Many Millennials and Gen Xers are not big fans of paper money, coins, and checks. As customers move away from those payment forms, an increasing number of businesses are beginning to accept bank and credit cards and other options. While IT services firms with retail, restaurant, and hospitality specializations are more accustomed to supporting clients with payment processing needs, this movement creates new opportunities for most MSPs.
Not only can your company deliver new technologies, but you can profit from partnerships with companies that offer the other critical services, as well as improve your own cash flow (in more than one way). Payment processing for MSPs is multidimensional.
On the one hand, this service is a deliverable your team can provide to a growing number of organizations, from the traditional businesses that have always accepted these cards, including retailers and restaurants, to those looking to adopt or are relatively new at this practice.
Payment processing for MSPs can also be an internal opportunity. Have you assessed how many of your clients would prefer to pay their monthly bills using credit or bank cards or set up recurring electronic bank transfers? With the personal and business acceptance of these transaction options on the rise, implementing a system that allows payment processing for MSPs is a virtual no-brainer today.
Let’s take a look at each opportunity and how it can benefit your IT services firm.
Payment processing for MSPs’ clients
Do any of your clients have a Point of Sale (POS) terminal sitting on their reception desk or in the accounting/billing office? That is just one sign of a potential payment processing opportunity for MSPs. With existing clients, your team may easily overlook the installation of these mundane devices by third-party providers, which have multiplied exponentially over the past few years. Those systems are similarly easy for MSPs to ignore when organizations have so many other issues and priorities to address.
The vertical market opportunities are endless and continue to expand. In the medical field, from doctors and dentists to physical therapy facilities and laboratories, demand is growing exponentially, one of the many reasons why a payment processing service from their MSP makes perfect sense. The same opportunities exist with engineering and law firms, municipalities, landscaping companies, and many non-profits (even some churches). Many small manufacturers and fabrication shops adopt POS and other payment options to meet their clients’ shifting preferences and get paid faster.
You already support many of these clients’ various needs; why not add another recurring revenue stream with a payment processing offering from their trusted MSP? Many organizational leaders understand the benefits of emailing invoices and using online collection methods to speed up their cash flow. Handing off the complexities and nuances of managing payment processing systems to their MSPs makes a lot of sense.
These services spell more income for your business. When those clients receive revenue from their customers, your MSP can receive a percentage of the payment processing fees from referrals or as a value-added partner. Why not get a piece of the profits currently going to people your customers don’t know? Check out the ConnectBooster Rev partner program.
Payment processing for MSPs
Is your firm’s accounts receivable balance at an acceptable level? How soon do your clients pay off their invoices for the services your team provides? Using a payment processing platform helps MSPs get paid quicker by automating many aspects of collections.
From integrations with valued IT services management tools to a secure self-service portal for your client, implementing a system like ConnectBooster gives you greater control of the financial side of your business. Payment processing for MSPs is a critical part of the equation. The key is working with processors that you and your customers can rely on and a partner that understands each business model’s challenges and needs.
With many years of channel experience, ConnectBooster realizes what it takes to support IT services firms like yours − as well as those of your clients. Payment processing for MSPs requires a delicate balance of technical prowess, business acumen, and collaborative expertise. Mistakes with credit and banking information or the account management process can be costly for the IT firm, the client, and the processor.
ConnectBooster is committed to payment processing for MSPs. Whether enabling your company to accept clients’ payments or giving you the ability to extend similar capabilities to those customers’ businesses, our team can make it happen.
Are you ready to take advantage of all the opportunities associated with payment processing for MSPs? Give us a call or drop us a line. We can’t wait to help you get started.
