Singapore has a rapidly growing economy that’s very quickly becoming one of the most technologically savvy. As a result, consumers and businesses are pushing beyond the bounds of the country’s borders to seek products and services from more established regions of the world, including the United States. For U.S. companies, it means more and more market share coming from Singapore.
With this market share comes the need for payment solutions. Learning how to invoice someone in Singapore and make the payment transaction as smooth as possible is something every business needs to investigate for itself. Thankfully, there are more options and easier solutions than ever.
Here’s a closer look at what it means to invoice someone in Singapore and the factors a business needs to consider to make the payment process as simple and uncomplicated as possible. Mastering invoicing is the first step in recognizing the budding market share Singapore has to offer!
Information needed to generate an invoice
Before you can send an invoice, you need to generate one. A good invoice is one that doesn’t leave the recipient with any questions about the transaction—and it makes sure that the issuer has all the information they need for recordkeeping in one place. At a bare minimum, international invoices should include the following key pieces of information:
- The issue date, payment due date and NET terms
- Sender and recipient names and contact information
- A unique and identifiable invoice number (for auditing)
- The full amount due for the products or services being invoiced
- A description of the scope of work being invoiced
- Approved modes of payment and/or ways to pay the invoice
When sending an invoice to someone in Singapore, you’ll also need to factor in the currency difference. It’s good practice to send the invoice in the landed currency, which would be the Singaporean Dollar (SGD). Make sure to adjust the invoice amount to reflect the appropriate currency value and, if you factor in exchange rate fees, make a note of the implied exchange rate somewhere on the invoice.
Use data capture technology for paper invoices
Sending a printed paper invoice to Singapore just isn’t an option. Not only will it take too long to get there, your recipient has virtually no recourse for payment once they get it—other than to manually enter the information online. Instead, look for platforms like Veem that have image capture capabilities. All you need to do is drop an image of the invoice into the platform and machine learning will do the rest, turning it into a digital invoice that’s easily send to the recipient. Best of all, since it’s digital, they’ll have numerous options to pay—all at the click of a few buttons. No data entry human error. No wait times.
Create pay links and payment requests
When it comes to the actual mode of delivery for an international invoice, Veem offers another great innovation: Pay Links. These links are unique, secure links that take the recipient directly to their invoice and allow them to pay instantly. Businesses can drop the link into an email, text message or direct message and send it right to someone in Singapore. All the recipient needs to do is click to access and pay.
Pay Links also bring an added level of transparency to international invoicing. They allow senders to see when the invoice was viewed, even if it’s not paid right away. That way, there’s no confusion about whether it was received or not.
Don’t forget to integrate!
When your invoice recipient in Singapore does pay, you need a way to make sure those funds get to your bank and the transaction gets recorded in your books. The answer to both is a simple one: integration. Veem integrates with both banking and accounting software, enabling powerful automations that keep your business’ financial picture current and accurate. Businesses can tailor robust actions to ensure their international revenue streams integrate smoothly with the rest of the business, from both accounting and cash flow standpoints—without any extra intervention from accountants.
Using Veem to invoice someone in Singapore
All these features and capabilities add up to a cross-border invoicing solution that’s easy for businesses—and even easier for invoice recipients. When it comes to sending an invoice to someone in Singapore, the simpler it is for them to view and pay the invoice, the easier it is for your business to transact with this budding economy. It’s your recipe for getting paid on-time and in-full, and it starts with Veem.
Ready to create, customize and manage your invoices like never before? Schedule a demo with Veem today and learn how to make invoicing the easiest part of doing business abroad.
Sorry, no posts matched your criteria.