Multiple Payment Methods

Multiple Payment Methods

EquiBillBook supports various payment methods to accommodate different ways customers pay you. Understanding and properly configuring payment methods ensures accurate recording and tracking of all customer payments.

Available Payment Methods

EquiBillBook typically supports the following payment methods:

• Cash: Physical cash payments
• Bank Transfer: Electronic transfers between bank accounts
• Cheque: Paper cheque payments
• Credit Card: Credit card payments (processed through payment gateway)
• Debit Card: Debit card payments
• Online Payment: Payments through online payment gateways
• UPI: Unified Payments Interface (for Indian businesses)
• Payment Link: Payments received through payment links
• Other: Custom payment methods you define

Selecting Payment Method When Recording Payment

Step 1: Access Customer Payment

When recording a customer payment:

1. Navigate to Customers → Customer Payment
2. Click "Add Payment"
3. Select the customer

Step 2: Choose Payment Method

In the payment form:

• Select the payment method from the "Payment Method" dropdown
• The available methods are pre-configured in your system settings
• Choose the method that matches how the customer actually paid

Step 3: Enter Method-Specific Details

Depending on the payment method selected, you may need to enter:

For Cheque Payments:

• Cheque Number: Enter the cheque number in the reference field
• Cheque Date: The date on the cheque
• Bank Name: Name of the bank (in notes if needed)

For Bank Transfer:

• Transaction ID/Reference: Bank transaction reference number
• From Account: Customer's bank account details (in notes)
• Transfer Date: Date of transfer

For Credit/Debit Card:

• Card Last 4 Digits: Last 4 digits of card (in reference or notes)
• Transaction ID: Payment gateway transaction ID
• Authorization Code: If available

For Online Payment/Payment Link:

• Transaction ID: Payment gateway transaction reference
• Payment Gateway: Which gateway was used
• Payment Link ID: If paid through payment link

Step 4: Select Deposit Account

Choose the account where the payment is deposited:

• Cash Account: For cash payments
• Bank Account: For cheques, transfers, and card payments
• Payment Gateway Account: For online payments (if configured)
• The account selection affects your cash flow and bank reconciliation

Configuring Payment Methods

Payment methods are typically configured in system settings:

1. Go to Settings → Other Settings or Payment Settings
2. Navigate to Payment Methods section
3. Add, edit, or activate payment methods
4. Set default payment methods if needed
5. Configure payment method-specific settings

Payment Method Reporting

You can generate reports by payment method:

• Payment Method Summary: See total payments by method
• Payment Trends: Analyze which methods are most popular
• Reconciliation Reports: Filter payments by method for bank reconciliation
• Customer Payment Reports: Filter by payment method

Multiple Payment Methods for Single Invoice

Sometimes customers pay using multiple methods for one invoice:

• Record separate payment entries for each payment method
• Allocate each payment to the same invoice
• Each payment entry tracks its own method and reference
• The invoice status updates as payments are applied
• Example: Part cash, part bank transfer for one invoice

Payment Method Best Practices

• Always select the correct payment method that matches actual payment
• Enter reference numbers for traceability (cheque numbers, transaction IDs)
• Select the correct deposit account based on payment method
• Use consistent payment method names across your organization
• Keep payment method list clean - deactivate unused methods
• Review payment method reports regularly to understand payment trends
• Train staff on selecting appropriate payment methods
• Document any custom payment methods clearly

Online Payment Integration

For online payment methods:

• Payments may be automatically recorded when received through payment gateway
• Payment links can auto-record payments when customers pay
• Verify automatic payments are correctly allocated to invoices
• Reconcile online payments with payment gateway reports
• Ensure transaction IDs are captured for reference

Cash Payments

For cash payments:

• Select "Cash" as payment method
• Deposit to your cash account
• Consider daily cash reconciliation
• Keep physical receipts as backup
• Record cash payments promptly to avoid discrepancies

Cheque Payments

For cheque payments:

• Record cheque number for tracking
• Note cheque date if different from payment date
• Consider clearance time when recording
• Track pending cheques separately if needed
• Update payment if cheque bounces

Bank Transfer Payments

For bank transfer payments:

• Record transaction reference number
• Verify transfer has cleared before considering payment received
• Match transfers with bank statements during reconciliation
• Include customer account details in notes for verification

Payment Method Configuration Tips

• Customize payment method names to match your business terminology
• Add payment methods specific to your industry or region
• Set up payment methods before recording payments
• Keep payment method list organized and relevant
• Document any special handling required for specific payment methods

Common Scenarios

Scenario 1: Mixed Payment Methods

Customer pays part cash, part card:

1. Record first payment entry: Cash method, partial amount
2. Record second payment entry: Credit Card method, remaining amount
3. Allocate both to the same invoice
4. Invoice status updates to "Paid" when total matches

Scenario 2: Payment Link Payment

Customer pays through payment link:

• Payment may be automatically recorded
• Verify payment method shows as "Payment Link" or "Online Payment"
• Check that payment link ID is captured
• Verify allocation to correct invoice

Scenario 3: Cheque That Bounces

If a recorded cheque bounces:

• Cancel or reverse the payment entry
• Update invoice status back to original state
• Record new payment when customer pays again
• Add notes about the bounced cheque

Related Articles

Learn more about:

• Recording Customer Payments
• Payment Reconciliation
• Payment Receipt Generation

Supporting multiple payment methods gives you flexibility to accept payments the way your customers prefer. Properly recording payment methods ensures accurate financial tracking, easier reconciliation, and better reporting on how customers pay you.