If your managed service business is using 2-3 different pieces of software to process payments, then this is for you.
Intuit, Authorize.net and PaySimple, Oh my!
In the movie The Wizard of Oz, Dorothy was scared of lions, and tigers and bears.
In this part of the movie, Dorothy was just arriving in the land of Oz and was in the beginning stages of meeting her fellow band of misfits, in order to save the land of Oz from the Wicked Witch of the West.
Prior to meeting the Cowardly Lion, she learned that in the land of Oz, there were scary animals like lions, tigers and bears.
Much like the scary animals in the land of Oz, there are many scary ways your MSP can process ACH and credit card payments.
But fear not, there are no lions, tigers and bears to be worried about.
But there are many other scary parts of the payments process your managed service business needs to be aware of.
How to store your IT customers payment information
When your MSP takes a customer’s payment type, you are responsible for storing that payment type. Despite you knowing how to securely store that payment type or not.
If it is a credit card or bank account number, it is now in your hands to keep it safe.
How are you storing that payment type?
In a lockable file cabinet?
Online via Dropbox?
A project management software, perhaps? Maybe inside of a CRM?
Either way, your MSP needs to securely store your customers payment methods.
Be sure and know what PCI compliance says about securely storing your customers credit card and payment methods.
To learn how to simplify this part of the process, download our free checklist to help you accomplish this task.
How to set up recurring payments.
As an MSP, you undoubtedly have recurring payments.
Some MSP contracts are in the amounts of $500, $1,000 or $2,500 per month.
You load these contracts into ConnectWise or Autotask, then sync everything with QuickBooks or Great Plains accounting software.
Then, you need to establish some sort of payment processing account, using a service like Authorize.net.
At each billing cycle, once you have set up the above, you will need to log into your payment processing solution and then submit transaction for each managed service contract.
Authorize.net is not the only payment processing solution available. There are others.
PaySimple, Intuit and others will accomplish the same goal.
It is a painful task, processing 10, 30, 150 or 300 credit cards and ACH transactions per month.
Do you want to save time or not?
When setting all this up, your MSP still needs to trigger all these payments.
One by one, inside of Auth.net, PaySimple or Intuit.
What if we told you, your IT business did not need to “do” this step?
So the question begs; does your MSP want to save time?
If you really want to learn how to truly automate and simplify this business process, sign up for one of our free demos.
We can save your MSP lots of time, plus help simplify your life.
Go here now and download our free payment processing checklist to learn how your managed service provider can simplify your invoicing process.
Until then, sign up for our free guidance on being paid on time, every time.
We will even give you 2 free case studies. How’s that for generous!?