There are certain similarities in the way Monite Invoice API Stripe Invoice API operate. For one, both have been designed with the developer in mind and have extensive documentation. But there are more differences than similarities. While Stripe Invoicing API is meant to be used by businesses directly, Monite Invoice API is a solution for neobanks and fintech platforms. Let’s look into these differences more closely.
What is Stripe Invoicing API?
Stripe Invoicing API is a popular invoicing solution built on top of Stripe Payments that lets companies accept credit and debit cards, bank transfers, and mobile wallet payments. Like many other major API solutions for payments and finance, Stripe Invoice API can be easily integrated across many online applications.
With the help of Stripe Invoice API, businesses can automate their invoicing workflows and other Accounts Receivable processes. As such, it helps finance and operational teams save time on things like payment reconciliation and invoice collection.
Who is Stripe Invoicing API for?
Stripe Invoicing API is a good choice for online businesses that can integrate invoicing into their existing websites, apps, CRM systems, and so on. As such, Stripe Invoice API is a proper and viable solution for SMBs who want to, for example, streamline their online checkout process and issue compliant invoices.
How is Monite Invoicing API different from Stripe Invoicing API?
While Stripe Invoice API is meant for end users (for example, online merchants), Monite Invoicing API is designed with platforms (neobanks, fintechs, B2B SaaS players, etc.) in mind. Moreover, Monite offers a comprehensive Accounts Receivable automation solution that can be embedded in such a platform. By doing so, platforms can unlock invoicing and other AR functionality for thousands of clients.
Unlike Stripe (who has numerous products in the financial space), Monite is solely dedicated to building cutting-edge headless AR and AP automation solutions. By specializing in the field, the company’s team is putting all of its efforts into developing functionalities that neobanks and fintechs can offer to their clients and monetize.
What does Monite Invoicing API offer?
In addition to the issuance of compliant invoices, platforms that use Monite Invoicing API can cover a wider flow. Here are just some of the functions that can be offered to clients:
- Issuing and sending offers and quotes
- Creating custom-designed invoices with payment links
- Sending compliant automated follow-ups
- Reconciling payments
- Exporting payments data to accounting systems
In addition to that, Monite Invoice API fully supports open banking rails as well as foreign transfers.
How can platforms make money with Monite Invoice API?
With Monite Invoicing API, financial platforms can offer their clients the convenience of issuing and handling invoices without leaving the platform. This means that clients no longer need to maintain a separate app that can only do invoicing.
This functionality can be monetized via two different revenue streams that complement each other:
- SaaS fees. Platforms can charge their business customer a monthly fee for using invoicing
- Processing fees. Platforms can also earn a commission on invoice payments that are made through a link
How much could your platform make? Simply input the number of clients you service to get an estimate using our AR automation calculator.