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.

accountants building a bridge over the advice gap

Bridging the Advice Gap: Why Accountants Need to Shift to a Client-Centric Model

Last month, CPA Australia released a report on The Value of Advice. As many financial advisors already know, the chasm is widening between those who have access to professional advice – and those who don’t.

Now CPA Australia has shown exactly how this “advice gap” impacts our economy. Australians could expect an economic uplift of $630 billion each year if everyone had access to proper financial advice.

Why Does Access to Advice Matter?

Keddie Waller – the CPA Australia head of public practice – recently joined host Jotham Lian on Accountants Daily Insider to discuss these findings. Although the estimated $630 billion figure would only be possible in an ideal world, it shows why cash flow makes a difference, even on the individual level. After all, when you average that number across the entire Australian population, it comes out to an extra $24,000 per person.

“That $24,000 figure [is an] average across all of Australia, so it would be different depending on the individual circumstances if this was in real life. But really what we wanted to show was that if you get the advice model right – if you get more people accessing advice – it’s going to have great benefits not only to them as an individual, but to their communities and, more broadly, the Australian economy.”

Keddie Waller, CPA Australia

For small business owners, getting that additional $24,000 could mean the difference between keeping the lights on and shuttering the doors. In an interview with, QuickFee CEO Bruce Coombes offered a similar perspective, based on his experience working with small business owners across the globe:

“There was a survey done a few years ago and one of the questions for business owners was: ‘If you could have any amount of money to transform your business, what would it be?’ And the answer was $50,000 – that’s all.”

Bruce Coombes, QuickFee

So why do people have such a hard time getting financial advice and making the most of their money? Waller attributes this problem to regulatory siloes in the Australian accounting industry.

Although the industry treats services like “mortgage broking” and “credit planning” as distinct areas, the average person doesn’t discriminate. Clients often turn to their preferred accountant only to find that they don’t offer the specific service they need.

How Do We Eliminate the Advice Gap?

The CPA Australia report highlights the long-term need for thoughtful changes to our regulatory system. Individuals and SMEs need great financial advice more than ever, and yet policymakers are misunderstanding their concerns and goals.  

Although lawmakers will play an important role in changing this situation, accounting professionals don’t have to wait for regulatory reform. The report also recommends that Australian advisors start moving to a “client-centric model of advice.” That means redefining your firm’s services and processes to better meet client goals.

3 Ways Accountants Can Reach the Right Clients Now

There’s no doubt that accountants are in a special position to help individuals and businesses through these difficult times. Here are a few ways accountants can move towards a client-centric model right now – and start bridging the advice gap in their communities.

1. Promote financial literacy. 

In the Value of Advice report, SMEs and consumers demonstrated much lower financial literacy than they believed they had. At the same time, both groups reported that they wanted more help with budgeting, savings, retirement planning, and making investment decisions.

Firms can fill that need by promoting financial literacy within their networks and communities. In fact, this is one area where grassroots efforts could have a much deeper impact than regulatory changes. As a local advisor, you can help the next generation become better at managing personal finances or building sustainable businesses.

A few ideas for promoting financial literacy:

  • Volunteering with local schools to teach children about personal finance
  • Organizing financial events/ webinars with local business owners
  • Reaching out to employers to discuss 401(k) plans and benefits with their employees
  • Publishing articles and guest posts on financial topics that matter to you
  • Making financial courses accessible to under-served groups and communities

2. Offer payment methods your clients will appreciate.

Until recently, many accountants didn’t even offer online payments. Although that has shifted, professionals are still reluctant to use alternative payment methods that could add value for their clients.  

According to the 2019 Consumer Payments Survey by the RBA, demand has risen for more flexible payment methods like “Buy Now, Pay Later” payment plans. The pandemic has only accelerated this trend in Australia and across the world.

All businesses and individuals struggle with cash flow at times. An easy payment plan option allows you to free up liquidity on both sides of the table. (You’ll also make your services more appealing to the people who need them.)

3.  Add more content resources to your online marketing campaigns.

Great marketing does more than just sell products: It educates your target audience about how they can benefit from your help. One of the best ways to overcome the advice gap, then, is to improve your online marketing efforts and share information about your unique services. Typically, this means creating blogs, eBooks, webinars, and other educational resources to share on your website and in marketing campaigns.

A few questions to keep in mind when you’re producing content:

  • What terms and topics would your ideal clients be looking for online?
  • Are there any questions that keep coming up with your clients? How can you best answer these questions?
  • Do you have a specific niche or skillset that could set your content apart?
  • Does the terminology you’re using make sense from the client’s point of view? What terms would they most likely be confused about?

By producing content on financial topics, you can raise the profile of your firm and educate your core audience at the same time. That’s a win for everyone. 

At QuickFee, we offer payment solutions that make it easier for accountants to help their clients. Contact us to learn more about our payment plan and financing products!

How QuickFee Instalments Can Help You Grow Your Business

How QuickFee Instalments Can Help You Grow Your Business

Offering structured payment plans is one of the fastest ways to scale your business, without having to invest another cent in sales or marketing. QuickFee Instalments empowers your clients to pay their fees in 4 interest-free instalments, with no risk and no recourse to you and your firm. It’s the first-ever non-recourse instalment payment plan designed specifically with professional service providers in mind.

Here’s how it works.

Product Breakdown: QuickFee Instalments

Unlike other “buy now, pay later” solutions, QuickFee Instalments doesn’t issue any new debt to the user. Instead, it uses your client’s existing credit card, removing the need for formal credit checks and applications. It also allows clients to avoid penalty interest, because it does not immediately charge the entire amount.

As an example: If you bill your client $2,000 and they pay with QuickFee Instalments, they only pay 1/4th of the amount for the first month (in this case, $500). The remaining balance is reserved on the credit line until it is paid. This hold is not visible to banks and does not affect your client’s credit score.

After your client agrees to use Instalments, here’s what happens:

  1. Instalments seeks authorisation to reserve the full amount on your client’s preferred credit card.
  2. Meanwhile, it charges 1/4th of the total to the card.
  3. You and your firm get paid in full within 2 business days of the first transaction.
  4. For the second month, Instalments repeats the “authorise and charge” process again, authorising the remaining balance and charging the next instalment.

How Do I Use QuickFee Instalments?

There are dozens of ways to use payment plans to your advantage, whether your goal is to win more business or eliminate aging receivables. At QuickFee, we’ve funded over $300 million in fees worldwide, and in the process, we’ve gathered some insight on best practices for using payment plans.

Depending on how you use it, Instalments can:

  • Be used as a friendly collections alternative
  • Make your fees more appealing to prospects
  • Enable you to sell more of the services your existing clients need
  • Allow your clients to split up fee payments across multiple accounts
  • Streamline your entire payment and invoicing process

With QuickFee Instalments, you’re adding another valuable financial tool to your firm’s toolkit – and improving cash flow for your clients and your firm at the same time. Best of all? It’s free to get started: There are no monthly fees or long-term contracts.

Ready to learn more? Contact us at 02 8090 7700 or apply online to start offering Instalments.