Four ways having a Buy Now, Pay Later option helps grow your business

Four ways having a Buy Now, Pay Later option helps grow your business

With BNPL options a common sight on the payment pages of most online retail outlets these days, it is no surprise that they have made their way into the service sector. And it makes sense that clients would want the same payment options for their goods as they have for their services?
With service providers now tapping into the popularity of this flexible, accessible mobile payment solution, they can provide their clients with a better overall payment experience that puts them in the driver’s seat. All while providing the business with the security of full up-front payment.

But why is BNPL so popular with customers?

The biggest win that BNPL provides to clients is the ability to afford more services today, with the option to spread their payments over time. The old saying of ‘cash flow is king’ is as accurate for businesses as it is for individuals, and an option that allows clients to hang onto their cash today is bound to be appealing. In addition, the whole experience is simple and user friendly, with no lengthy applications and no complicated credit checks. Instead, the approval process is quick, easy and intuitive, and clients love the ease of the process.

With so many BNPL options out there now, it’s unlikely your clients will not have used one before – or at the very least, be aware of them. So when you offer a BNPL payment solution, you present a concept your client is already familiar with, and there is comfort in familiarity – and a financially comfortable client is a happy client.

So how can you use BNPL to help you grow your business?

  1. Shout it out loud!
    Make sure your clients know that you have a BNPL option by making it a part of the conversation right from the start. Advertise it on your homepage, payment page, newsletters, or even on the side of your vehicle (which is a mobile advertisement)! When a new client knows up front that they have the option to pay overtime, it softens the impact of the final invoice when it comes. This means you can upsell and cross-sell with confidence without the risk of ‘sticker shock’.

    Make sure you don’t neglect your existing clients in your advertising. Even clients that have happily paid upfront for years may like the option to spread their fees and enjoy the benefits of the freed-up cash flow.

  2. Save on business costs by simplifying your collections process.
    With a BNPL option, you can do away with complicated collections processes and use the time you would typically have used to chase up unpaid invoices to deliver more services to your clients. That means more time spent earning and less time spent on administration.

    Plus, most solutions allow clients to use their own devices (which is a nice bonus in a pandemic) and means that you don’t need to carry around (or pay for) POS payment terminals! Which is just another way you can save money right from the get-go.
    A BNPL option is a handy tool to have in your offering that will streamline your payments process, provide your clients with a flexible and convenient option, and deliver more cost savings to your bottom line.

  3. Increase ‘basket’ size
    When your clients can make monthly payments instead of paying all at once, they are more inclined to add on more services in one transaction. That’s because buyers can get more of what they want and need today without the one-off impact of a lump sum bill.

    In addition, with the ability to spread their costs over time, BNPL offers clients peace of mind meaning that clients will be more likely to feel comfortable adding on additional services if they can spread their payments out.

    There is something to be said about the predictability of a monthly budget – and BNPL options certainly provide that by taking the exact amount coming out each month for their services. Because of this, you’ll be able to charge a bit more for some services as few buyers will have second thoughts about the price tag if there’s a monthly payment option.

  4. Help ease your client’s financial burden.

    Even if clients choose to pay upfront in full, they will appreciate having the choice to spread their costs if they need to. So, when you offer a flexible payment solution, you are saying to your customer that you want to make it as easy as possible for them.

    BNPL is particularly helpful with grudge purchases where the client may need your services but wouldn’t ordinarily want your services. One-off or infrequent purchases that need doing but would otherwise be missing from or, at the very least, towards the bottom of the priority list are the perfect example. Such as getting your taxes done, paying for a divorce, or even fixing the dodgy plumbing you have told yourself you would do one day but never get around to until everything breaks!

    When the option to pay overtime is presented at the beginning of the conversation with a client, it helps to take away the pressure on them to find the funds upfront. Plus, the goodwill you generate by making these options available can lead to positive word-of-mouth recommendations, better reviews for your business, and higher customer loyalty. So even if your client does not take it up – it’s a win-win and can only be a good thing for your business.

With a BNPL option, you help bridge the gap between clients’ needs today while easing their financial strain, which enables you to grow your business. In this way, clients are not the only winners with BNPL – it’s a win-win situation for consumers and businesses alike.

The ATO honeymoon is over – Don’t get caught with a COVID hangover

The ATO honeymoon is over – Don’t get caught with a COVID hangover.

With the world starting to recover a sense of normalcy after the ravages of COVID, we are starting to get back to living the lives we led in that seemingly free and easy world of pre-pandemic times.

It was a time when we didn’t have crumpled up face masks stuffed into the pockets of our activewear when we used our car gear sticks as make-shift mask hangers.

Business also did it tough, though the government was able to step in to help enterprises through various fiscal arrangements.

Business has never been on worse terms with the ATO

But now, as we merge back into a sense of normalcy, the ATO, in particular, is less inclined to look past overdue debt and is indeed coming after any business that owes more than $100,000 in tax. The pandemic saw the ATO put such bold actions on hold so Australia could get on with staying in business.

