The open invoice is a common feature in small businesses. It is a way for companies to issue invoices to customers for products and services they provide. It grants customers the leeway to pay later and identifies a period between the date an invoice is issued and the date the bill is paid. While it can be frustrating for the customer, it is essential to close this type of invoice before collecting it. This article explains the benefits of the open-invoice payment model.
When a payment is made in this manner, the open invoice will go to the payment status. If it is paid in full, it will go into a bill. However, if a payment fails, it will have to be retried. Typically, a failed payment means that the customer cannot pay the account, and the transaction will be retried. This process is called retiring. Therefore, the user should …