Accepting online payments? Avoid these 4 big mistakes

Firms using CCH Axcess Practice and CCH Axcess Portal can now receive electronic payments from clients through CCH Client Axcess. Accepting online credit card payments makes firms more efficient, and it is more convenient for clients. This guest post is from one of our e-payment partners, CPACharge

So you’ve made the decision to start accepting online payments—excellent! While switching to online billing will make a huge difference in your firm, there are some features and considerations many users don’t take into account that could make an even bigger difference (as well as prevent headaches down the road). Below, we’ll identify four ways to get the most out of your online payments tool.

Mistake #1 – Not offering enough payment options

Accepting credit cards is a great start, but why stop there? One of the advantages to using an online payment solution is the fact that you no longer have to limit your clients’ payment options. You can accept a variety of payment types online—not just credit cards, but also debit cards and even eChecks. Plus, a recent study showed that as much as 70 percent of consumers reported higher satisfaction with a business that offered multiple ways to pay. In other words, accepting multiple forms of online payments makes your clients happier!

Mistake #2 – Not taking advantage of faster billing

One of the best perks of using an online payments solution is how you can expedite the billing process. Though you could wait for clients to navigate to your website to pay your bill, some payments solutions offer faster billing features. You can send your client a secure payment link via email with a simple press of a button. Then all they have to do to pay you is open their email, click your link, enter their payment information, and they’re done.

Mistake #3 – Not advertising your online payment options

What good is an online payment solution if your clients don’t know you have one? Spread the word that your firm can make payments easier for clients by letting them pay online. This can be done via email campaigns, social media, or even by mail. By advertising your payment options, you could bring on even more clients than before. In fact, a recent survey suggested that 79 percent of consumers expect professional service firms to offer online payment options. Make sure your current and future clients know your firm will meet their expectations!

Mistake #4 – Not safely storing your clients’ payment data

If you are going to write down your clients’ billing information—whatever you do, don’t write it on a piece of paper in your office. Don’t even write it in an email or text file on your computer. Overall, storing payment information at your office or on your machines presents a whole world of data security risks. Your best bet is to use an online payments solution that will store your clients’ information on their end. That way, the burden of security is placed onto a company that has the experience (and the infrastructure) to keep sensitive data away from prying eyes.

If you’re looking for an online payments solution that understands the needs of the accounting industry, look no further than CPACharge. To learn more about accepting online payments, schedule a CPACharge demo with one of our Certified Payments Professionals.

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CPA Charge

All stories by: CPA Charge