Showing you the money

Posted on 06 August 2012 by Comments (28)

You've got the skills but are you getting the bills? With our new invoice payment facility you can go forth, get paid faster and let the good times roll my friend.

Being able to let clients pay invoices online has been one of our most popular feature requests ever, so we're not going to disappoint you with this.

Our new payment facility supports 2 payment processors out of the box: PayPal and GoCardless.

GoCardless?

You're probably well aware of PayPal, but GoCardless are a decidedly newer entrant to the payments space.

GoCardless works by taking direct debits from your clients bank account on a one-off or recurring basis. It's sponsored by the Royal Bank of Scotland and registered as a small Payments Institution with the FSA in the UK.

Of most interest are the fees: GoCardless charge only 1% of the transaction value. A tasty rate if we do say so ourselves. So how does it work?

Step 1: Get ready to accept payments

First of all, enable the payment processors. For GoCardless you do this through the Settings > GoCardless page. If you've never used GoCardless before, you can sign up as you go through the set up process.

GoCardless Set up

For PayPal, just add your PayPal bank account in the Banking area, if you haven't already.

Step 2: Create the invoice

When you create an Invoice you'll now see the option to accept online payments via PayPal or GoCardless. Select the appropriate one and create the invoice as normal.

When you email this to your client, include the new [online_payment_link] tag in the body of the email.

Email with online payment link

And your work is done! Sit back and wait for the cash-money to roll in like the business legend you are.

Step 3: Profit!

When your client receives the email, they click the payment link and will see your invoice, along with the option to pay by GoCardless or PayPal.

Online invoice payment

Payments made via GoCardless can take up to 7 days to appear in your account, but we'll show you that the invoice is being processed in your account, and stop any late payment reminders going out in the mean time.

The Knowledge Base has more information about the GoCardless and PayPal integration.

We hope you're as excited about this new feature as we are. Now go make those fat stacks!

US Sole Proprietor Tax Timeline

Everyone likes surprises: a free upgrade to business class, finding $5 in an old jacket pocket, an unexpected act of kindness from a stranger - it's the little things. Suddenly remembering about that last-minute income tax return? Not so much.

Tax Timeline

Luckily these nasty surprises will be a thing of the past as we launch the first in a series of useful new features for US Sole Proprietors.

With the new Tax Timeline on the Overview page, you can see all important upcoming tax dates, and plan accordingly. No more nasty surprises.

Better Overview customisation

At the risk of getting you all hot and bothered, we're not done yet. While the response to the new interface has been extremely positive (phew!) there's been a clear demand for better customisation of the Overview screen.

To that end, you can now drag tabs between panels on the Overview page, so if you want to see your mini P & L next to the Tax Timeline you can.

Changes to email tags

Last one, promise. We've changed the way email tags are handled when sending out invoice/estimate emails.

If you now set "[contact_billing_email],[contact_email]" in the TO: field the email will go out assuming one of the emails is present for a contact. Previously, we were more draconian about it, which totally isn't like us.

We've also added a new super smart [billing_or_contact_email] tag which will use the billing email if present or fall back to the contact email if no billing email is set.

Ok, that's all I got,
Roan & The Good Time Gang at FreeAgent.

Over to you...

Simon Logan, Mon August 06, 2012
Great stuff, a fantastic addition to the platform and it's good to see the continued development. Personally we're going to assess whether it's worth the 1% fee as most payments come through on time but it's good to know that is there for the future.

Well done guys!
Liz Cable, Mon August 06, 2012
Woohoo! This all looks fab, and GoCardless may well replace my paypal for online payments.

Thanks guys.
Matthew Hall, Mon August 06, 2012
GoCardless integration sounds very nice as a first step - will be looking at this later today.

When will we be able to get our customers to sign up once for a pre-auth Direct Debit via GoCardless that then auto-charges them for all invoices raised against their account?

By the way, you should update your post and help page - GoCardless charges 1% UPTO a max of £2.00. A big difference!

Loving the [billing_or_contact_email] tag too!

Is there any chance of displaying the Direct Debit logo on the FreeAgent payment page on the GoCardless button? Customers will recognise this (they won't know what GoCardless is).

Best

Matthew
Ken Richman, Mon August 06, 2012
Sounds good - I want to see the GoCardless on invoices, but not PayPal, I think.
Chris Houston, Mon August 06, 2012
I agree with Matthew's comment above about adding the Direct Debit logo, also would it be possible to automatically add the payment fees to the invoice? That way our clients would have the option to do a normal bank transfer ( free ) or if they wished to they could pay the invoice online at their cost.

