‘Buy Now Pay Later’ (BNPL) services are becoming more and more popular with consumers and businesses across Australia. There are the big ones – like Afterpay and Zip Pay – but Australian company QuickFee is working to grow their presence and stand out in the market.
Since 2009, QuickFee has focused on providing financial services, such as BNPL schemes, to professional firms like lawyers and bookkeepers. And they’ve been successful – boasting on their website that “more than 65% of the top 100 accounting firms and many legal firms” use QuickFee’s services.
Their recent partnership with Jim’s Financial Services is continuing this trend, and the institution of a Buy Now Pay Later service for Jim’s Group franchisees could mean that Jim’s Bookkeeping will have an Afterpay option for its clients. But what will this look like?
Did you know that Afterpay (and ZipPay) and some other Buy Now Pay Later providers decline sellers? Most Afterpay transactions are centered around the selling of physical products that change ownership from the merchant to the customer. This evidence is enough to bind customers legally, but what happens if you provide professional services like bookkeeping or accounting?
Accountants and Bookkeepers, like many other professional service providers including Lawyers and solicitors charge for their time or defined outcomes (like fixed fees for a certain number of transactions).
Will Afterpay take you on as a client? We’ve heard that many industries are rejected but there are alternatives and Xero’s App Store can help.