Wholesail helps bring transparency to buyers regarding their account and payment status. Skipped invoices, unused credits, and short-pays all become more clear when they have access to their invoice and payment history.
This is made possible by Wholesail’s deep integration with the seller’s accounting system that makes much of this data visible to buyers. Because of this, it’s worth keeping a few things in mind:
- Updates to invoices in the seller’s accounting system become available to buyers almost immediately for QuickBooks Online (typically within 5 minutes) and typically in the evening for QuickBooks Desktop (depending on when you have configured your sync timing)
- Unapplied payments or overpayments are visible to buyers, but unless the seller creates a corresponding credit memo, there is no way for the buyer to “apply” that balance to a future payment. Learn more about How to resolve customer overpayments.
- Payment status is updated in Wholesail immediately if a buyer pays through Wholesail and you use QuickBooks Online. For payments made via check or ACH outside of Wholesail, payments are updated only as frequently as the seller updates payment status in their accounting system. If a statement is delivered to the buyer before the seller has caught up on received payments, then some invoices will show as outstanding that have actually been paid.
There are a few items we recommend addressing before you start sending statements to customers:
- Terms - Make sure the terms for each customer is appropriately set. If you do update the terms, don't forget to update the terms for open invoices as well. We've noticed that buyers sometimes have 0 day terms, so the invoice date will be the same as the due date.
- Customer names - The customer's business name will be on the statement and the payment portal. If you use short-hand for customer names or include information in the name that you wouldn't want them to see (for example payment status), we recommend changing this before sending statements.
- Customer email addresses - Before sending statements, Wholesail imports the customer's email address from your accounting system so it's best to add the contact information there first. Learn more about how Wholesail syncs customer contact information.