What is Fee Financing
Past due invoices are a major problem for CPAs and accounting firms. Nearly 30% of the accounts receivables owed to firms outside of the “Big Four” are more than 90 days past due.
The solution isn’t angry phone calls or threatening letters. It’s fee financing.
Fee financing is an arrangement where a “silent middle-man” like QuickFee gives your clients the opportunity to pay their invoices in monthly installments, while you get paid in full upfront. You get paid within days of invoicing, providing the cash flow you need to grow your firm.
How Does Fee Financing Work?
QuickFee’s fee funding process involves three steps:
Step #1: Sign Up
Reach out to QuickFee for a free consultation to determine whether or not our services are the right fit for your firm.
Step #2: Enroll Your Customers
Once you’ve signed up, you’ll be able to offer clients and prospects the option to pay your invoices over a 3-12 month period. Fee financing assistance can be arranged in several different ways:
- Manually direct clients to the fee financing payment option through QuickFee’s cloud-based system.
- Add a link to your new fee funding option to your client invoices.
- Use QuickFee’s payment portal, which includes not just our fee financing arrangements, but credit card and EFT/ACH payment options as well.
Step #3: Get Paid
Sit back, relax and – within 4 business days – you’ll have full payment from your clients, while we handle collecting their monthly payments.
How Fee Financing Makes You Money
We’re not just talking about putting the money you’re owed into your pocket. By improving your cash flow with QuickFee’s fee financing program, you can:
- Attract new customers who need a large volume of work, but don’t have the cash to pay for it upfront.
- Earn more work from customers who have been putting off new projects as a result of past-due invoices.
- Free up extra cash for new marketing and advertising campaigns.
- Grow your base of referrals from satisfied customers who appreciate the flexibility of payment terms you offer.