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Benefits of Payment Gateways

Hello lovely Accountants,man using a credit card with a laptop

In this online world we are living in, where payments are just
a click away, more and more small
businesses are adopting payment gateways integrated with their accounting systems, and as an accounting practice, you could be leading the way by using this in your own accounting business.

If your practice implements a payment gateway with your current accounting software, you effectively give your clients less options to pay you, which means the quickest and easiest option for them to pay you is instantly. Yes, instantly! This means less debtor days, less bad debts and in a world where cash is king, you will have that cash to put back into developing your business.

The payment gateway, integrated with your own accounting system then matches up payments with sales invoices and marks them as paid. So does this all sound too good to be true? I am sure you are wondering – what is the catch? Well, there are minor merchant fees involved however you can even automatically pass these on to the customer if you choose. 

After you set this up for yourself and have a great system in place, you will then be in a unique position to preach this to your own clients about implementing this into their businesses.

As a practice, you can then offer the implementation of Payment Gateways as a service to your clientele which for your business will:
Add Value

Provide a true value add service to your existing and future clients.

Gain a Competitive Advantage

Set your practice apart by offering a service your competitors may not yet.

Provide Additional Services

Some gateway programs offer extras like subscription payments, recurring payments and payment plans, which you could set up on your clients behalf.

two people collaborating over laptops and paper

If you have clients who are hesitant or don’t see the benefits, here are five you can discuss with them:
Less Debtor Days & Less Bad Debt- Get paid FAST!

Invoices with a ‘pay now’ feature (via credit card or other online payment method) get settled far faster.

Cash is King

By being paid quickly. there is more money in the business accounts which can be used to continue to grow the business.

Move with the Times

Payment gateways are becoming more and more popular, with consumers increasingly used to paying instantly for goods and services. 

Cost Effective

The fees charged by the gateway companies are fairly reasonable, especially when you consider the alternative – manual labour costs of chasing up late payments.

Simple to Implement and Maintain

These gateways are quite intuitive and painless to set up for your clients. As the gateways integrate with the finance systems, it makes reconciliation a breeze.

 

Yes- payment gateway systems are amazing however there are so many on the market. If you would like more information on where to get started, we have a webinar where you can learn more:

 

 

 

https://future-proof-accountants.thinkific.com/courses/Using-payment-gateways-with-xero

Published by Neha Nayyar

Neha Future Proof Accountants

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