In the spotlight : Odoo connection
Odoo is a great environment to manage your customer portfolio with associated invoices and subscriptions. With the integration of Twikey, you add a complete all-in payment module to your Odoo environment. For one-off payments, you simply send a payment request and for recurring payments, you benefit from a full online flow.
The Odoo connection
If you are a business owner who regularly sends invoices to the same customers and companies, or if your company collects subscriptions, you probably lose a lot of time tracking and monitoring outstanding or unpaid invoices. With Twikey, you avoid extra work by letting customers pay via recurring payments (SEPA direct debit, recurring credit card, PayPal,...). You take the initiative to pay, the amount to be paid is automatically withdrawn from your customer's account and reaches you in a timely manner.
Twikey's software is now available in Odoo's app, an open source platform with business apps for CRM, e-commerce, accounting, inventory, point of sale, project management, among others. What does the integration have to offer and how does it differ from Odoo's standard payment module? You can read all about it here.
Why recurring payments
Why do companies choose recurring payments and why do they choose Twikey to collect recurring invoices, subscriptions,...? The first question is easy to answer. Thanks to recurring payments, there is: negligible payment administration for the customer, longer customer relationship lifespan, no discussion, no administration and faster payments. The only condition to enjoy the benefits mentioned above is a well-set automatic payment process. How do we do it?
Before the creditor can collect recurring payments, the debtor or debtor must give consent. This consent is given in the form of a mandate (e.g. direct debit mandate) that must comply with certain rules (legal requirements). As a result, sending out authorisations, monitoring signatures, preparing collections, debiting payments and monitoring failed transactions can become time-consuming activities with many manual actions for entrepreneurs and companies.
Twikey offers a complete solution for this by digitising all these steps. For instance, you invite customers online to digitally sign a mandate. This is the first difference with Odoo's standard payment module, in which mandates still have to be signed manually (offline).
Odoo as catalyst for high conversion to recurring payments
All companies with an Odoo account can use the Twikey software from within the app. Whether you want to close authorisations online, collect invoices via direct debit from your own bank, monitor failed payments via failure management or enrich invoices with payment links or QR codes, ... It's all possible thanks to the integration between Twikey and Odoo software.
Once the Twikey plugin is installed in Odoo, you can easily invite your customers individually or in bulk to sign a mandate online (via direct debit or recurring credit card, etc.). You can also integrate this invitation into invoices. After signing the mandate, the data is automatically fed back to Odoo and future invoices are automatically collected. You will find the status and all information up-to-date in your familiar Odoo environment.
Automated direct debit process
Thanks to the link with Odoo, direct debit transactions are automatically exchanged with your bank, All you have to do is create the invoice. The invoice info will then be automatically exchanged with Twikey and fed back to Odoo. If a direct debit fails, the automatic failure management kicks in, ultimately collecting 99.85% of all invoices on average without any administrative intervention.
By adequately monitoring outstanding payments, you shorten the payment period and reduce the debtor balance. The payment status of each invoice is automatically updated in Odoo. This also differs from Odoo's standard module, where recurring payment transactions have to be triggered manually and failed transactions are not monitored automatically.
Request to pay
Finally, you can use payment links for non-returning customers and increase payment convenience by adding all known payment methods to your invoice or reminder formatted in Odoo. Thanks to Twikey, you are linked to multiple Payment Service Providers, giving you the widest choice on the market for each payment method. Also, for payments via links or QR codes, the payment status of the invoice is automatically updated in Odoo.
In a nuthsell
Odoo is a great environment to manage your customer portfolio with associated invoices and subscriptions. By integrating Twikey, you add a complete all-in payment module to your Odoo environment. For one-off payments, you simply send a payment request and for recurring payments, you benefit from a full online flow. This allows you to invite customers online to digitally sign a mandate, to initiate payments automatically on the basis of the booked invoice and to monitor (failed) transactions automatically.
Do you want more information? Do not hesitate to contact us.