Now the honeymoon is very much over. Any business that is not on the front foot with outstanding debt will suffer the consequences and be hit with a COVID leniency hangover if they don’t act swiftly to ensure the health of their cash flow.

What happened when the stimulus was turned off?

For larger firms, there was work around options such as work remotely and downsize office space to save costs; however, not all industries had such options. For example, hairdressers, chefs, and pet groomers can’t work from home if they are required to go into isolation today – for them, there is no work if they are isolating.

With stimulus now a thing of the past, business costs growing, increasing pressures on the cost of living and wage growth flat, the current economic landscape is perilous for the unprepared. Businesses can no longer delay paying their ATO commitments lest they harm their credit rating.

It is quite clear that now more than ever, Australian businesses need a healthy client book with a steady cash flow.

The perfect storm

The withdrawal of stimulus and concessions will undoubtably impact business in Australia.

Further, acute staff shortages, increases in staff costs due to increased sick leave payments, growing employee demands as a result of the great resignation and the general increase in the cost of living are all adding pressure to an already tenuous economic stability some businesses are maintaining.

Pair this with the supply chain shortages across multiple industries and a downturn in consumer activity, and it’s an almost perfect storm for business failure.

We are all under the same pressure

It’s not just small businesses that have been hit hard recently. We have seen some big players go down, with building companies seemingly falling like dominoes lately. For every business that closes – big or small – the knock-on effect for every link in the supply chain takes a hit.

From the stationery suppliers right through to the accounting and legal firms that support them, every client that goes under comes with associated cash flow impacts. The cost of replacing lost business is significant and there is no guarantee that there will be plentiful new business opportunities in this current financial climate.

How can you weather the storm?

For small and big businesses alike, cash flow is king, and if you can help preserve your client’s cash flow and still get paid what you are worth, you should pursue every opportunity. Professional service firms can no longer afford to be a bank for their clients.
It’s not so much a case of wanting to be paid what you are worth right now; it is more a case of needing to be paid what you are worth, on time.

Acknowledging a client is struggling and offering a payment plan solution will support your client’s needs and provide your business with full, upfront payment so that both can get on with the business of doing business.

If you would like to hear more about how QuickFee can help you avoid the COVID stimulus hangover, support your client base and get paid today, contact our team today on 02 8090 7700.

In the Spotlight – Jon May, Chamberlains Law Firm


In the Spotlight – Jon May, Chamberlains

In this episode, we are meeting with Jon May, Director at the Chamberlains law firm. Chamberlains is a full-service law firm with niche expertise in the cryptocurrency sector, drawing on knowledge from its commercial, tax and litigation teams. The firm has been helping clients in the sector for some time but is now accepting payments in most major cryptocurrencies such as Bitcoin. Chamberlains Law Firm was the Australiasian Law Awards Law Firm of the year in 2020 and has kept cumulating industry awards throughout the years. 

Listen to the podcast:


About Jon May

Jon has been a lawyer in the Australian Capital Territory since 2007, during which time he has run some of the largest litigation in the ACT.
Jon applies a practical client-focused approach to each case, which means that he works closely with his clients to achieve the best result in each case. This approach is borne out of Jon’s ability to problem solve difficult legal issues in highly litigious circumstances.
Jon is known for his ability to run complex estate litigation matters and also medical negligence claims. He has run some of the most complex medical negligence litigation in the ACT and in doing so has achieved many great results for his clients.


In the Spotlight

In the Spotlight recognises legal and accounting practitioners who demonstrate innovation, success, and commitment throughout their work. 

Each month, we select individuals or firms to acknowledge the positive impact they have had on their community or their industry sector. If you think you know someone who fits the bill, please send us a 100-word summary to telling us why they deserve recognition.

Submission criteria:

  • The legal or accounting professional has shown an unwavering commitment to customer satisfaction while still assuring the profitability and viability of their business or profession.
  • They have helped a client turn around business profits with innovative business opportunities.
  • They have outperformed their peers in their sectors, market segments and geographical areas in terms of community service.

In the Q: How to Generate Leads and Grow your Practice

Bruce Coombes and Alistair Marshall are back and talk about generating leads and growing your practice. In this episode, they provide advise on:

  • Accounting and legal firm sales process

  • Gaining visibility and credibility

  • Getting your firm and your people to focus more on business development

  • Generalist VS Specialist

  • Getting referrals

  • Marketing – relevance in business development

Watch the episode here:

Click here to listen to the podcast:

Alistair Marshall

Alistair Marshall has huge empathy with professionals who never get taught how to build their practice and this challenge has been exacerbated with the arrival of Covid 19 which has restricted the availability of random acts of coffee and lunch.

He has more than 30 years of experience in business development. His fast and proven solutions have helped law firms, accountancy practices, banks, engineers and other professionals to quickly attract new clients and win more new business.

Alistair has worked in business development for multi-national corporations, with responsibility for budgets in excess of A$100m.


Professional Services BD

Professinal Services BD specialises in helping professional services firms to become more successful.

They  provide business development services to lawyers, barristers, accountants, bankers and wealth managers, infrastructure and engineering firms, digital agencies, ICT and software consultants.

 Learn more: