Make Payments Easier with Fee Installments
“I really look forward to paying my monthly invoices.”
How many clients provide that kind of positive feedback when it comes to managing their business bills? It’s probably not very many, because it can be disheartening to finish up the month by reviewing outstanding expenses and realizing you still have some big dollar amounts to pay.
If your clients are feeling the pinch when it comes to paying invoices on time and in full, you can reduce some of those pain points and improve cash flow for your own accounting firm. Offering a fee installment option allows convenience and flexibility for you and your clients when it comes to easy payment processing and cash flow management.
What is a fee installment payment plan?
Fee installment is a service used by accounting firms and other professional service providers to make it easier for clients to make their payments flexibly and continue a positive relationship with the firm.
Offering fee installment, or fee financing, as it’s more commonly known, allows your clients flexibility in how and when they make their payments, while ensuring your bills still get paid.
When using fee installment as a payment option, your clients are allowed to divide up their total invoice amount and pay it out over three to 12 months. However, you get your payment immediately, and in full, because QuickFee covers the total invoice amount and gives the client the gift of time to spread out their expenses.
Think of fee installment as a payment plan that accounting firms can extend to their clients while still keeping their cash flow steady and reducing the monetary impact of late or lax payments.
How is QuickFee different than giving a loan to a client to cover their fee?
QuickFee provides a valuable service for accounting firms because it eliminates the need to take additional risk on a client in order to offer them flexibility.
Giving a client a loan from your firm can mean additional work and cost to determine their creditworthiness, as well as jumping through regulatory and legal hoops to ensure you’re managing the program in the right way. QuickFee takes that extra risk and effort out of the equation by serving as a silent middleman to provide clients with payment flexibility.
The QuickFee model was designed by CPAs for CPAs and is focused on mitigating the pain points that typically come with ensuring timely client payment. The easy fee installment option reduces the potential for negative client experiences or for overextending your firm through what amounts to zero-interest loans (by allowing clients to stretch their invoice due dates).