By Melissa R. Gardner, VP Marketing at NovoEX. Disclosure: I work at NovoEX. This applies to any invoicing tool and any bank.

Developers tend to treat invoices as admin: generate, send, forget. But your invoice is effectively an input to someone else's system. A client's finance team keys its fields into accounts payable software, and from there into a payment. Bad input, delayed output.

Here are the fields that matter most, and the bugs I see in each.

Beneficiary name

Bug: trading name on the invoice, legal name on the account, or vice versa.
Fix: use the exact name your account is registered under. Many payment systems compare names, and a mismatch can pause the payment.

Invoice number

Bug: no number, or numbers that repeat.
Fix: unique, sequential numbers. Ask clients to use it as the payment reference so you can reconcile without guessing.

Currency

Bug: amount without a currency, or a currency your account can't receive.
Fix: state the currency explicitly, and make sure the details you provide can receive it.

Payment details

Bug: one set of details for every client, regardless of how they pay.
Fix: include the details for the rail the client will use, such as SEPA for euros or SWIFT for international transfers, and label them.

Due date and terms

Bug: "Due on receipt", which finance teams often read as "next payment run".
Fix: a specific date, and payment terms agreed in the contract.

Client legal entity

Bug: invoicing a brand name rather than the entity that will pay.
Fix: ask for the legal entity name and address before the first invoice. Payments from a different company than the one invoiced can raise questions on both sides.

Transfer charges

Bug: silence, then a short payment.
Fix: one line stating who covers international transfer charges.

A pre-send checklist

  • [ ] Name matches account exactly
  • [ ] Unique invoice number
  • [ ] Currency stated
  • [ ] Correct, labelled payment details
  • [ ] Specific due date
  • [ ] Client legal entity correct
  • [ ] Charges arrangement stated

Treat it like a lint step before you hit send.

Melissa R. Gardner, VP Marketing at NovoEX. Disclosure: I work at NovoEX. General information only, not financial advice.

NovoEX offers an IBAN in your own name for EUR, GBP and USD, with fiat and crypto in one account. Soft KYC, KYB for businesses. Virtual cards are coming soon. https://novoex.io/register?ref=A896549E