Payment Options

Odoo possesses different types of configuration tools and techniques for fulfilling the operational aspects of Accounting operations management. One of the fundamental factors of Accounting management operations can be considered the management of Payments and their related functions. It is the duty of the finance department to acquire the incoming and outgoing payments. So in this digitalized era, you must be equipped with all the advanced features and tools to define and accept the payment suitable for receiving various sources.

The Odoo platform gives utmost prominence to the payment options, and the platform allows to quickly and easily manage and view payment terms, payment modes, and payment methods. The platform enables you to efficiently set up multiple payment terms, payment modes, and payment methods for all of their clients, vendors, and customers. This makes it easy to track incoming and outgoing payments and to report on payment trends. It also makes it simple to quickly create invoices and send payment requests. It provides a streamlined way to manage and process payments. This includes creating and managing payment terms, setting up and managing payment methods, and controlling automated payments. Payment options provide a comprehensive and convenient way to manage and process payments, freeing up time and resources to focus on other aspects of the business.

The key feature of the Payment options of configurations described in the Odoo instance is the Payment Acquirers, and this is the most convenient way to accept payment. So in the coming section, we can note down the Payment Acquirers which are available in the Odoo system.

Payment Providers

Payment Providers are the services that permit you to process payments for your customers. Payment Providers in Odoo 16 Accounting module lets you collect payments and to pay vendors, customers, or suppliers. This simplifies the payment and collection process, reduces manual errors, and ensures that payments are made on time. Payment providers also offer additional features such as automatic reconciliation, fraud prevention, and integrated accounting. It offers integration with online payment processors such as Paypal and Stripe, as well as various banks. This allows customers to pay for orders or invoices directly from the Odoo Website through a secure and encrypted payment gateway. This integration helps to improve customer satisfaction and streamline the payment process, resulting in faster payments.

You can easily obtain the Payment Providers menu in the Odoo instance. You can go for the Configuration tab of the Accounting module, under which you can view the Payment Providers menu icon under the Payments section, as highlighted in the image below.

Odoo Accounting Book

The menu can be used as a link to the Payment Providers window, where you can access all the payment providers that are already installed and defined, as shown in the image below.

Odoo Accounting Book

Here in the window, you will be able to view the Payment Providers who are being enabled for operations, along with their names and logo. In addition, it is also possible to enable the required Payment Providers just by selecting and activating the respective provider. Here also you have the option for filtering, and group by using the various default as well as the customizable FILTERS and GROUP BY options to easily acquire the required Payment Provider. Each of these defined Payment Providers can be selected for viewing the configuration details, and you have the provision to edit the details. To view the entire details of a specific provider, you can select it. For example, to view the details of the ‘SEPA Direct Debit’, we can click at this record. You will depict a new window where you can view the entire details, as shown in the image below.

Odoo Accounting Book

The different Payment Providers meant for the operations of the Odoo platform can be accessed from the Apps store of the Odoo platform. Here under the Accounting category you can access all the accounting related applications that can be installed strictly from here.

Odoo Accounting Book

Next, we can discuss the management options of Odoo Accounting module.



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