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Get your Receivables Faster with Electronic Payment Processing

Get your Receivables Faster with Electronic Payment Processing

Every CPA Firm in Miami struggles with those delinquent accounts that are 30, 60 and 90 days past due. As a Miami Accountant I offer clients Electronic Payment Processing options speeds up your receivable collections – leading to accelerated cash flow and a reduction in operating expenses. While debit/credit cards are some of the most well-known ways to pay electronically, did you know that you can accept one-time or recurring Automated Clearing House (ACH) Network payments directly from your clients’ bank accounts, at a lower transaction fee than debit cards and credit cards? Our Miami Accounting Service converts the paper checks that you accept in your office today to electronic checks, ensuring that your funds are deposited quicker and in a more secure manner.

How Electronic Payment Processing Payments Work

ACH (Electronic Payment Processing) is an electronic network for financial transactions that directly debits (or credits) your customer’s bank account for a payment – eliminating the entry of credit or debit card numbers online. ACH provides CPA Firm in Miami the benefit of accepting payment directly from your client’s bank account, and provides your clients the convenience of having funds deducted from their account, whether one-time or on a recurring basis.

ACH is available as a payment method with many merchant accounts, such as those provided through CPA Directory’s payments partner, Capital Payments. For your clients, it is simple to enroll in ACH payments:

Your client visits your web site to enroll or alternately, you can enroll your client in ACH through a virtual terminal (where you type in the client’s information);

  • Your client will provide their key information, including name and address, as well as bank account number and bank routing number;
  • In 2-3 days, you will receive notification that the ACH link to the account has been activated;
  • The funds are withdrawn from your client’s account and deposited into your account.
  • Note that you can set up your client to be billed once or be billed on a weekly, monthly, or even yearly basis (also called recurring billing).

How Electronic Checks Work

Electronic Payment Processing checks (also called E-checks) allow you to convert your customer’s paper check payments to electronic payments. All you need to convert paper checks to E-checks is an electronic scanner provided by a payments company such as Capital Payments. Converting paper check to E-checks is simple:

Your client writes you a check;

  • You run the check through the electronic scanner
  • The terminal captures your customer’s banking information and the check payment amount;
  • The funds are withdrawn from your client’s account and deposited into your account.
  • Once the check has been electronically processed and approved, the terminal prints out a receipt for the customer to sign and keep. The paper check is marked void and returned to your customer. At that point, the transaction is complete.

The Benefits of ACH and Electronic Payment Processing

As a Miami Accountant electronically processing payments directly from your clients’ bank accounts provides numerous benefits to my Miami Accounting Service:

Faster funds receipt. By using ACH and Electronic Payment Processing, the funds are deposited much faster than with traditional check processing; often the payment is made within 24-48 hours.

  • Reduced processing costs. ACH and Electronic Payment Processing are typically less costly than processing paper checks and/or credit card transactions. Less manpower is required and deposit and transaction fees are reduced.
  • Reduced potential of errors and fraud. The ACH network is a highly secure system that is automated, allowing you to reduce the number of people or check-points that handle the transaction, therefore reducing the chance of error and fraud.
  • Increased security. ACH and Electronic Payment Processing offer protection features such as encryption and message authentication which makes it one of the most secure payment methods in the electronic payment processing industry.

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