Are you frustrated with constantly chasing down payment confirmations? Imagine if every financial transaction was tracked and confirmed automatically, eliminating the need for manual follow-ups. This could streamline your financial operations and free up your time to focus on growing your business. If that sounds great, remittance emails are a must-try for you.
Let’s examine how remittance emails can solve this problem and how automating them can transform your payment process.
What is a remittance email?
A remittance email, or remittance advice, is an electronic message a customer or client sends to a business or organization to confirm a payment. This email serves as proof of payment and typically includes key details such as the invoice number, account number, payment amount, and payment date. By providing this necessary information, remittance emails help businesses quickly identify and process incoming payments, ensuring smooth and efficient financial operations.
Remittance email vs receipt vs invoice
Some might say that remittance emails are just like invoices and receipts because they do the same thing. While these terms might seem similar, they’re different if you look at each closely. Here’s how each one fits into the payment processing:
| Aspect | Invoice | Remittance email | Receipt |
|---|---|---|---|
| Issued by | Supplier | Customer | Supplier |
| Timing | Before or at the time of delivery of goods/services | After payment has been made | After the payment has been received |
| Contents | Details of goods/services, total invoice amount due, terms | Payment details such as amount and bank account, data, and method of payment | Payment details, the amount paid, data such as contact details, and method |
| Purpose of payment | To request payment from the customer | To confirm payment has been sent | To confirm payment is received, and the transaction is completed |
Benefits of remittance email
Here are a few reasons how remittance email can help you
- Improved communication: These emails clearly show the payment status between you and your customers.
- Eco-friendly: Remittance emails save paper by sending email notifications, making your business more environmentally friendly.
- Fewer errors and costs: Remittance emails keep accurate records, reducing mistakes in financial documents. This saves time and money on corrections, ensuring smoother operations.
- Better customer relationships: Clear communication through remittance emails builds and nurtures customer trust. Happy customers pay on time and stay loyal, increasing your revenue.
- Efficient audits and dispute resolution: Keeping a clear digital record of payments makes audits easier and helps resolve disputes quickly, saving time in email marketing and reducing legal costs.
Step-by-step process to automate remittance email in Mailmodo
Now that you realize the importance of remittance emails let us look at how you can automate it. We’ve shown you the steps using Malimomdo
Step 1: Connect your accounting software with Mailmodo
You can integrate your accounting software with Mailmodo using Zapier (or other connectors) or send data directly from your payment platform to Mailmodo using Webhook or API. Let us explore both of these actions.
Action 1: Using Zapier or other connectors
- Go to Zapier: Navigate to the Zapier website and log in to your account.
- Set up a Zap:
- Choose your accounting software as the trigger app.
- Once you choose an accounting software, select the event that triggers when a new payment is processed.
Design the email template you want to send when payment is processed.
Your email template should have fields for the invoice number, payment amount, and payment date.
In Zapier, link the data from your accounting software (such as the invoice number and payment amount) to these fields in your Mailmodo email template.
Here’s a guide on trigger journeys in Mailmodo through Zappier for a better and more thorough understanding.
Action 2: Sending data from the payment platform to Mailmodo (Using Webhook or API)
If you prefer not to use Zapier, you can send data directly from your payment platform to Mailmodo using Webhook or API. This method involves setting up a Webhook or API call that triggers when a payment is processed, sending the relevant payment details to Mailmodo, which then sends the automated remittance email.
Here’s an interesting guide on how to trigger campaigns via Webhooks.
Step 2: Test transactions
Conduct test payments in your accounting software to see if the webhook or connector setup triggers email automation as expected. This helps you verify that your setup works and that the remittance emails are sent as expected without errors. If there are any issues, you can troubleshoot and fix them before making it live.
Some best practices when setting up remittance emails
Here are some best practices to help you achieve the most out of remittance emails.
- Write a clear and concise subject line: Use a subject line that indicates the purpose of the email, such as “Payment Remittance for Invoice #123456.” This helps recipients quickly and easily identify these emails.
- Include important details: Ensure your email has the invoice number, payment amount, payment method, and anything else the recipient needs to know.
- Attach documents: Add the invoice or payment receipt to show the full transaction.
- Use security measures: Secure your emails, encrypt sensitive contact information, and ensure only the right people can see them.
Conclusion
As a business owner, automating your remittance emails can make a big difference for your business. It can make your financial tasks easier and save you time. With Mailmodo, this change is easy to achieve, making it simple to keep track of payments. But there's more than just automation and feeding payment information. Consider using your extra time and energy for bigger goals and new ideas. By following the steps in this guide, you can set up the accounting systems for your business and get the most out of remittance emails. Imagine how much your business could grow when you focus on success instead of just managing payments. The future of a smarter workflow starts now.
