One of the longest standing challenges facing business owners has been collecting payment in full and on time from clients.  It sounds simple enough, yet with the economy the way it is, many CPAs' accounts receivable are out of control!

So, the question that naturally follows is: How can my firm avoid this?  One answer is to make it quicker and easier for your clients to pay their bills.  Whether or not you have a website, a great solution is online.  There are several providers to choose from, ranging from the super-popular PayPal to more boutique credit card processors.

If you have a Web site, your Web provider or IT staff should easily be able to incorporate your online payment processing.  Generally, all they need to do is insert a line of code from the payment processing company!  If you do not have a Web site, you can process your payments through the payment company’s Web site.

If you are worried about security, these companies are mandated by law to have certain encryption standards and insurance requirements.  Today, the most advanced encryption available is 256-bit SSL.  Most credit card processing companies and large banks use this, and it would take months with a supercomputer to break these algorithms.

Just think, if it takes the same amount of time to break into your firm’s payment system as it does to break into Citibank, where will the bad guys attack? Where’s the better ROI?  You are safe!

One drawback of accepting online payments is the fees associated with it.  Please remember that the smaller the provider, the more you can negotiate.  Additionally, the increased competition among online payment providers is driving fees down; a trend that will undoubtedly continue into the future.

Google “online payment processing” to see hundreds of options.