Malone and Co. Accountants have been using Collect from BOI Payment Acceptance (BOIPA) since February 2021. The payment collection product has helped Malone and Co. receive payments quicker while at the same time making the process more straightforward for their clients both in Ireland and abroad.
By understanding there is no one-size-fits-all solution when it comes to tax, Malone & Co. has earned a reputation as the accountancy firm of choice for progressive business owners looking to grow their business and overseas businesses looking to establish operations in the Republic of Ireland. This commitment to service along with maintaining long-lasting client relationships has not gone unrecognised with the accountancy firm being recently shortlisted for an Irish Accountancy Award.
Before they began using BOIPA Collect, Malone and Co. faced operational difficulties with their payments collection process. The company’s Chief Operating Officer, Derek Duff gives an insight into these issues and how the move to Collect has paid off.
Prior to Collect, we were using traditional bank transfers for collecting clients payments. This is quite laborious and, depending on the client’s account, led to some delays in us receiving payments. This, as you can imagine, had an effect on cash flow and credit control.” The process meant delays of several days were not uncommon before payments arrived into the accountancy firm’s bank account. Duff also reflected how the lack of a sophisticated payment collection tool affected the client’s payment experience. “Using bank transfers necessitated clients setting us up as a beneficiary with their bank. This was not always managed by our contact within business and, again, delays were sometimes experienced in getting this done on the client side.”
Identifying these problems was the first step in Malone and Co.’s journey to sourcing a better way of completing client transactions, leading to a fruitful conversation with BOIPA.
“We were looking to find a payments solution that gave the client an immediate and painless method to complete a payment with us, which they could do online or from their mobile device from wherever they were,” noted Derek. “This would ensure they could process payments using debit or credit cards quickly and efficiently at any time without having to log into their bank account.”
Des McHugh, BOIPA Collect Product Manager, fully understood the operational problems Malone and Co. faced when invoicing customers, as well as the resources and capacity this approach routinely demanded. Collect ticked all the boxes in remedying these issues.
“Collect’s value to our customers comes from its simple, streamlined payment collection functionality. We’ve heard from some businesses how it can save up to two days of work per month chasing and processing payments,” states McHugh. “It’s perfect for companies issuing regular or adhoc payments, standalone or bulk payment requests. Collect can also easily manage and track part or full payments and also allows customised messaging to the client. Payment requests can be issued by email or SMS and Collect now also allows for payments to be captured over the phone with its virtual terminal feature. The product is integrated with the most popular accountancy software packages which allows the Collect payment link to be embedded within the invoice emailed out to customers.”
Having multiple payment options available through Collect offers obvious advantages. Additionally, the product also allows better payment oversight for businesses, with McHugh referencing how Collect’s “simple and intuitive dashboard provides centralised visibility of all payments with the ability to track status, send reminders and notifications once transactions are complete.”
Proving to be an easy way for both merchants and cardholders to complete payments, Collect’s payment process was of particular interest to Malone’s clients based outside of Ireland too, enabling frictionless cross-border payments, with Duff mentioning how it, “made the payment process for them much more efficient.”
However, for Duff, Collect’s biggest benefits for Malone and Co. has been the speed in the time taken to get paid, while at the same time reducing the time taken chasing outstanding payments. “Collect has increased the speed in which we can recover payments from our clients on a monthly basis by ensuring that they can make a payment online, via their smart phone or indeed over the phone which speeds up the process for them and just makes the whole process easier.” This has had real impact by reducing the credit control and cash flow issues from their previous legacy payment approach and has made the payments process less arduous for their customers.
Malone and Co. are a firm of Chartered Tax Advisors and Chartered Certified Accountants with offices based in Dublin, Kildare and Wicklow. They provide accounting, auditing, book-keeping and payroll services as well as tax advice, to a range of Clients both nationwide and internationally. The firms tailored tax advice to individuals and businesses helps sole traders and companies make sense of complex tax systems to ensure they pay the right amount of taxes every year while holding onto more of their hard-earned money. (www.maloneaccountants.ie / 01-4580911)
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Send fast and secure payment links to your customers via SMS or email.
Create and send your own customised SMS and email messages.
Accept major credit and debit cards such as Visa and Mastercard.
BOIPA can also provide you with a virtual card terminal that integrates into the Collect platform.
Collect real-time reporting is available to you online anytime.
Collect is integrated with some of the main Accountancy software providers, meaning an even smoother process and easier way to collect payments.