Now that people can make all their purchases from their phones, they expect to be able to make payments online in every aspect of their life. 70% of people report high satisfaction with mobile payments on their phones, and 79% report high satisfaction with making online payments. If your accounting firm wants to provide clients with the convenience they expect from a modern firm, you need to accept online payments.
When you make online payments available for your clients, it benefits both you and them. Since online payments make paying your invoices easier and more convenient, your clients will be happier with your services and you’ll be more likely to receive payments promptly.
Here are four good reasons to get started with online payments today.
1. Clients expect you to take online payments
The biggest reason to implement online payment processing is that clients probably expect you to be offering it already. A whopping 84% of consumers pay their bills via credit card, and that number is only growing. Even older clients, who you may think would be less inclined to change, are increasingly paying their bills online: 46% of seniors used eBills in 2020.
To make sure you don’t lose out on clients over something as small as payment options, you need to make online payments an option for the people you serve.
2. Online payment processing means a client can pay from anywhere
You need accounting firm billing that’s as flexible as your firm. In today’s world, no one wants to have to arrange to come by your office just to make a payment. And sending a check by mail comes with its own set of disadvantages. Not only does your firm have to wait for the check to arrive at snail-mail pace, but you’ll also need to spend additional time processing and cashing the payment on your end.
With online payment options in place, your clients can conveniently pay your invoices from anywhere, even from their mobile devices. A working mom may only have five minutes to pay all her bills while she’s waiting in her car at soccer practice—the right payment processing software can allow your firm to send her a secure payment link, so she can settle her invoice using her phone in the short time window she has.
3. When your clients pay online, you’ll receive payments faster
Ultimately, you want to receive your payments as quickly as possible. When you enable credit card processing, you make it easier for your clients to pay you, and that means they’ll be more likely to pay for your services promptly. And once they submit their payments, you’ll be able to see that money more quickly. (Whereas a payment by check can take days or even weeks to arrive in the mail, the right payment processing software can process and deposit your funds in 48 hours or less.)
4. Online payment processing can be integrated into your accounting practice management software
Organization is key to running a successful accounting firm, and online payments make it easy to keep all your invoices straight. You can use an online payment processor that’s either part of your existing accounting practice management software or easily integrates with it. For example, Mango Payments allows your clients to pay their bills on their smartphones in seconds.
By bringing your invoicing and payment processing into the same software, you’ll make it easier to keep track of payments and invoices and put your practice management software’s built-in reporting tools to good use as you analyze your collections practices.
How to choose the right processor for your accounting firm billing
There are a lot of online payment processing options out there, and it can be difficult to figure out which one will be best for your firm. In general, though, you should look for an online payment processing solution for accountants. A general point-of-sale system used at places like grocery stores or shopping malls won’t be the best suited for the unique needs of your accounting firm.
You need to use a specialized payment solution that’s designed just for accountants. These software make it easy for you to export the data from payments into spreadsheets or offer integrations with the accounting software you know and love.
Other helpful online payment processing features to look for include:
- Low fees and costs: Interchange fees might be anywhere from 0.05% to 3% of the final price, so shop for options on the low end.
- A simple setup process: Make sure installation is easy and ask questions ahead of time so you aren’t stuck in setup for months.
- Accepted payment methods: Double-check that the processor accepts the types of credit cards your clients typically use.
- Security and fraud protection: Credit card processing should encrypt your client’s data properly.
- Customer support: You need to make sure you can reach someone if the online payment processing system goes down.
Mango offers integrated online payments for accountants
Mango Practice Management makes the lives of accountants easier by giving you everything you need to run a more streamlined, profitable practice. That’s why we offer our own built-in payment processing solution: Mango Payments. Designed specifically to meet the needs of busy accounting firms, Mango Payments allows your clients to pay conveniently by both credit card and e-check.
With Mango, you get paid fast, receiving payments within 24-48 hours, even for ACH payments. You can set up recurring payments that automatically schedule a new invoice after one is paid. Plus, Mango cuts your credit card processing fees, so more of your hard-earned money stays in your pocket. And Mango’s customer service offers free training, so they’ll help your accountants learn to use the software at no cost to you.
To see how easy online payment processing for accounting firms can be, request a demo with Mango Practice Management today.
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