As consumers we buy online, bank online, grab an Uber, and transfer our share of the dinner bill to our friend’s account, using Venmo, Apple Pay, or another digital payment app.
But how do we manage business payments? According to the Electronic Payments Survey Report, organizations still make 42 percent of their business payments via checks. Billing and invoicing is a time-consuming process for your staff. Waiting for checks to process adds more time lag to the receipt of funds. Checks are also highly prone to payment fraud due to the relative ease with which credentials on a paper check can be altered.
Knowing this, why do so many firms still mail invoices asking clients to send payment by check? In our estimation, many firms anticipate that automating payments will require a developer or other IT resources to write code to make digital payments work for their firm. Or, the payment solutions available on the market are not integrated into your billing software, which doesn’t help with the internal automation of payments. Often, too, the fees for such services hardly make it worth the effort. Firms might also not realize the significant impact that automated payments can have on their bottom line.
Enter APX: APX makes billing a quick and easy process for law firms and accounting firms. Fully integrated with the practice management tools you already use, it allows firms to process credit card payments and ACH transactions securely from within your practice management software. And the setup and enrollment are simple.
5 great reasons to move to APX automated payments
- Get paid more quickly. A paper check spends 2-3 days in the mail, potentially another day or so on a desk in accounting, and several more days in the process while the check clears and the bank credits funds. With APX, you receive the funds the same day the client pays.
- Improve cash flow. Credit card payments give you access to cash faster, helping you better manage cash flow. The automated process reduces expenses related to preparing, printing and mailing invoices.
- Delight clients. It’s far easier for your client to make an online payment than to pay the old-fashioned way. When it’s easy, they are quicker to act, and your firm is seen as smart people who are ‘easy to do business with’. The convenience of paying by credit card offers your clients the payment option they prefer.
- Reduce write-offs. The reality of business is that some percentage of receivables are uncollectable and end up being written off. For every dollar earned, an estimated 15 to 18 cents is written off. Using online payment methods can help recapture that loss.
- Try it – no commitment. There’s no contract, no monthly fees, no monthly minimums, and no additional fees for premium credit cards. Instead, APX charges a flat 3% of each credit card transaction. ACH payments are only $1. In most cases, APX deposits payments into your designated bank account overnight.
If you are ready to ditch paper checks, offer a great service to clients, and improve your bottom line, learn more about APX.