Introducing QuickFee Installments: Advice Now, Pay Later
After months of planning, we’ve officially launched QuickFee Installments in Australia and the U.S.! QuickFee Installments is a unique cash flow and accounts receivable solution that allows clients to pay professional service fees in 4 interest-free installments, while firms get paid upfront.
The installment payments or “buy now, pay later” (BNPL) model has witnessed explosive growth over the last few years. According to a recent report by Worldpay, BNPL is growing at 32% annually and will likely double its market share by 2023. While many BNPL solutions issue new debt to the user, however, QuickFee Installments uses existing credit, eliminating the need for credit checks, approvals, and applications.
In short, it’s the first non-recourse “advice now, pay later” solution of its kind to reach the professional services industry – and it’s completely free to start offering at your firm.
How Does QuickFee Installments Work?
QuickFee Installments makes your fees easier for clients to pay. Instead of asking a client to repay a $4,000 invoice on their credit card within the next month to avoid penalty interest, Installments allows them to pay 1/4th of the charge upfront (in this case, $1000). The remaining balance is held on the client’s card.
Because banks do not see this hold as a charge, the process does not affect your client’s credit report. It also allows your client to take advantage of any credit card reward programs without accruing interest.
Here’s a quick breakdown of how Installments works:
- Your client agrees to pay with QuickFee Installments on an existing credit card.
- Installments electronically requests authorization from the credit card company to reserve the total invoiced amount.
- For the first payment, Installments only charges 1/4th of the balance to the credit card.
- The “authorization and charge” process repeats 3 more times.
Why Should I Offer QuickFee Installments?
Like any other payment plan model, it’s best to use Installments as part of a broader arsenal of financial tools. When your longstanding clients are dealing with cash flow issues, it’s an easy way to make your fees more manageable. It can also help your firm convert more prospects: “Buy now, pay later” plans can increase sales in every industry.
Here are some additional benefits you can expect with Installments:
- No more negotiating your fees with clients
- Reduced A/R (by up to 32%) when used as a friendly collections tool
- Fast setup process for your firm; fast application process for your clients
- Option to split up payments across multiple accounts
- No obligations, long-term contracts, monthly fees, or signup costs
With over $300 million in fees funded for accounting and legal clients worldwide, we’ve seen firsthand how firms can use the payment plan model to grow business and build better client relationships. In making QuickFee Installments available to thousands of professional service firms worldwide, we aim to empower firms to keep doing what they do best: Supporting their best clients.
Ready to see it for yourself? Contact us at (844) 968-4387 or apply online now to sign up.