PayPal just launched a new online invoicing product, which utilizes the functionality of the existing PayPal invoicing and adds features to help merchants bill more efficiently and get paid faster.

There are new invoice template options, partial payment functionality, the ability to record cash or check payments, the ability to CC others on an email invoice, the ability to share invoice links to customers directly, and the ability to save a PDF of the invoice for your records.

There are three new template options: Quantity (for breaking out the quantity sold), Hours (for billing by an hourly rate), and Amount only (when quantity or hours don’t apply).

With partial payments, you can enable partial payments and minimum payment amounts. This way a customer can pay a deposit up front for example. An invoice will have a partially paid status until it’s been completely paid.

“Our new invoicing product adds to the list of value-add products/services PayPal extends to merchants, in addition to things like PayPal Working Capital (extending credit to merchants to help them stock inventories and scale) and PayPal Here (enabling merchants to have a mobile POS that accepts all types of payments from mag stripe to EMV to NFC),” a spokesperson for PayPal tells WebProNews.

“As always, we’ll continue to support our existing invoicing features to help businesses send, track and manage customized invoices and get paid quickly and efficiently,” the company says.

According to the company, 2.5 million businesses sent PayPal invoices last year.

Image via PayPal