Accounting Firm Payment Processing

Understanding Merchant Services and Payment Processing For Financial Professionals

Payment processing and merchant services are similar, but they differ significantly.

Payment processors handle the charging, approval, and transfer of electronic funds. It is the method by which payments are transferred from client to business.

The term "merchant services" refers to the entire electronic payment system. Payment processing and system software are examples of this.

Accounting Firms' Advantages of Using a Credit Card Processing Service

A CPA must have a system in place that allows clients to pay invoices, in-office charges, and recurring billing as quickly as possible. For clients, credit card processing is a must-have feature. People nowadays prefer to pay with a credit card rather than a check. Remote electronic payments are used in the same way that in-person payments are.

If your accounting firm accepts credit cards, you'll need a way to process them, whether through invoices, phone calls, or online invoicing.

Depending on the volume of client payments, the best option would be to use a merchant account provider.

Fees are low.

Credit card processing fees can be quite high nowadays. They're also difficult to understand. Banks and credit card processing companies can deduct more from your revenue than you anticipate.

Interchange fees, transaction fees, and service fees are examples of these fees. All of the different fees are difficult to track without a clear pricing structure.

Payment processing fees are simplified by merchant services. Furthermore, with transparent fee rates, you can more easily tailor your custom pricing structure to your business.

Electronic Billing

Using a credit card processing company, business owners can electronically generate and send invoices. Every client who opts for paperless invoicing / digital invoicing saves your accounting firm time and resources.

Customers can pay online at their leisure thanks to online invoicing. This will assist them in making more timely payments.

The online invoicing feature can also send clients automatic reminders. They'll be less likely to miss a payment, and you'll have fewer awkward phone calls reminding them to pay.

Billing That Allows For Simple Reoccuring Payments

Merchant services can send service charges at specified billing cycle intervals if your accounting firm uses recurring billing. To improve billing efficiency, this system can also track all charges for that time period, ensuring that you don't forget to send payments for various services.

Clients have the option of setting up their own automatic payments and reminders. And, with help menus, "about this" hints, and a frequently asked questions section, an itemized accounting bill is easier to understand online.

Data Safety

A CPA deals with highly sensitive information that, if not kept secure, can lead to identity theft or fraudulent bank account charges. Tax documents, bank account numbers, and payment processing information are all included.

Your own accounting system could be extremely secure. However, if your client configures online account management for online transactions and automatic payments, all of that information will be electronically stored by a third party.

Merchant Services with custom-tailored security measures keep data breaches and identity thieves out of the payment processing system.

PCI DSS Compliance

PCI compliance is required for the best credit card processing, in addition to data security. A non-PCI compliant accounting firm risks legal fees and fines.

Merchant services are managed by industry experts who are familiar with payment security standards and are up to date on the most recent changes. These services set up and monitor your payment processing system to ensure that it is compliant.

Understanding POS (Point-of-Sale) Transactions

A CPA may be required to charge one-time or in-office fees to the client. Using a merchant services provider is a more elegant POS payment processing solution.

Accounting firms can set up Virtual Terminal devices or touch-screen payment terminals in their office instead of using a mobile card reader, which is convenient but not professional.

Customers can even use their personal phone or device to access a payment terminal. This will feel more secure than using a mobile card reader, and their payment information will already be saved.

Service Standardization

You may charge clients in a variety of ways, but they should all be paid through the same system. Multiple systems will make you and your company's accounting confused.

It will also be perplexing and irritating for your customers. They will also have to re-enter account and payment information for each individual payment processing system.

You may also be charged additional payment processing fees. Merchant services combine everything into a unified billing system, eliminating the need for multiple fees for the same services and causing undue stress on your clients.

Analysis of Payment Processing

Analytic tools are an often-overlooked benefit of merchant services. You can use these tools to track your CPA performance, the average amount of money spent on each service, which services clients prefer, and other useful metrics.

You'll know if tax documents are your most popular service or if clients cancel services when they believe they've been overcharged if you use payment analytics.

You can see which months are busier or busier than others. They can also aid in the detection of fraud.

Payment processing analysis teaches you more about the client experience and how to exceed client expectations.

Elite Customer Service

As a merchant services customer, your accounting firm will receive more personalized service than credit card processing companies that only provide generalized service.

If your payment processing system goes down, you'll need quick and reliable customer service to get it back up and running. Without 24-hour live customer support, you'll lose money and even clients due to system outages that aren't resolved quickly or satisfactorily.

Surcharge Mechanisms

Some merchant services offer surcharge programs to help offset credit card processing fees. For payment processing, this system adds a small fee to each client's bill.

Surcharges may only cost clients a few dollars more, but they can add up to significant savings for a company. However, some states do not allow surcharges, which can harm your overall client satisfaction.

A discussion with your payment processing provider can assist you in determining whether surcharges are the best option for your accounting firm.

Accounting Payment Processing at Its Finest

Accounting firms want to provide their clients with the best professional and personal service possible. Payment processing for accounting services that is timely and efficient shows your clients that you hold high standards for your company's output.

Contact EMS, the number one choice for accountants, if you're ready to start providing a high-performance credit card processing service. Call 800-726-2117 for more information or assistance.