Tips to increase cash flow using Apple Pay and Google Pay

As an accounting or professional services business, you know that cash flow is essential to your success. The faster you can get paid, the better your chances of staying profitable. That's where Apple Pay and Google Pay come in.

These two mobile payment methods make it easy for your clients to pay you quickly and securely. And increasingly more of your clients are using these. In fact, according to research, digital wallets were used by 43% of consumers in the United States in 2022, showing the growing preference for this form of transaction.

So how can you use Apple Pay and Google Pay to increase cash flow and profitability in your accounting or professional services business, and at the same time cater to your clients’ payment preferences? Here are a few tips:

The first step is to make it easy for clients to pay with Apple Pay or Google Pay. This means adding the payment options to your website, proposals and invoices. You can also use a payment processor or all-in-one proposal, client agreement, billing, payment and workflow automation platform like Ignition. Ignition currently supports Apple Pay and Google Pay for new customers in the United States and Australia.

When your client is entering their payment details on an Ignition proposal, if they are on an Apple Pay or Google Pay supported device, they will automatically have the option to use them.

“For accounting or professional services business, strategic decisions like adopting mobile payment options can significantly enhance profitability," explains Joshua Lance, Head of Accounting (AMER) and Managing Director at Lance CPA Group.

"By providing payment options like Apple Pay and Google Pay, we not only cater to our clients' preference for digital convenience, we also streamline our own payment collection, helping to pave the way for smoother cash flow. It's this fusion of client-centric thinking and operational efficiency that's integral to business success," he adds.

Once you've made it easy for clients to pay with Apple Pay or Google Pay, you need to let them know about it. You can add a link to your website or include a message on your proposals or invoices. With a platform like Ignition, that allows you to collect payment details upfront and automate payment collection, the option is already automatically marketed to your clients at the time of signing the proposal. You can also promote the payment options on social media and in your email marketing campaigns.

Once you've started accepting Apple Pay and Google Pay, it's important to track your results. This will help you see how much the payment options are increasing your cash flow and profitability. With Ignition, your results are automatically tracked via your business intelligence dashboard. In fact, over half (54%) of Ignition customers say they’ve improved cash flow since implementing Ignition.

Here are some additional benefits of using Apple Pay and Google Pay in your accounting or professional services business:

• Improved customer satisfaction: Clients appreciate the convenience and security of using Apple Pay and Google Pay. This can lead to improved customer satisfaction and loyalty.

• Reduced fraud risk: Apple Pay and Google Pay use the latest security technology to protect customer data. This can help reduce the risk of fraud, which can save you money in the long run.

Increased efficiency: Apple Pay and Google Pay can help you save time by eliminating the need to process paper checks or credit card payments. This can free up your time to focus on other tasks, such as growing your business.

There are many benefits to accepting Apple Pay and Google Pay in your accounting or professional services business. Here are just a few:

• Convenience: Apple Pay and Google Pay are extremely convenient for customers. They can pay for your services on mobile or in-person. This can save them time and hassle.

• Security: Apple Pay and Google Pay are secure. Your customers' payment information is protected by tokenization, which means that their actual credit card numbers are never shared with the merchant.

• Acceptance: Apple Pay and Google Pay are widely accepted. This means that your customers are likely to be able to use them to pay for your services.

Increase revenue: Studies have shown that businesses offer Apple Pay and Google Pay as part of their payment mix to boost their revenue. This is partly because these payment methods are convenient and secure, which makes customers more likely to use them.

If you're interested in accepting Apple Pay and Google Pay in your accounting or professional services business, there are a few things you need to do. First, you need to sign up with a payment processor that supports Apple Pay and Google Pay. Once you've signed up with a payment processor, you'll need to add the payment options to your website and invoices. You can also create a QR code that customers can scan to pay with Apple Pay or Google Pay.

Alternatively, you can also use an all-in-one platform like Ignition, that automates and optimizes the proposal, agreement, billing and payment processes for your firm. Ignition supports payments via Google Pay and Apple Pay, as well as Automated Clearing House (ACH), credit or debit card, direct debit, or pre-authorized debit (PAD), depending on location.

By following these tips, you can use Apple Pay and Google Pay to increase cash flow and profitability in your accounting or professional services business. These two mobile payment methods are convenient, secure, and widely accepted. They're a great way to make it easy for your clients to pay you, and they can help you boost your bottom line.

To learn more about how Ignition, the leading all-in-one proposal, client agreement, billing and payment collection platform for professional services, helps businesses get paid faster and run smarter, watch an online demo now.