06 May Credit Card Merchant Fees – A Thing of the Past for Accounting Firms
Accounting firms can now completely eliminate credit card merchant fees when their clients pay by credit card. With merchant fees totaling approximately 3% of every transaction, firms are incurring significant cost without seeing any reward.
While clients are enjoying their frequent flyer miles, cash rebates or other benefits earned through their credit card rewards, firms are bearing the burden of paying merchant fees associated with their clients’ choice to pay in this way. Through QuickFee’s innovative online payment portal, firms will now experience substantial savings as QuickFee’s portal passes merchant fees on to clients. Importantly, clients are also offered the option of paying by ACH at no cost.
Clients who select the credit card payment option will pay a 3% merchant fee through the QuickFee credit card gateway.
According to Jim Bourke, MD of Advisory Services at Withum, “The new breed of entrepreneurs and longstanding clients appreciate us offering multiple payment options. Whilst our firm is saving money through this initiative, our clients are enjoying choice in their payment options and the cross subsidy of merchant fees by clients not paying by credit card has stopped.”
The portal also gives a CPA’s clients access to QuickFee’s proprietary Fee Financing facility. The unique Fee Financing option allows clients to obtain an affordable, typically tax-deductible loan to pay any amount due to their CPA with repayments over 3 to 12 months.