In any business, efficiency is the key to success. Yet, many companies still rely on outdated payment collection methods that slow down their operations and create needless friction. For example, imagine you’ve just closed a deal. Now, you have to send manual invoices, wait for paper checks, or engage in endless back-and-forth emails to secure payment. These traditional methods waste time and, worse, open the door to errors and delays that impact your bottom line. 

This is where the Foxit Pay solution comes in. Foxit Pay is a game-changing solution that will radically transform how you collect payments. Seamlessly integrated into Foxit’s robust eSign platform, Foxit Pay enables you to collect payments efficiently and securely during the eSignature process. By combining two critical business functions, this innovative approach makes for a smooth, unified workflow. 

The challenges of traditional payment collection

Before we explore all Foxit Pay has to offer, let’s look at the common pain points that it seeks to resolve: 

• Delayed payments: The gap between service delivery and payment receipt can be significant if you rely on manual processing. This delay can strain cash flow, creating unnecessary financial stress for businesses of all sizes.  

• Disorganized payment tracking: Tracking payments can be a logistical nightmare. Keeping tabs on who has and hasn’t paid while juggling multiple systems for signatures and payments makes it easy to be overwhelmed. This can lead to overlooked invoices and lost revenue. 

• Payment errors: Like anything involving human interaction, manual payment collection is prone to error. It could be missed invoices, incorrect payment amounts, or even forgotten payments. These errors can add up to costly losses and waste company time.  

• Customer friction: Customers hate friction. Yet requiring them to sign a contract in one system and then switch to another to make a payment created needless friction and a disjointed experience. Adding this extra step also adds the potential for delays or even abandonment of the transaction altogether. 

Introducing Foxit Pay: The all-in-one solution for signatures and payments

Now, let’s look at how Foxit Pay addresses these pain points by integrating payment requests directly into the eSignature process. This innovative solution allows you to collect payments immediately upon signature completion, providing a seamless experience for your company and its clients. Take a look: 

• Reduced delays: Foxit Pay significantly reduces the waiting period between the service agreement and payment receipt. Customers can make their payments instantly upon document signing, ultimately reducing the time it takes to pay and get paid.

• Improved accuracy: Tying the payment directly to the signed document reduces the risk of incorrect invoices or payment amounts. The amount that’s agreed upon is the one that will be paid. 

• Enhanced customer experience: With the payment and signature process in one place, customers enjoy a frictionless experience. They can review, sign, and pay in one seamless interaction, making it easier for them and increasing the chances they complete the transactions promptly. 

• Streamlined payment organization and tracking: Foxit Pay consolidates payment and signature tracking in one place, eliminating the need for multiple systems. This ensures you can easily monitor who has paid and who hasn’t, preventing missed invoices and reducing the risk of lost revenue.

Real-world applications: How businesses benefit from Foxit Pay

Foxit Pay’s versatility makes it an ideal solution for a wide range of industries and business types. Let’s explore some real-world examples of how various businesses can leverage its capabilities: 

Freelancers and consultants 

Timely payment collection is often a problem for independent professionals. With Foxit Pay, they can send service agreements to clients and get paid upfront as soon as the agreement is signed. This eliminates the need to chase down invoices after project completion, ensuring a steady cash flow. 

Event planners 

Coordinating events requires careful management of contracts and payments. Foxit eSign makes it easy to get signatures from vendors and with Foxit Pay, event planners can request deposits or final payments from customers alongside signed contracts. This approach streamlines the project and reduces the risk of last-minute cancellations.  

Real estate and property management 

Foxit Pay can greatly simplify the leasing process for property managers. They can request security deposits or rent payments alongside the signing of the lease agreements. The ability to sign and pay in one go provides a better experience for tenants while reducing the likelihood of missed initial payments.  

Subscription services 

For subscription services that require a contract to be signed, businesses can use Foxit Pay to collect initial payments or set up automatic payments along with the contract signing. This reduces friction in the onboarding process and makes for consistent, hassle-free recurring payments.  

Corporations and Large Businesses

For larger organizations, Foxit Pay simplifies the process of managing multiple payment streams, whether for employee benefits, vendor agreements, or corporate contracts. Companies can collect upfront payments, recurring charges, or one-time fees with the ability to manage and track all transactions in a centralized platform. This streamlines financial operations and provides greater visibility across large-scale transactions, improving cash flow and reducing administrative overhead.

A step-by-step guide to collecting payments with Foxit Pay

To better understand how Foxit Pay works, let’s walk through a step-by-step example of the payment collection process in just five simple steps: 

• Step 1: Create the document and add the payment fields. Start by uploading your contract and adding signature fields as usual, but also include a payment field to allow the signer to make a payment directly as a part of the signing process.  

• Step 2: After creating the payment field, enter the amount to be paid upon signing within the Foxit Pay feature. You can choose between a fixed fee (like a deposit) or an adjustable amount based on the service provided.  

• Step 3: Once the document is ready, send it to the customer for review, signature, and payment. The customer will receive one seamless communication that allows them to sign the contract and pay at the same time.  

• Step 4: After receiving the document, the customer reviews its contents, signs it, and is prompted to complete the payment through Foxit Pay. The system will allow them to use their preferred payment method without the need to switch to another platform.  

• Step 5: As soon as the customer signs and pays, both you and they will receive confirmation. The signed document will be automatically and securely stored in Foxit eSign. The payment will be processed in real time.  

It’s as easy as that!

Why Foxit Pay is the ultimate solution for payment collection

Businesses have many payment options available to them. However, Foxit Pay stands out as a superior solution for those who want to streamline their payment collection process. Here’s why: 

Time-saving efficiency: Foxit Pay eliminates the need to manage payments and document signing separately. In doing so, it saves businesses countless hours. They no longer need back-and-forth emails or long waits for checks in the mail. Everything is handled in one smooth process. 

Secure and reliable: Security is of the utmost importance when dealing with sensitive documents and financial transactions. Foxit Pay has secure payment processing, keeping both documents and payments protected with the latest encryption standards. This provides peace of mind to both businesses and their clients. 

Seamless experience for customers: Customers benefit from decreased friction when signing. This improved user experience can lead to faster transaction completions and greater customer satisfaction.  

Improved cash flow management: Businesses enjoy a more predictable cash flow when payments are collected immediately upon signature. Small businesses and freelancers, who rely on timely payments to keep their business running, especially benefit from this.  

Reduced administrative burden: Business owners and administrative staff can spend a lot of time on the payment collection process. Foxit Pay frees up this time, allowing staff to spend more time on core business activities and growth initiatives.  

Scalability: Foxit Pay was built with scalability in mind. If you’re a solo entrepreneur, it can grow with your business. If you’re a large corporation, it’s fully capable of handling the type of high-volume transactions that keep your business running.  

Embracing the future of payment collection 

If your business relies on eSignature processes, integrating payment collection isn’t just a convenience, it’s a competitive necessity. Foxit Pay provides that integration in a seamless and easy-to-use way. It offers businesses a powerful tool to streamline operations, improve cash flow, and enhance customer experiences.  

Foxit Pay addresses the common pain points associated with traditional payment collection methods, allowing businesses to focus on what they do best instead of struggling to manage payments. With Foxit Pay, you’ll save time on administrative tasks, reduce payment errors, and improve cash flow, which all help you better grow your business. 

If you’re ready to boost your payment collection process and experience the benefits of a truly integrated eSignature and payment solution, give Foxit Pay a try. Experience firsthand how it can streamline your workflows, reduce errors, and provide a better experience for your customers. You’ll get all these benefits and more in one powerful tool.