5 Ways ClientPay Improves AR for Engineering Firms
According to a financial statement analysis conducted by Sageworks, architecture and engineering firms have some of the highest average collection periods, with invoices remaining outstanding a median of 74 days.
Fortunately, ClientPay can help engineering professionals like you get paid faster.
ClientPay’s online payment solution empowers engineering professionals to improve cash flow with faster, more reliable payments. Designed specifically for architecture, engineering, design, and construction professionals, ClientPay creates a seamless payment experience for your clients so you can get paid for your hard work right away.
Here are five definitive ways ClientPay’s payment solution can help improve accounts receivable in your engineering firm.
Multiple convenient payment options for your clients
Regardless of industry, modern consumers prefer (and have come to expect) to pay their bills electronically. Clients seeking engineering services are no exception, which is why you should offer your clientele a variety of electronic payment options. Creating a more convenient and flexible payment experience means clients can pay you from anywhere at any time with their preferred payment method (e.g., credit card, debit card, or eCheck).
With an online payment solution like ClientPay, you can make paying invoices easy and accessible for your clients. ClientPay offers a variety of unique payment features, including custom Payment Links which allow clients to easily view their invoices and immediately pay any outstanding balance via their computer, tablet, or mobile device. Plus, you can personalize your payment page with your firm’s contact information and logo.
The ability to accept online payments along with ClientPay’s variety of specialized benefits not only offers your business a competitive edge by making it more attractive to potential clientele, it also expedites your billing process. No more mailing checks and no more waiting for a paper check in the mail or enduring the lengthy deposit process once it finally arrives. Online payments start processing as soon as they are submitted, ensuring you get paid faster and more reliably.
Advanced data security
In addition to offering convenience and speed, online payments with ClientPay are far more secure than using traditional payment methods like paper checks or asking clients to provide their financial information over the phone—something most clients are not comfortable with in the first place.
According to the 42nd Annual Deltek Clarity Architecture & Engineering Study, digitization, cybersecurity, and technological maturity are key focus areas for the AEC industry going forward. In fact, only 25% of firms consider their business digitally advanced today and 69% of firms cite data and cyber security as top IT Operations challenges.
Fortunately, ClientPay’s end-to-end payment solution ensures every transaction is secure from start to finish. With over a decade of experience in payment technology, we protect your firm with the highest level of PCI Level 1 compliant technology at no extra cost.
Plus, when you partner with ClientPay, you never have to store sensitive payment information, reducing your security obligations and PCI scope. The ClientPay system uses advanced fraud prevention, data encryption methods, and cybersecurity measures to protect private information so your clients can rest easy knowing their payments are secure.
All-in-one integrated solution
For many engineering firms, a lack of integrated project systems to manage project scheduling, budgeting, time tracking, billing, and invoicing is a major concern. Adopting software that provides greater insight into project resources, performance, and finances—in particular, accounts receivable—helps project managers better communicate and collaborate with finance staff as a standard operating procedure. Integrated AR also allows your clients to reconcile their invoices much quicker and in turn, frees them up to focus on accounts payable concerns.
In addition to acting as your secure online payment solution, ClientPay offers account integration and support by working with a variety of innovative tech leaders to provide flexible solutions that meet the unique needs of every engineering professional.
Using our secure, open APIs, ClientPay tech partners can build custom integrations that enable them to incorporate secure payment processing into their platforms. This empowers engineering professionals like you to simplify billing and payments and get paid faster.
Access to in-depth reporting
One of the biggest factors when improving your accounts receivable is access to full-cycle financial reporting. Having visibility into your firm's billing history and outstanding invoices is essential to identifying pain points and expediting cash flow.
ClientPay gives you access to important payment statistics and insights to help you better understand and manage your firm’s finances. Our easy-to-use payment reporting tools and A/R dashboards empower you to organize and analyze payment information in the way that best supports your firm’s needs. Whether you’re operating on a smaller scale with your office manager overseeing accounts receivable or having one accounting professional handle all of your finances, ClientPay is suitable for engineering firms of all sizes and specialties.
Every transaction detail (including the date, client name, the amount charged, payment method used, and real-time status) is automatically recorded in your account, and you can use advanced search functionality to find a specific charge. No more wasting valuable contract time looking through messy filing cabinets or complex spreadsheets. With ClientPay, you have on-demand access to everything you need all in one place.
Unparalleled customer support
Whether you work as a solo contractor or part of an engineering and construction team, time is a valuable and limited resource. The last place you want to spend that resource is on hold with customer service.
At ClientPay, we pride ourselves on delivering exceptional customer support. We know that collaboration is crucial in running a business like yours successfully, which is why we do everything we can to make your job (and your payments) much simpler.
ClientPay’s knowledgeable, in-house support team is always ready to help. Our years of industry experience allow us to understand the unique pain points faced by our customers. We are equipped to identify specific needs presented in engineering, architecture, land surveying, interior design, and more. You can also find a wealth of on-demand resources in our Support Center.
Using your ClientPay account should be as straightforward and easy as possible, and we’re here to help.
Ultimately, ClientPay improves your accounts receivable by making your billing and payments process more efficient and transparent. With our online payment solution, you can experience faster, more reliable payments and significantly reduce accounts receivable delays. Gain a competitive advantage against your competition while providing a better client experience with simple online payments from ClientPay.