Managing payments efficiently is crucial for any auction company. With Invoice Autopay from AuctionMethod, you can automate invoice payments, reduce administrative workload, and provide a smooth and easy experience for bidders. Whether you want full automation or bidder opt-in flexibility, Invoice Autopay makes the process simple and efficient.
Understanding Invoice Autopay Settings
AuctionMethod’s Invoice Autopay offers various settings that allow auction companies to customize how and when invoices are processed. Here’s a breakdown of the key options and how they can benefit your auction operations.
1. Autopay Mode Options
Auction companies can choose between two autopay modes, depending on how much control they want over automatic payments:
- Site Mode: All bidder invoices are automatically processed once the auction concludes. This ensures instant payments and reduces manual follow-up.
- Bidder Mode: Bidders can opt in for automatic payments, allowing flexibility while still encouraging timely transactions.
2. Autopay Timing Settings
To ensure payments are processed at the right time, Invoice Autopay includes flexible timing settings:
- Auction Closed Interval: Determines how soon invoices are generated after an auction ends, measured in minutes.
- Delay for Autopayments: Allows auction companies to set a delay (in days) before autopay runs, giving bidders time to review invoices before automatic processing.
3. Processing Time
The time of day when autopay runs can also be customized:
- Immediate Processing ("Now"): Payments are processed as soon as the auction ends.
- Scheduled Time: Payments run at a specific time, allowing auction companies to manage transaction flow.
4. Payment Amount Threshold
To maintain control over high-value transactions, auction companies can set a payment amount threshold. If an invoice exceeds this limit, it will not be processed through autopay, ensuring larger payments receive manual review before processing.
5. Administrative Settings
For better record-keeping and tracking:
- An Admin User ID can be assigned, ensuring that all autopay transactions are properly logged.
- This allows auction companies to track who is responsible for payment records within their system.
6. Notifications and Communication
Keeping both auction administrators and bidders informed is crucial. Invoice Autopay includes:
- Email Notifications: Admins can receive updates on autopay transactions, ensuring transparency.
- Invoice Copies to Bidders: Bidders can receive a paid invoice copy via email, improving communication.
- Custom Messages: Auction companies can customize email messages for successful or failed payments, providing a professional and personalized touch.
Why Use Invoice Autopay?
Implementing Invoice Autopay in your auction operations has multiple benefits:
✅ Reduces Manual Work – No need for staff to chase payments manually.
✅ Improves Cash Flow – Faster payments mean quicker revenue collection.
✅ Enhances Bidder Experience – Buyers appreciate a seamless, automated payment process.
✅ Prevents Payment Delays – Autopay ensures transactions are completed on time.
Get Started with Invoice Autopay
Automating invoice payments is a smart move for any auction company looking to streamline operations and improve efficiency. With AuctionMethod’s Invoice Autopay, you can customize settings to fit your business needs while ensuring timely and hassle-free transactions.
Ready to optimize your payment process? Contact us today to learn more about how AuctionMethod’s Invoice Autopay can benefit your auctions!
