Definition
Payment
A payment is money a customer pays for goods or services, settling an invoice or completing a purchase. Tracking payments lets a business know what has been collected and what is still owed. Online and automated payments make it faster and easier for customers to pay.
Payment is the moment revenue actually lands. It closes the loop that started with a lead and ended with a completed job and invoice. Making payment easy, through cards, online links, or automatic billing, speeds up cash flow.
Tracking payments against invoices shows the true state of the business. It reveals who has paid, who is overdue, and how much is expected soon, which is essential for managing cash flow and knowing your business is healthy.
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