Few MSPs enjoy collections.
In fact, it’s the one process virtually every business owner dreads having to do, especially when they have to go through it so often.
Anxiety over billing is one of the many reasons why MSPs need to shift their approach. Instead of taking time out of their busy schedules to create and send invoices, they could be closing new deals and securing renewals.
Or proactively expanding their support team and figuring out to manage more of their clients’ information systems. MSPs have too much on their plate to deal with repetitive back-office activities.
The shift toward automation explains why a growing number of MSPs don’t waste time on paperwork. In fact, many MSPs are beginning to follow the best practices of their peers.
The advice shared by other MSPs who have already “been there and done that” is highly valuable to those who haven’t — and this part of an IT services business is no exception.
After all, implementing a payment processing solution is relatively easy to do today. Many accounting packages already offer it as an option, and dozens of companies are more than willing to help your firm accept and process credit cards.
Virtually any type of billing and payment service you’re interested in is available with a few simple clicks of your mouse. But that doesn’t make the vast majority of them especially useful for MSPs.
In fact, relatively few are designed specifically for the IT services community, and they don’t integrate well with the tools and systems tech businesses rely on.
Payment processing is not a one-size-fits-all proposition. What works for a small (or even a large) retailer may be a poor fit for a managed services firm. MSPs deserve better — and have better options to choose from.
Emphasis on control, monitoring cash flow
Retailers are about quantity.
They need to process a high number of transactions in a short amount of time. That’s an important thing for the tech community, too. MSPs have to be able to get their cash quickly, just like high-volume industries like retail.
But you also need to have control.
Ideally, you must adopt a method where you can manage your billing, accounting, and payments processing, all from one place.
The concern has less to do with converting charges to bank deposits (most systems are quite similar on that end), and more to do with governing the timing and building an MSP’s backend workflows.
The real value for IT services firms is being able to manage it all from a single, user-friendly portal.
Cost-effective and purpose built
When the quantity of payment processing is large, the charges can be astronomical.
Large retailers often negotiate fees downward based on the volume of business they do.
Small IT services firms have less leverage and in some cases, actually, end up paying processing companies thousands of dollars just for converting credit card charges into bank deposits.
ConnectBooster is a much more cost-effective option that also auto-reconciles all your transactions. MSPs never have to wonder which payments are applied to which invoices, ever again.
Credit card and ACH payment processing is part of the solution, and the gateway is all theirs (not a 3rd party organization). It truly is an all-in-one solution purpose-built for managed services businesses.
Retail-oriented payment processing companies are a dead end for IT companies.
They offer little value other than the ability to make a transaction. Basic customer information may be downloaded or imported into other applications, but those extra steps just add to the frustration and list of tasks MSPs need to deal with.
IT companies rely on automation.
With ConnectBooster, payment processing is a seamless endeavor for MSPs, with all transactions immediately updated and available for review. It maximizes cash flow, and the personnel costs associated with billing and account receivable virtually disappear.
Integrations are crucial
For example, ConnectBooster links your agreements, your billing, your payment processing, and your accounting details into one seamless dashboard.
It’s easily integrated with Autotask and Connectwise, as well as most the most popular accounting platforms in QuickBooks cloud and on premise, Xero, and Great Plains. The benefit to you is creating a seamless platform where MSPs can set it and forget it. This solution even auto-adjusts for variable billing, one-time payments, as well as recurring billing.
To save you time, you need to be able to leverage key managed services tools to improve your cash flow and reporting options.
Payment processing solutions designed for retailers just don’t offer all those valuable benefits to MSPs.
Take a look at this demo
Check out the ConnectBooster demo page to see how the ConnectBooster platform can make that happen with your specific PSA and accounting package.