4 Benefits of Mobile Payment Systems for CPAs
One of the latest payments technologies that has seen rapid growth recently is mobile payments, where customers can send off a payment directly from their bank accounts with a few taps of a mobile app. In fact, according to Juniper Research, contactless forms of payments such as these could climb as high as $6 trillion globally by 2024.
As such, it would be in your firm’s best interest to begin accepting this form of payment as soon as possible. Here, we’ve highlighted four great benefits to accepting mobile payments into your practice today.
Perhaps the most obvious benefit of mobile payment solutions is the convenience they provide to your clients.
Consider how often customers make purchases from their smartphones everyday—whether it be through Amazon, eBay, their local grocery app, or even food delivery services like GrubHub or DoorDash. All of these apps allow their users to make a quick purchase, often without even needing to reference their card numbers or payment information.
By adopting mobile payments into your firm, your clients can come to expect this same level of speed and ease when it comes to payments. With the right mobile payment technology, your clients can simply place their credit or debit card near your mobile reader/swiper and, thanks to Bluetooth technology, transmit their payment to significantly faster than other means. Your clients will appreciate the process of paying for your services being as simple as possible, which means good press/reviews for your firm.
Data security is a top priority for accounting professionals.
Thankfully, accepting mobile payments means you can implement more layers of security against fraud and breaches for both you and your clients. By encouraging mobile payments, your clients may feel less inclined to pay by check, which could get lost in the mail and/or stolen in-route.
Furthermore, electronic payments through mobile apps are often tokenized, meaning that your clients' payment details are masked by a randomly generated number, making it less likely to be decrypted by would-be cyber-criminals. In fact, because of the security and capabilities tokenization provides, you may be able to safely store and recharge cards at a future date without needing the card present at all.
If your firm is considering accepting credit cards, you’ll be delighted to know that electronic payment options such as mobile payments can help save you money in the long run.
Traditionally, a firm that wished to accept credit card payments would need to invest in a credit card terminal. While these devices can do the job, their upkeep can be time-consuming and costly. Credit card terminals require new ink and paper to be purchased regularly, and require regular system updates, which can add up to a lot in the long run. However, with mobile payment systems, all a merchant typically needs is a mobile reader/swiper, an online payment solution, and their smart devices and they’re all set! And with receipts being stored electronically, you can eliminate the need to buy more ink and paper for your office.
Expanded payment options
Accepting online payments in general has a fantastic benefit of expanding your firm’s payment options.
Rather than only accepting check or cash payments, an online payment solution allows you to add credit cards, debit cards, and even eChecks to that list. With mobile payments, your list of available payment methods is expanded even further, allowing you to accept magstripe cards, EMV chip cards, and NFC/contactless payments.
The more payment options you offer to your clients, the fewer barriers you put up between your clients and your cash flow. Additionally, with more options provided, prospective clients will be more inclined to seek out your services. In the 2019 Clio Legal Trends Report, 50% of clients were shown to be more likely to hire a lawyer who takes electronic payments. This trend isn't isolated to the legal industry—it's true for professionals across service areas. With more clients seeking your services, you’ll be able to bring in more clients and collect more revenue as a result.
Simply put, mobile payments only serve as an upgrade to your accounting practice. You’ll not only be able to keep up with the technology your clients prefer to use, but boost your bottom line in the process. It’s a win-win.
CPACharge is excited to announce the launch of our brand new mobile app, as well as our Bluetooth card reader/swiper to help you get paid even faster!