Cheers, Chris
Michael Hale, Mon August 06, 2012
Hi, this may be a daft question, but what is the advantage of using this online payment facility over a normal bank transfer?
Graham Hilton, Mon August 06, 2012
Cool, sounds great off to have a look see.
toby stokes, Mon August 06, 2012
Just wondering, if gocompare takes it's fee out of the remittance, and if so, how FreeAgent deals with the disparity between invoice total and amount received?
James Cocker, Mon August 06, 2012
Can it be possible to obtain the payment URL without having to send out an e-mail, so that I can send the URL to my client by a different method?
roan, Mon August 06, 2012
Matthew: We'll be working on pre-authorisation of payments at some point in the future. Hopefully it won't be too long.

Toby: The fee is taken out of the invoice total so you'll need to explain the disparity as "bank charges"

James: Yes, you can mark the invoice as Sent and you'll see a preview link on the right, which you can copy.
James H, Tue August 07, 2012
We were really looking forward to using GoCardless, but have decided against it now, as it won't really speed up getting paid because they hold on to the money for seven working days.

It's a shame, but I suppose it's no different to any other payment gateway.

We'll just keep to our existing methods.
cheap accounting, Tue August 07, 2012
A charge of 1% of the transaction value is very competitive and lower than any other payment gateway I've looked into.

It is a shame that it takes seven days to receive payment. This is a long delay and I hope they work on halving this at least.
Sonassi - Magento Experts, Tue August 07, 2012
Its a shame that it still suffers from the same issues I reported years ago.

If you have VAT enabled on your PayPal account, the links from FreeAgent are useless, as it results in VAT being added twice on payments.

Worse still is the "Powered By FreeAgent" notation in the footer - its not necessary and devalues the professionalism of the service. Its a paid for accounting service, don't advertise on client's invoices! At the very least, make it optional to display a promotional banner.

Bit disappointing as otherwise, it looks like a nice feature.
roan, Tue August 07, 2012
Cheap accounting: The first payment can take up to 7 working days to clear but subsequent payments are usually faster. This article explains more:

http://blog.gocardless.com/post/20461609874/goingcardless-payment-timings-explained
cheap accounting, Wed August 08, 2012
Thanks for sharing the link Roan.
John, Thu August 09, 2012
GoCardless What a fantastic way to get paid faster! I have been thinking about setting up some kind of of payment system, for my man with a van removals business. This system looks like it will solve my payment issues and it will hopefully save me a lot of time visiting the bank to pay in cash. The 1% fee is a fair price for a great service like this!
James Walker, Tue August 14, 2012
Do you get any kind of email notification if a client does pay via GoCardless or is it just up to us to keep checking online?
Harvey K, Tue August 14, 2012
great new additions!
Used FreeAgent for a few months now, works great.

we came across a new web application for storage and collaboration of accounting documents, LedgerDocs, and works very well with FreeAgent.

Just thought to mention it and have put the URL below for anyone interested.

Website: http://www.ledgerdocs.com/

Keep up the great work!
Document Storage Online, Tue August 14, 2012
had the same concern as cheap accountant.
thanks for clearing it up roan, I have bookmarked that article.

Cheers
roan, Wed August 15, 2012
James: You will get an email from GoCardless when the invoice has been paid by your client.

Also when you check the invoice in FreeAgent you should see the status marked as being Processed.
Anthony Gradwell, Thu August 16, 2012
Can GoCardless be used by credit card holders in all countries or just the UK? Whilst we are a UK-based company most of our clients are abroad, so we need to be able to take payment from cards of all nationalities.
Jon Jenkins, Fri August 31, 2012
Really looking forward to sharing with clients and helping them get paid quicker and cheaper than conventional methods such as PayPal.
Sidel Stewart, Thu September 06, 2012
Great idea, but very disappointed by the fact that the platform is called 'Go Cardless' yet only takes BANK payments (in the same way that people can pay by BACS) but doesn't take CARD payments. Seems a little pointless to be honest.
Hashtag Accountants, Tue September 18, 2012
I like the sound of this app, could be an excellent way to invoice clients.
kristena, Tue September 25, 2012
good content it was amazing to know more about online accounting program me after looking
http://online-accountinginfo.blogspot.in/
Maggie, Thu October 11, 2012
We started using I careless but for our clients it's exactly the same amount of hassle as setting up a payment via Internet banking where you need to provide our sort code and account number and then make payments whenever you want.
IDcreate web design Edinburgh, Sat January 12, 2013
The idea of this app is great. Is it anyway to link it to Sagepay instead of paypal?
Alison, Fri January 18, 2013
Can the app be integrated into an e-commerce site such as wordpress running WooCommerce ore similar? Just it's always nice to find new ways of getting money :)

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