10 Accounting and Payment Processing Solutions to Boost your Brand
Nowadays most transactions are handled online and/or with debit or credit cards. So, if you’re that business owner still depending strictly on cash transactions, you’re definitely missing out on a great deal of income opportunities. In fact, it’s probably safe to say that more than 50% of transactions these days are done with a debit or credit card. Credit and debit card transactions make it easier to do accounting. But, depending on your sales volume and your knowledge of taxation, you may need to actually hire an Accountant. So, with that being said, in this article, I’m going to present to you a list of options for accounting and payment processing.
A pioneer to the online payment processing industry, PayPal may not be as popular as it once was, but it is still a great option to have for accepting payments. My favorite aspect of PayPal is its ability to set up recurring payments and accept donations. There is a Subscribe and a Donate button for PayPal that you can integrate by HTML into any website. Essentially, it is the integretable buttons that makes PayPal stand out from other payment processing companies. PayPal also provides you with a personal PayPal.me link that you can send other PayPal users to easily send you money. Like many other payment processing companies, PayPal allows you to send invoices, track accounting and order a debit card to easily access the money in your account. You can even set up invoices to allow customers and clients to make a minimum deposit instead of having to pay it all at once. Almost everywhere you shop offers PayPal as an option for making secure payments. The only downside to utilizing PayPal as a payment processing solution is that outside of invoicing, your customers and clients will need to have PayPal accounts setup.
Learn more at paypal.com
Since its inception, Square has become one of the most popular ways, if not the most popular way, to process business transactions. Unlike many other payment processing companies, Square offers a card reader to swipe debit and credit card payments without requiring you to meet a minimum monthly revenue. Square now even gives you a debit card to easily access the money in your account. Square is an integratable option for accepting payments that most web hosting companies offer. The most popular component of Square that a lot of people use is CashApp. CashApp has it to where you can easily send and request money by a phone number or user ID preceded by a dollar sign such as $blackhistoryent. CashApp even gives you a debit card and an account and routing number to use for direct deposits. I, myself, have used CashApp a number of times as a way for people without cash to pay for entry into an event. As for apps that offer a money transfer service, CashApp is definitely the most popular. Even if you have another preferred way of accepting payments, I would suggest that you include CashApp as an option for customers and clients.
Learn more at squareup.com
Owned by PayPal, Venmo is slowly making its way to becoming one of the most popular ways to send and receive money. Just like PayPal and Square, Venmo offers a free debit card to easily access the money in your account. I actually just started using Venmo as a payment method and I’m glad I’ve included it as an option, because oftentimes it’s how people ask me to pay for a product or service. Although Venmo doesn’t come with as many features as PayPal and Square does, it’s still a good alternative for accepting payments that you may want to consider offering.
Learn more at venmo.com
Zelle is new to me. But, just like Venmo, it’s slow becoming one of the most popular ways to send and receive money. There are even many banks that have Zelle integrated into their mobile apps, whereas people can send money directly to your bank account with a phone number or email address. Zelle is actually owned by Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank and Wells Fargo. But, just like Venmo, Zelle is limited as to what features it offers, because it wasn’t necessarily designed for businesses. Nonetheless it’s also still a good alternative for accepting payments that you may want to consider offering.
Learn more at zellepay.com
Stripe isn’t as popular as other payment processing solutions, but it could still be beneficial to utilize as a way to collect payments. Mainly because Stripe allows you to collect recurring payments. Stripe even has a way for you to offer promotional rates and trial periods. There are also web hosting services that allow integration with Stripe, so you can collect payments right from your website. So, if you have a business that offers subscriptions, sponsorships and/or memberships and therefore relays on daily, weekly, monthly and/or yearly payments, then Stripe is definitely something you want to look into.
Learn more at stripe.com
I actually just learned about Gumroad while writing this book. I was speaking to a client and business associate about pre-selling the book and she told me about it. I’m glad she did, because before I knew about it, I was only doing person-to-person sales having to exchange payment information from each person I spoke to instead of being able to share a link and make a sale. The first day I created an account, I made a pre-sale to someone I couldn’t even recall ever seeing or speaking to just from posting the link on social media. It even offers a way to sell digital downloads and charge on a recurring basis. In addition to payment processing, Gumroad has a CRM solution as well, so you can better manage the relationship with the people who buy from you. Gumroad is definitely showing to be one of those must-haves in your list of payment options.
Learn more at Gumroad.com
Having been around for many years, QuickBooks is still arguably the most popular accounting software for businesses with employees. Whereas other payment processing solutions focus mostly on the payment collection aspect of operating a business, QuickBooks gets more in depth with bookkeeping. It even has a platform specially designed for those classified as self-employed. What was once a software that had to be downloaded to a computer, QuickBooks is now available as a Cloud Accounting website known as QuickBooks Online. If you have a business that requires a lot of driving, you can actually track your deductible mileage with QuickBooks. It’s also a great way to categorize your expenses, so you know exactly where your money is going. It even gives you cash flow charts, so you can easily track your profits and losses. If you have a business with hired employees, QuickBooks also offers a payroll processing solution, whereas you can even set up your employees for direct deposit payments. When it comes to filing taxes with ease, QuickBooks is probably the best option for accounting solutions. After all, it’s developed by Intuit, the company that created TurboTax, one of the most popular ways for people to submit their yearly tax returns to the IRS.
Learn more at quickbooks.intuit.com
I was super excited when I learned about Peymynt. Because not only does it offer accounting and payment processing, it’s also black-owned! Peymynt allows you to link your bank account, which will then give you access to cash flow charts and help you get prepared for filing tax returns. Not only can you send invoices with Peymynt, you can also set up reminders just in case someone forgets to pay. If you have customers or clients who request receipts for their payments, Peymynt has a solution for that also.
Learn more at peymynt.com
9. By The Book Accounting
Based in Duluth, Georgia, this black-owned accounting firm takes pride in keeping small businesses in business by offering services such as tax preparation, virtual CFO services and QuickBooks training. Having been in the business for many years, the Founder, Bernadette L. Harris, is well known and respected for her knowledge of the industry.
Learn more at bythebookaccounting.com
10. Elite Tax Co Software
Based in Houston, TX, this black-owned brand offers a tax preparation software that aids in preparing for all types of tax returns including Schedules A, C, E, F, K-1, Forms 2106/4835 and many more. They even offer electronic signature pads like the ones most banks use. Even more impressive, they also offer a scanner that you can use to scan your W-2 and K-1 Forms to import data for your tax return. In addition, the software even gives you the ability to send a text message to your clients. Not only do they provide software for tax preparation, they also have training videos that you can watch to learn how to use it. Are you interested in becoming a professional Tax Preparer? Elite Tax Co even offers what they call “Tax School” for people who want to become certified with the IRS. So, if you’re in the Tax Preparation business, this might be something you’ll want to look into.
Learn more at elitetaxcosoftware.com
For more great tools and resources, pre-order my book, "100 Tools and Resources to Boost Your Brand."
Written by Jordan Nichols a.k.a. Yerodin Ghedi Adwin Beluchi, b.k.a. Preech