates.
• Get paid faster by reducing Days Sales Outstanding and gaining visibility into cash flow.
• Spend less time managing A/R and collections. 

Finding Out More:

For more information, head over to the PayTrace website. Be certain to check out the Demo at the Trace-AR webpage. As an Accountant, Bookkeeper, Consultant or QuickBooks ProAdvisor you will also want to explore their Partnership opportunities. 

Disclosures:

App Aware features are concise articles designed to summarize an App and make readers aware of it. These features are primarily composed of information provided by the App Developer, with limited review of the Developer's website or QuickBooks App Store webpage by Insightful Accountant writers, editors, or staff. Content is provided solely for educational and informational purposes.

* - App Aware features do not involve any independent testing or analysis by the author, and they do not represent any endorsement by either Insightful Accountant or the author. 

Content herein is based on information submitted by the developer, PayTrace. Additional content adapted from information obtained from the developer's website and content therein.

PayTrace  and Trace-AR are registered trademarks of NorthAB, LLC (North). North is a registered ISO of BMO Harris Bank N.A., Chicago, IL, Citizens Bank N.A., Providence, RI, The Bancorp Bank, Philadelphia, PA, FFB Bank, Fresno, CA, Wells Fargo Bank, N.A., Concord, CA, and PNC Bank, N.A.

As used herein, QuickBooks^® and QuickBooks Online refer to one or more registered trademarks of Intuit^® Inc., a publicly-traded corporation headquartered in Mountain View, California.

Any other trade names or references used herein may refer to registered, trademarked, or copyrighted materials held by their respective owners; they are included in the content for informational and educational purposes only.

Insightful Accountant provides App Aware features as a courtesy to developers and an information resource to our readers. All information provides is for educational and informational purposes only. This is an editorial feature, not sponsored content. No vendor associated with this article has paid Insightful Accountant or the author any form of remuneration to be included within this feature. The article is provided solely for informational and educational purposes.

Note: Registered Trademark ® and other registration symbols (such as those used for copyrighted materials) have been eliminated from the articles within this publication for brevity due to the frequency or abundance with which they would otherwise appear or be repeated. Every attempt is made to credit such trademarks or copyrights within our respective article footnotes and disclosures.