Specific information about the payment method Open invoice (as a white-label solution).
Open invoice belongs to the payment method type of "Buy now, pay later" (BNPL). In summary, open invoice represents a payment method where the customer gets his goods and may pay - usually via bank transfer - in a certain period of time, e.g. 14 days after the delivery.
Please note, this is page handles the white-label variant of open invoice. You may also be interested in open invoice as branded BNPL solution.
If a customer chooses to pay with open invoice, an initial risk check has to be done by Accounting as a Service or another risk provider. The Accounting as a Service risk module or an external provder performs the specified risk checks and returns a score and/or a decision according to the rules you configured. In case you are using Accounting as a Service risk management please note that you will be able to change those rules at any time to boost conversion rates or reduce the risk. Accounting as a Service experts are happy to consult you and give you their recommendations.
Once the check has been successfully passed, the goods or services can be shipped. In addition, the order will have to be created and invoiced in the accounting module of Accounting as a Service (following the use cases Create webshop order and Create invoice for webshop order).
The invoice can be generated either by yourself or by Accounting as a Service. In the case when you are generating the invoice please ensure the bank details and the reason for transfer are properly filled with the invoice number and the customer number to enable Accounting as a Service match incoming payments automatically.
From the point of the invoice being generated and sent, Accounting as a Service will take care of all customer related payment processes including payment matching, write-offs of under-/overpayments according to your configurations, dunning process, transfer to a collection agency (either one of Rivertys own agencies such as Arvato Infoscore AT or a 3rd party provider), handling of collection outcome including settlements and write-offs including tax correction. Please make sure to configure your dunning process when providing your technical application. We are happy to consult you with best practices if needed.
Using open invoice (white-label) as payment method, you will be able to monitor your outstanding receivables and dunning/collection rates in the Accounting as a Service reporting portal at any time.
There is no common settlement process or file, but the customer pays to your bank account directly. The bank account statement is imported and reconciled in Accounting as a Service on a daily basis.
For refund handling, make use of Return webshop order to trigger the refund procedure as part of a return, or use Add goodwill to manage the creation of a goodwill. Accounting as a Service checks the balance of the debtor and balances the return booking with possible open items. Remaining credit balances will be automatically refunded using the bank data the customer has used within the initial payment.
PLease note: Bank refunds will have to be confirmed by one of your authorized employees at your bank.