Merchant Fees a Thing of the Past for CPA Firms
QuickFee and Payroc have partnered to provide accounting and professional service firms with the opportunity to eliminate credit card 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 EFT at no cost.
Clients who select the credit card payment option will pay a 3% merchant fee through the QuickFee/Payroc credit card gateway. The firm will then receive the funds owed to them by their clients and Payroc will collect the merchant fees, moving the cost of merchant fee charges from the CPA firm to their clients.
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.”
“I’m really proud of the effort made by teams at Payroc and QuickFee to develop something that will improve the cashflow of small businesses and their CPAs,” said Bruce Coombes, CEO of QuickFee. 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.
About QuickFee QuickFee provides accounting, law, and other professional service firms with an industry-leading payment portal that integrates Fee Financing into their billing process. QuickFee’s payment portal was voted a Top 2017 New Product earlier this year by Accounting Today.
About Payroc Payroc services and supports thousands of merchants throughout North America, providing stability in payments by safely and securely processing nearly $4B in annual charge volume. To meet its merchant’s diverse and specialized processing requirements, Payroc leverages the processing networks of three of the largest card processing platforms in the U.S., First Data, Vantiv and Moneris (Nilson Report, Issue 1105).
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