How to Accept Credit Cards Online Without the Processing Fees

Monday, February 4, 2019

This is the story of a problem that you may not know you can solve–yet. In many cases a problem that many professional services firms, digital agencies and consultants take for granted. The problem is having to absorb the cost of processing credit card transactions for your clients. In  most cases fees of up to 4 percent of every transaction.

By the end of this article you will learn how you can accept credit cards online at zero cost with BizPayO–the first Cash Flow Optimization Platform (cFOP) that you can get up and running within minutes.  First let’s see if you can relate to some of the cash flow problems that many of our customers use to face before trying our platform.

Unfortunately many business owners simply accept this charge card processing fee as the “cost of doing business” or are unwilling to accept cards all together.  If fact it may seem counterintuitive that many of your clients would actually be willing to pay a recovery fee or convenience fee for the benefit of using their credit card. This is due to the rising use of credit cards, its easy access to funds and the rewards points that many personal and small business credit cards accrue.

So what does this have to do with your business? Great question.

According to Mercator Advisory Group, small-business credit card purchase volume is set to balloon from $493 billion in 2017 to $686 billion in 2022. About 67 percent of small-business owners currently have a business credit card, but only 24 percent use it as the primary method of business spending. On one hand more businesses are using credit cards and on the other not enough services businesses are accepting them.

This is how the vicious cycle works. Businesses are reluctant to pay other businesses with a credit card because many professional services firms, agencies and consultants like yourself do not accept them due to the 3 to 4 percent fee that your business has to eat.

The problem is that even if you have a system to accept online payment (perhaps with PayPal or QuickBooks Merchant Services) there is no way for you, as the business owner or accountant to automatically recover fees.

Until now.

This is why we at BizPayO created a next generation secure payment platform where you can set your own recovery fee or surcharge. Hundreds of happy business owners are using BizPayO today to avoid credit card processing fees adding tens of thousands of dollars back to their bottom line. Imagine being able to instantly recover up to 3 or 4 percent of your payment processing fees, which often equates to 10 percent or more of bottom line profit for most of our customers. That newly found cash flow can be used for other things like capital expenditures or growing your business. This is how many smart BizPayO users are leveraging our easy-to-use platform today.

It only takes a few minutes to sign up and you’ll get your own fully customizable Pay Now link that you can place on your website, invoices and even your email signature. It allows you to accept any major credit card and automatically add your card recovery fee. It also provides the ability to accept eCheck or ACH payments for customers that would rather not pay your card fee.

In both cases you are able to setup a one-time or recurring payment which helps minimize the time spent chasing down clients for payment.

BizPayO is not simply an online payments platform but the first Cash Flow Optimization Platform (CFOP) that puts your entire cash flow on autopilot. Our platform allows you to optimize your cash flow process end-to-end including sending engagement letters/proposals, accepting online payment, managing recurring transactions, forecasting your cash flow in the dashboard and automatically syncing it all to QuickBooks.

To get a better idea of the time and money BizPayO helps you save, these are the manual and tedious tasks that our web-based SaaS platform can replace. Ask yourself how many of these you are either doing yourself today or paying a billing contractor or Accounts Receivable staff to do for you:

  1.  Send client engagement letter or proposal
  2.  Secure proper signature of acceptance
  3.  Receive payment for engagement
  4.  Add customer to your database
  5.  Create engagement invoice
  6.  Apply deposit against engagement invoice*
  7.  Make bank deposit
  8.  Increase Cash & Income on books
  9.  Set up future invoicing intervals
  10. Create future invoices
  11. Time spent for collections
  12. Receive payment for invoices*
  13. Apply deposit against invoices*
  14. Make bank deposit
  15. Increase Cash & Income on books

*Feature currently in development

BizPayO is a web-based platform, built and trusted by accountants and other professionals that requires no contract, no upfront implementation costs (sets up in minutes) and can be cancelled at anytime.  If you are wasting time and money on any of the steps above BizPayO is for you.

Sign up in minutes and get cash flow optimized. We promise to help you go from client accepted to cash flow collected faster, cheaper and easier than you have ever experienced before.

Marc Howard
February 4, 2019