Square Invoices is a software invoicing solution from Square headquartered in San Francisco, California.
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Wise
Score 9.4 out of 10
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Wise, formerly TransferWise, from the company of the same name headquartered in London, provides international accounts and payment solutions for businesses. Wise helps businesses pay international invoices, vendors, and employees with the real exchange rate, in 80 countries, boasting cheaper rates than traditional banking options. It also helps to make faster, lower-cost payouts to all business customers, freelancers, employees, investors, and suppliers around the world.
Square Invoices is the best service that I have found for what it does: it's easy to use, nice to look at, and never seems to go to spam or be lost by clients. Clients mention that the setup is easier than services my competitors use. You can even attach your contract to the invoice, which is wonderful in case there are questions later on. Unfortunately, not being able to have clients alter quantities or select add-ons means for half of my services, I have to use a different, inferior service.
Transferwise it is great for transferring money across countries (never for transfers within the same country) and when the countries in question use different currencies. It is very quick, especially if the amount is not big. For larger amounts, it would take longer so it would be good only if you are not time-constraint.
TransferWise (at the time of this review) does not allow one to transfer money to all kinds of business accounts. This can be a limitation for people who want to use it as a way to pay directly for goods and services.
Sometimes it has problems with some credit cards. But the most popular types are accepted without problems.
TransferWise accepts fewer currencies than other services. But it seems like this is a temporary problem, and the company is making efforts to support transferences to all of the currencies.
The only time I had a problem was a false chargeback from a client. Square Invoices referenced our contract and ruled in my favor, and they did so in a timely manner. I sent them the contract and my email history with the client, and they quickly unfroze the amount of money.
I feel that for what it does, Square Invoices outperforms its competition. Because we have used the program for several years, we have seen how they continue to improve their service - making it user-friendly and accessible for a variety of needs. Other platforms are not as easy to set up, add items, and access funds after payment is received.
Apple Pay has high fees and hidden charges, not easy to use and it does not really support enterprises. It is also not regulated by MAS so we don't feel safe using it. Transferwise account was easy to set up (within minutes), the admin fee is low and the pricing is very transparent (no hidden fee). Lastly, we needed a platform which is safe to use and we are happy to know that Transferwise is regulated by the MAS of Singapore.
The fee for invoicing is extremely reasonable for how easy it is. At 2.75% per transaction, it's well worth it.
I like that invoices can be printed and mailed or sent via email for easy online payment.
I have a 100% collection rate on my invoices, and they are often paid within 24-48 hours of being sent, which saves me the time of chasing down checks, which can be especially cumbersome when I have multiple clients.
