How to Easily Take Payments on the Go

Paying for legal and accounting services has never been more convenient. Unfortunately, many businesses in the accounting industry are still behind in offering new payment methods, worried that it will disrupt their day-to-day or increase compliance risk.

In reality, these new payment methods are simple and secure. Additionally, accountants and legal professionals who accept digital payments and other modern payment methods tend to get paid faster. The ability to take payments on the go is also great for clients because it eliminates the need to track down invoices and write checks.

While it may feel like staying ahead of payment and technology trends isn’t beneficial, on-the-go payments, including contactless card readers, portable devices, and in-app payments (among others), are a fantastic way for accounting professionals to increase efficiency, improve the client experience, and boost cash flow.

In this article, we’ll cover everything you need to know about on-the-go payments, including:

• The differences between on-the-go and mobile payments
• The benefits of accepting on-the-go payments
• How to implement on-the-go payments

What are on-the-go payments vs mobile payments?

Mobile payments and on-the-go payments are often used interchangeably. However, there are a few subtle differences.

Mobile payments refer specifically to transactions that are done using a mobile device, such as a smartphone or tablet. Popular mobile payment methods include:

• Mobile wallets (e.g., Apple Pay, Google Wallet)
• Mobile banking apps
• Payment apps (e.g., PayPal, Venmo)
• Contactless payments via NFC (Near Field Communication)

On-the-go payments is a broader term that refers to any type of payment made outside of a traditional, stationary point of sale (POS) system. While it often involves smartphones and tap-to-pay cards, it can also include:

• Portable card readers (e.g., Square, iZettle)
• Payments made through wearable devices (e.g., smartwatches)
• Payments conducted via other portable devices (e.g., laptops with mobile internet)

Why should businesses accept on-the-go payments?

There’s been discussion about finding ways to “meet customers where they are” across industries. In other words, how can businesses better integrate their services and products into customers’ day-to-day lives?

On-the-go payments are just one way that businesses are modernizing the client experience. In fact, accepting payments outside of a traditional payment portal has many benefits for accounting professionals.

Reduce Payment Friction

From preparing invoices and following up with clients to processing the payment, billing is a pain point for many industries, especially those in accounting. Whenever paying an invoice is difficult or confusing for clients, they’ll delay the payment, potentially forgetting about it altogether.

When clients are already there with you in person, why should you wait to send them a link to pay online or an invoice? Instead, when you take payments on the go, you can bill and pay clients when services are rendered, making it easier for your clients and firm.

Get Paid Quicker

The financial health of any business depends on healthy cash flow. Unfortunately, when invoicing methods are outdated, complicated, or confusing, it makes it harder to maintain consistent cash flow. Not to mention that chasing down unpaid invoices eats up valuable time that you should be spending on more important tasks.

Tap-to-pay card readers or mobile card swipers are a cost-effective way to encourage clients to pay quickly. Remember, it’s not that most clients don’t want to pay, but life gets busy. By offering a wide range of convenient payment options, clients can pay using the method that they’re most comfortable with.

Long story short, the easier you make it to pay, the more likely clients are to take care of it quickly.

Ensure High Levels of Security and Compliance

A common misconception is that payments become less secure as they become more convenient. However, most digital payment methods, including on-the-go payments, are among the most secure.

All modern payment methods must follow PCI-DSS rules, which lay out security standards for processing payments. These include data security and encryption, which keep client information safer than a physical check or money order.

Additionally, compared to contactless or mobile payments, in-person payments have a much lower risk of incurring chargebacks since a client would physically have to be there to initiate and approve the payment.

Pro Tip: For those in legal fields, using an IOLTA-compliant legal payment processor allows you to avoid commingling funds automatically.

What types of businesses benefit the most from on-the-go payments?

Almost every type of business benefits from flexible digital payments. But the ability to take payment on the go is particularly useful for a few professions in particular:

• Professional Services (e.g., Accountants, Lawyers, etc): Clients often prefer the convenience of paying immediately after services are rendered, especially in professional settings where consultations or services may occur outside the office.
• Food Trucks and Street Vendors: Food trucks and street vendors operate in diverse locations and events where traditional POS systems may not be feasible. On-the-go payments allow them to serve customers efficiently and make sales wherever they are.
• Freelancers and Consultants: Freelancers and consultants often work directly with clients in various locations, such as client offices or remote settings. On-the-go payments facilitate seamless transactions immediately after completing work, ensuring prompt payment and client satisfaction.
• In-Home Service Providers (e.g., cleaning, massage, hairstyling, etc): In-home service providers can offer added convenience by accepting payments at the client's location, eliminating the need for clients to visit an office or use cash.
• Fitness Instructors and Personal Trainers: Fitness professionals often work with clients in diverse settings, such as gyms, parks, or client homes. On-the-go payments allow for immediate billing after sessions, reinforcing client commitment and reducing the risk of missed payments.

How to Accept Payments on the Go

With so many benefits of accepting payments on the go, there’s never been a better time for your firm to offer these options. But where should you start?

1. Choose the Right Mobile Payment Software

The first step is to choose a mobile payment partner—but make sure you choose the right payment software for your industry. Different industries have different compliance and data security standards, and the most popular payment software is usually tailored for general retail.

While you could use a generic payment solution, it can add additional headaches and complexity. Instead, use industry-specific payment software built for accountants. This software will integrate payments with the tools you’re using already and have compliance guard rails built in.

For example, CPACharge comes with extensive reporting tools to maintain compliance and transparency that a generic payment solution may lack. Similarly, a legal payment solution like LawPay comes with built-in IOLTA compliance.

2. Use a Convenient Payment Terminal

Modern POS systems make it easy to accept credit cards and other tap-to-pay payment methods in person. However, it’s important to choose payment hardware that is unobtrusive and fits into your office. A credit card reader or payment terminal is a lightweight device that you can put right on your desk to accept payments easily within the office.

These devices verify, encrypt, and process payments over an extremely short distance, making them even more secure than an online terminal.

If you’re on the go, you can use a mobile attachment for your smartphone, such as a credit card reader for iPhone. This allows you to conveniently and securely process in-person payments when you’re not in the office.

3. Set Up a Mobile App For In-Person Payments

Another popular option for in-person payments is to set up a mobile payment app. These apps connect directly to your business’ invoicing and accounting solutions, allowing you to quickly create and process invoices on the go.

Additionally, mobile payment apps often have strict employee access controls, which ensures only the right people can initiate payments and view transaction history.

4. Track and Manage Your Transactions

Ensure all of your in-person and on-the-go transaction history is consolidated in one place. This gives you more transparency into your transaction history, including who initiated a transaction, when and where it was paid, and on what device.

The best systems also provide easy ways to manage transactions, including the ability to void and refund transactions from anywhere. This can help spot and proactively fix any potential issues.

CPACharge Helps Accounting Firms Offer Flexible and Convenient Payments

Offering modern and convenient payments is great for customers and businesses alike, so choosing the best payment solution can set you up for success.

CPACharge gives accountants, CPAs, bookkeepers, and enrolled agents a convenient and compliant way to modernize the payment experience for clients. In addition to convenient in-person payment options, CPACharge also comes with robust security, reconciliation, reporting, and more to help you achieve more.

Sign up for a demo today to learn how CPACharge can transform your business and improve the client experience.