Cheques, cash and chasing clients - research reveals huge payment challenges for accountants
More than 9 in 10 accountants have up to half their client base paying them by cheque still, IRIS research suggests.
For many people, cheques seem like a rather antiquated way of paying for things, yet 94% of professionals who we surveyed revealed it was still common practice for their customers.
Two thirds also reported that up to a quarter of their clients still use cash to pay them.
And importantly, accountants revealed their biggest challenge when collecting payments from clients is simply the time wasted chasing them. Nearly 71% of respondents gave this answer. (See charts below).
It was with all of these problems in mind that IRIS decided to come up with a solution in the form of the newly launched IRIS Payments.
We realised that having to take payments in so many different forms – including cheques, cash, direct debits and BACs – can be a challenge in itself. It makes the process disjointed, with different costs for each payment method.
Of course, on top of this, you really would love to slash the time and energy you currently expend pursuing those late or forgetful payers.
That’s the point of IRIS Payments. It enables you to unite payment methods for a simple fee structure. Lost cheques become a thing of the past. You can receive payments simply, it’s all online, and money goes straight to your bank account. No hassle.
Some of the key benefits are:
• Invoices can be uploaded on to an online secure portal which you and your clients can access 24/7.
• You can track the process easily and you can send reminders at the click of a button.
• A simple sign-up form that enables you to set up payments the same day rather than taking weeks, like it does usually with other solutions.
• Set up configurable automated emails, thus cutting the time you’re wasting on chasing overdue payments.
• Cuts the headache of complex payment gateways, merchant bank accounts and PCI DSS compliance (Payment Card Industry Data Security Standard).
• Fully integrated with IRIS so no changes to your existing workflow
Our survey also found that 50% use no payment solutions at the moment. But we’re now offering you one that can transform the way you carry out collections. So, give us a call to see how it can work for your practice.
To discover even more benefits click HERE.