According to the latest stats from the Federal Reserve Bank of Atlanta, the popularity of paying by credit card has increased: from 24% of all transactions in 2019 to 27% in 2020.
These consumer expectations extend to payments for professional service. Attorneys, graphic designers, and accountants can all benefit from the convenience and flexibility of accepting credit card payments with products like Clover’s virtual terminal. This allows businesses to conduct business anywhere and anytime.
Professional service firms were reluctant to accept credit card payments in the past, but this is changing rapidly. Take credit cards as a professional service firm.
Benefit #1: Payments are made faster
It can be a burden for a professional services firm to print invoices and mail them, then wait for the client to pay. The American Bar Association, for instance, has accepted credit card payments for legal fees since 1974. However, law firm credit card processing still needs to catch up. Only 60% of midsize and large firms offer electronic payment.
Clients pay faster for businesses that accept credit cards. 40% more quickly is the number in the legal sector. Clover Virtual Terminal enables professional service firms to ask for client payments via email and to allow them to make online payments using credit or debit cards. This reduces long waiting times and lets the business spend money on other expenses.
Benefit #2: PCI compliance
Professional services are concerned about their client’s credit card data being compromised by a security breach. Online payment processors and retailers must adhere to the PCI DSS standards. These standards help to ensure that businesses that accept, store, and process card information are doing so securely.
Virtual Terminals are an excellent solution for businesses that trust their customers with payment data. They help protect sensitive payment information against fraud and abuse. Fraud Monitoring Tools such as address verification service (AVS) and card verification values CVV are steps that help ensure this critical data’s security.
Benefit #3: Fewer fees
Professional service firms that have yet to switch to credit card payment are frequently concerned about processing fees. Smaller firms may find it challenging to deal with the extra costs. Some people use workarounds, such as deducting the credit card fee when filing taxes or adding a “processing charge,” which many restaurants also implement.
Virtual Terminals are free to use, but each transaction is subject to a fee agreed upon between Clover and your company. In many states, Clover also offers surcharging for credit card processing so that you can charge the client separately. You will have you choose this program; you pay a surcharge of 3.5% on all credit card transactions if you prefer.
Benefit 4: Flexible options
Firms that want to enter the world of credit/debit cards no longer need to buy expensive equipment to process cards. You can manage your business and request credit card payments using a mobile device or a web browser with no hardware plan. This professional service page explains how businesses can get started with Clover.
Firms can use recurring payments to take advantage of electronic payments. Monthly payments are a great way to give clients and businesses peace of mind. The card information is securely stored.
Benefit #5: Increase your client base
Service providers who don’t accept credit cards are doing themselves a disservice. They limit their clientele. Bankrate reported Gen Z consumers open new credit card accounts more than older cardholders. This is likely because they are reaching adulthood and have sufficient incomes to pay for credit cards. The younger generation will search for providers that accept credit cards. They are looking for a flexible payment option.