Introducing QuickFee Bank Direct
Introducing QuickFee’s latest check-reducing solution for professional services firms: Bank Direct!
This online bill pay option is already part of your core QuickFee service, and it allows your clients to pay invoices directly from their online bank account without sending a single physical check to your firm. Bill Pay is offered by thousands of US banking and financial institutions, making it easy for clients to use their preferred bank account.
With Bank Direct, you can convert those online bill payments into reliable digital ACH payments. That means your firm will save on the time and costs of check processing – and see faster ACH settlements, too.
Interested in learning more? Reach out to your QuickFee Relationship Manager for more info.
Discover Faster ACH Processing
Consumers and businesses have long used online bill pay to guarantee that their service payments will get sent on time. But while standard online bill pay creates a physical check that is sent to your firm or your lockbox, Bank Direct converts online bill payments from your client’s bank account into standard ACH transactions.
The result? Bank Direct helps to reduce your overall check volume, accelerate your payments, and give clients even more secure payment options.
Key benefits of Bank Direct:
- Faster settlement of ACH payments: Since the client is using their preferred bank’s website to pay, it’s convenient and quick for them. Your firm will then receive all ACH transfers electronically and the whole process typically takes minutes rather than days.
- Simple reconciliation: Payments with Bank Direct can be accessed in your QuickFee portal right away. It’s easy to identify and track your Bank Direct ACH payments so you can balance your books faster.
- Reduced risk: Physical checks can get lost or stolen in the mail, which adds even more time to the standard 2-3 weeks for check processing. With Bank Direct you can significantly limit that risk, as well as the risk of NSF fees, chargebacks, and bounced checks.
- Great client experience: Clients will get even more choices for paying bills online with Bank Direct. They also get peace of mind that their payments are totally secure, as they’re using their own bank’s secure Bill Pay feature.
- Less paper used: Checks still make up 50% or more of payments at most professional services firms. Bank Direct allows you to collect fewer of those paper checks in your firm’s lockbox and save paper (and time!)
Who Are the Best Clients for Bank Direct?
For clients still sending paper checks: QuickFee Bank Direct is an ideal solution for clients who still prefer to settle their accounts with pen and paper. There’s always a risk that the checks will bounce or get lost in the mail – which means you have to chase these clients down for payment. Even when the checks arrive intact, you have to reserve time for processing (or make a trip to your lockbox for physical collection.) With Bank Direct, clients can enjoy the convenience of online payments while still trusting that they have the backup of their bank.
For clients already paying through their bank’s website: Normally when clients use their bank’s Bill Pay feature to pay your firm, the bank still sends you a physical check. This can also take weeks to receive and process. QuickFee Bank Direct resolves this problem by converting their online bill payment to a standard ACH transaction. And it’s just as easy for your clients to use.
How Does Bank Direct Work?
If your client has a Bill Pay service available in their banking app, they can easily make payments via Bank Direct.
Even if your client isn’t familiar with online bill pay yet, it couldn’t be simpler to start. All they need is an online bank login with an active Bill Pay service. (Their bank should be able to help them with this process if needed.)
Here’s how it works:
- Your client receives your invoice.
- Your client logs into their own bank account online. They pay the invoice using their bank’s Bill Pay feature.
- QuickFee Bank Direct identifies your firm as the payee. The payment is then processed as a standard ACH transaction.
- Your firm gets paid! The transaction then appears on your daily settlement.
Bank Direct also doesn’t require your client to create any new account logins. The entire payment process is streamlined and simplified – making it more likely that they will pay you on time.
When Can I Start Using Bank Direct?
Right now! When you’re already using QuickFee for your online payments, there is no additional cost for Bank Direct. You will simply pay a marginal percentage on each ACH transaction. The setup process also couldn’t be easier: You’ll meet with your Relationship Manager for 15 minutes and cover a few simple activation steps to turn on the Bank Direct feature.
If you’re still looking for the right payment service provider, we can help you set up a customized online payment link for your firm’s clients (and get it going within just a few days.) In addition to Bank Direct, you’ll get to choose from our ACH, Card, and Finance payment options to share with your clients.
New to QuickFee? Click here to request more information on Bank Direct! Otherwise, please be sure to reach out to your Relationship Manager.
