If you’re the proprietor of your own CPA firm, you know what an exacting field you’ve entered. The same precision you employ when providing services to your clients must also be front and center when it comes to the payment provider you choose. When you examine your numerous options in the payment processing arena, be on the lookout for these must-have features.
1. Customized for your industry.
It probably comes as no surprise to learn that not all processing companies are created equal. In some business sectors, it may be just fine to settle on a generic vendor that provides a standard menu of services.
However, you are operating in a specialized field, and the stakes for your customers are often higher than the norm. As a result, you need more than just a point of sale terminal that rings up payments and generates receipts.
When you connect your CPA business with a payment processor that understands the ins and outs of the financial sector, you are more likely to get a vendor who focuses on support and product development with your industry solidly in mind. Your processing partner should be well-acquainted with unique security concerns related to finance. They are also likely to be familiar with the software you already have and love. With this type of third-party professional on your team, data exporting tasks will flow quickly and easily while eliminating extra steps.
2. Full-dollar payment deposits.
There are few tasks more frustrating and time-consuming than trying to reconcile credit card receipts with invoiced amounts. The discrepancies occur when a payment processing company takes the processing fees out of each transaction before they deposit the payment into your account. As a result, your billing and deposit amounts don’t match.
The best solution is to find a processor that deposits the full amount of the payment, only debiting the fees you owe them separately and at a later date. This work-around also makes it a breeze for you to get a panoramic picture of your company’s current health by scanning your financial records to determine exactly what your processing fees are during a specific period of time.
3. Flexibility in payments invoicing.
You pride yourself on providing your clients with premier customer service, and that should also extend to offering them different ways to pay. Although many may opt to settle with you in person, there will be those who prefer to pay you at a later date.
Therefore, you should look for a payment provider that features versatile payment solutions. Find one that allows your clients to pay online from their computers or mobile devices, making certain that the payment pages are secure and in keeping with industry standards like PCI DSS. Of course, you’ll also want to offer the option to pay in person upon completion of service. These types of transactions can be handled either via a secure credit card reader or with an online virtual terminal you can manually enter the customer’s payment details into.
4. Robust reporting tools.
Back-office capabilities are what distinguish today’s modern point of sale solutions from their single-function predecessors. One of the most important of these mechanisms is your system’s reporting capabilities. When you take advantage of the many pieces of data your system collects and stores, you can gain crucial insights into your company’s performance that will help to refine insights and guide decisions about your future.
At the very least, require that any payment solution you use allows you to run detailed deposit reports. These documents should capture details such as timeframe, payment status, and past transactions. Moreover, you should be able to easily export your reports into commonly used file types like Microsoft or CSV.
Finally, your solution should be designed to get information on a granular level. Examples include obtaining data about key performance indicators like top clients over time, as well as seasonal trends that you can use to craft marketing campaigns, hire seasonal staff, and offer time-sensitive or customer-specific promotions. While many of these tactics are more often relied upon in the retail world, they can also be key profit enhancers for your financial services business.
5. Transparent pricing.
You already spend enough time crunching numbers and poring over data; you shouldn’t have to dredge into the details even more with your payment processor. Make it a priority to find a processor with pricing that is simple, clear, and easy to understand.
To that end, be on the lookout for hidden fees or costs that seem random or unnecessary. If a vendor demands that you sign a multi-year contract, take your business elsewhere. Competition in this sector is brisk, so be sure you use your leverage to get the best deal during the all-important negotiation phase of your search.
6. Excellent customer service.
Just as you pride yourself on treating your customers well, you should demand the same from your payment processing partner. After all, your professional services are in high demand, particularly during certain seasons. Should something go wrong with your credit card equipment, you need to be able to get immediate help to keep your business up and running.
Many payment-processing providers offer multiple levels of customer service. Users with questions can often first refer to a written knowledge base containing the most frequently asked questions and cited concerns. Automated chatbots may constitute the next tier up, helping to steer inquirers to the prefabricated information that will hopefully address your needs.
While these intermediate solutions are often exactly what an information seeker is looking for, you should never choose a company that only provides these as your sources of assistance. In cases of emergency or when all other options have been exhausted, you should have access to human help, if not 24/7 at least during regular business hours.
As a CPA, you understand the importance of precision and conscientious service perhaps as well as anyone. Choose a payment provider who demonstrates a similar commitment, and both you and your customers will reap the benefits.
