Money matters matter! That’s why accountants can never run out of business. But have you thought about how much potential you could unlock if you launched your own accounting company? Sure, offering a service that is in high demand by prospects and enterprises should be a profitable venture.
But you can add more commas and zeros to your revenue if you allow target customers to make payments through common digital avenues like credit cards. Cards are widespread, and the ability to process plastic payments can ensure all customers who would like to pay through this method get a chance.
For businesses that operate online, processing card transactions is mandatory because it has become the standard for e-commerce payments. And because you are in a cut-throat competition with other service providers, you don’t want to limit your would-be clients to a few payment options.
Your Accounting Service Needs High-Risk Credit Card Processing
But because of the nature of the service, a high-risk payment processor who’s familiar with accounting businesses is the only way to process card transactions.
If the vendor also provides a gateway and adds extra security layers at the checkout stage, then that’s a plus for you. The gateway should initiate PCI compliant payments and feature all chargeback fraud control systems to boost up security.
Credit card payments also allow long-term clients to set recurring payments so that you can receive your monthly payments automatically.
Not all Credit Card Processors Are Good for You
Even high-risk payment processors are choosey when it comes to the industries they onboard.
So not all service providers will accept your accounting firm. And while you may want to push any high-risk payment processors to onboard you, there are many downsides to going down that road.
You put your accountancy high-risk merchant account at the risk of flagging, suspension, or termination if you work with a vendor who is ignorant of the challenges facing your industry.
And such unexpected halts in your card processing capabilities can severely ruin your bottom line. Your customers will be disappointed when they can no longer make payments through their favorite method. But the wrong processor will always find a reason to mess up things for you.
The Perks of Processing Credit Card Payments in an Accountant Business
Here are the four significant benefits of taking credit card payments in your accounting firm.
- It is the most widespread among online shoppers, so you open doors for more clients.
- You attract more consumers who would like to use the method but can’t find it with your counterparts.
- You retain these clients because you provide a readily available payment method.
- Using a secure payment avenue protects your business and customers fostering the trust you need to have long-term business relationships.
Take your time to look for a processing partner who onboard accounting business. Always go through all terms and conditions before you sign up for a service. That way, it is easier to spot expensive rates and unfavorable terms.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high-risk payment processing company eMerchantBroker. He’s just as passionate helping businesses get high-risk merchant accounts, as he is with traveling and spending time with his dog Cooper.