QuickFee Featured on The Virtual CPA Success Show Podcast
How We Help Professionals Get Paid
At QuickFee, we create hassle-free payment options that help professionals improve cash flow and get paid faster. Our CEO Bruce Coombes and CRO Richard Formoe recently joined Summit CPA Group on their podcast, The Virtual CPA Success Show, to explain how we do that.
In the professional services industry, it’s difficult to find convenient, affordable financing solutions. As our hosts noted on the podcast, a lot of professionals might look for payment plan options when dealing with individual clients. In a B2B context, people tend to assume that everyone can write big checks, even when that’s not the case.
During this podcast episode, Bruce and Richard discuss:
- Our 3 easy payment solutions: Pay in Full, Pay Over Time, and Buy Now, Pay Later Powered by QuickFee.
- The benefits of using QuickFee (for firms and clients).
- How firms can collect payments faster and improve client relationships.
Q&A Summary: Key Highlights from the Podcast
Can you give us a little background on the company?
We started our business 12 years ago in Australia, and we provide payment gateway services for any type of professional services business. To add a twist to that, not only can clients “pay in full,” but if a client needs time to pay, we’ll front up the money. We’re providing a Buy Now Pay Later (what we like to call “Advice Now Pay Later”) service for any professional services firms.
What are the core programs and services you provide?
Every firm (whether large or small) faces billing issues or issues winning new business. The unique value add that QuickFee brings to these firms is that we offer a full suite of payment products.
Our core “no credit check” financing product, Pay Over Time, allows clients to finance their invoices over 3, 6, 9, or 12 monthly installments for up to $1 million. Our second product is really more of a tool to win new business – this product is called Buy Now, Pay Later Powered by QuickFee. It allows the clients to leverage their existing credit card to pay in 4 monthly installments.
How does BNPL Powered by QuickFee leverage the client’s existing credit card?
Here’s one of the most powerful things about this tool for clients. A lot of these folks will say, “Hey look, we don’t want to open a new line of credit or take out a loan. But we want to pay in 4 monthly installments, we want to conserve our cash.” So they have their open line of credit that’s available and we allow them to “beat the bank,” in a sense. They get to use that line of credit and never pay interest.
What is the fee to the service provider for your payment plan options?
BNPL Powered by QuickFee is interest-free to the client. Clients get to enjoy the flexibility of paying over 4 months and not pay a dime for it, while it only costs the firm 4.99%. A lot of firms are already paying 3% for their clients to use credit cards, so it’s just that additional 1.99% to help them win new business.
QuickFee Financing is our traditional financing product, and it’s been useful for firms like KPMG, BDO, and other large top 400 accounting firms. We charge clients a small percentage rate for this product, depending on the payment term length (from 3 to 12 months.)
What are some best practices for firms to use your products?
Our firms tend to see the most success when they showcase their payment options in multiple places. That means putting the links on their invoices, putting payment buttons in their email signatures, things like that. We also have a unique service that’s unlike anything else out there – we offer a free quote generating service, where firms will send us a list of clients to generate a quote and we can save them a lot of time (and increase payment plan acceptance rates!)
How long does it take to start accepting payments with all your products?
We aim to get firms set up within 48 hours, and it’s often a lot faster than that (depending on the firm and the product.)
What benefits have clients seen with your traditional financing product?
We had one CPA firm we were working with, and one of the partners there shared that their firm no longer has an overdraft, thanks to using our payment plans. And that came at absolutely zero cost. So not only does it cost them nothing to use our payment plan, they’re also no longer paying interest on a $1 million overdraft they used to have.
Can you speak more about some of those client relationships and how long people typically stick with you?
We’ve got firms that have been dealing with us for over a decade, offering payment plans to their clients and using our payment gateway. But one of the most interesting things is that once a client of a firm uses us to pay, 70% of the time, they use us over and over again. So it’s not even just the firms that are benefitting – the clients love it! In fact, in a survey of people who use our payment plans, 92% of people said that the availability of payment plans would be part of their decision-making process for another service provider.
Ready to learn more about how QuickFee can help your business? Contact our team today to explore our payment options!