Billing and Payments
5 Reasons CPAs Should Let Clients Pay Using QR Codes
In today’s world, using payments technologies is key to ensuring your cash flow is healthy and steady.
More specifically, there are three technologies all accounting professionals should be taking advantage of to drive their revenue: an online payment solutions to enable card and eCheck payments from your clients, a mobile payment app with a Bluetooth reader to let you accept payments on the go, and a QR code to let your clients easily submit payments themselves.
If you’re not familiar, a QR code is a barcode that mobile devices can scan with their cameras to access certain web pages automatically. By scanning a QR code from CPACharge, your client can be automatically directed to your unique payment page and then submit a payment from their device.
In this article, we’ll cover five of the best advantages of allowing clients to pay using QR codes.
1 - Makes payments faster and easier
By implementing QR code payments into your firm, you can give your clients several easy opportunities to pay your bill, increasing the rate you get paid and boosting your revenue stream as a result.
For example, you could display your QR code within your office, such as at your desk or at your reception area. Your client can then scan your code and submit a payment for your services before they step out the door.
You can also print your QR code onto your mailed invoices, allowing your clients to make electronic payments without needing to type in your payment page URL. A scan of the code will take them to your payment page automatically, and they can enter their payment data right away.
Letting clients pay using QR codes can also encourage them to start utilizing electronic payment options and move away from the slower process of paying by check.
2 - Modernizes your payment experience
More and more of today’s consumers are using contactless forms of payment, not only because of the convenience they provide, but because it allows payments to occur safely without the need to hand over their physical card to a retailer or service provider. This concern has only increased in light of the COVID-19 pandemic, where social distancing has become the norm.
In fact, a recent study from Mastercard showed that almost 80% of today’s consumers use contactless payments, saying that safety, cleanliness and convenience are their main reasons for doing so. Additionally, data compiled by Blue Bite, a digital marketplace platform, saw that QR code interactions doubled on their service between 2018 and 2020.
Simply put, today’s clients are gravitating towards paying with mobile options such as QR codes, and it would be in your best interest to offer this form of payment as soon as you can. Giving clients the ability to pay using QR codes can not only help you meet their expectations, but you can also boost your bottom line in the process.
3 - Allows for socially distanced payments
As previously mentioned, QR codes let your clients submit payments in-person while still adhering to social distancing guidelines. By using their phones or mobile devices, your client never has to hand you their card or payment data, and can safely submit a payment entirely with their device.
Plus, the best online payment solutions allow you to give your clients email receipts, which helps reduce your paper consumption and supports a more paperless office environment.
4 - Increases payment security
Not only are QR codes safer for in person transactions, but they also offer more secure payments in the digital space, as well.
Any time your client scans your CPACharge QR code, they’re sent to your payment page that is hosted on our secure servers, ensuring their payment data is kept as safe as possible. When their payment data is entered into your page, our systems immediately encrypt it. Any stored data is kept safe in our secure vault rather than stored locally.
Plus, since your client enters their own information, you can reduce your firm’s liability since you aren’t required to handle and store their data yourself.
5 - Enhances the client experience
Most importantly, all of the reasons we’ve listed above go a long way in providing an exceptional client experience.
Giving clients the ability to pay using QR codes is an excellent way to expand your payment options, make payments more convenient, and ensure payments are processed as safely as possible. By offering easy-to-use and modern payment options, you can position your firm as one who values the time and interests of its clients and can be flexible to accommodate their needs.
The more you can demonstrate this level of attention to your clients, the more likely they will return to you with more work, either of their own or by way of referrals.
To learn more about CPACharge’s new QR code payment feature, as well as all the other great features CPACharge can provide to your firm, schedule a personalized demo today!