What is Drake Pay and How it Works
Efficient payment management is paramount for tax firms of all sizes, as unreliable or unorganized payment processes can result in financial risks and operational interference.
Understanding this urge, several tax professionals seek dependable systems to handle their payments effectively. Drake Pay, an integrated contactless payment acceptance solution targeted at tax practitioners, addresses this issue.
Drake Pay leverages Launchpay to meet modern tax preparers’ requirements and wishes, providing practical, safe, and convenient payment management.
Purposes of Drake Pay
There are several compelling reasons for opting for Drake Pay, a state-of-the-art payment solution. They are as follows:
Flexibility and convenience: This is one of the most secure payment gateways marketed for and aimed at tax businesses, allowing them to safely accept credit, debit, and contactless payments.
You can choose either online or in-person payment options. It’s incredibly efficient; you can receive funds into your account within two business days after the sale.
It supports top payment options — Visa, Mastercard, American Express, and Discover.
It also offers a contactless payment option where customers can “tap & go.” Contactless payments are usually faster. You have to wave or tap your card over the card machine.
Integration with Drake Software: Another key reason for using Drake Pay is that it can easily be integrated with Drake Software — Drake Tax and Drake Portals — offering maximum solutions.
The integration streamlines everyday tasks by automating invoices, payments, and report management. As a result, tax professionals can work more efficiently, eliminating the need to sort and analyze numerous financial statements.
How does Drake Pay work?
Drake Pay, launched in January this year, is a customized payment process service exclusively designed for US-based tax professionals, certified public accountants (CPAs), accountants, bookkeepers, and enrolled agents.
It has revolutionized the payment process.
Setting up Drake Pay is simple.
Eligibility: Your business must be based in the United States and use Drake Tax 2023 or Drake Portals, as Drake Pay is integrated into this software.
Getting Started: Complete and submit the Drake Pay merchant application. Wait for approval. Once you receive it, you are good to go.
Features of Drake Pay
Drake Pay has been designed after recognizing the tax professionals’ demand for easy and secure payment solutions.
Some of its key features are as follows:
1. Enhanced Security
Full-proof security is a universal requirement for any financial organization, including tax firms.
Drake Pay has raised the bar by collaborating with Launchpay™, one of the most trusted payment processing brands.
Launchpay™ does not just provide the highest security standards and is certified to meet the PCI Secure Software Standard.
Not just that, Drake Pay takes it to the next level by offering clients free resources on various payment safety and security.
2. Customers Friendly
Several clients are apprehensive about online payment, but Drake Pay drives away those fears with its flexible, client-friendly features.
It meets the client’s expectations for convenient payment methods and empowers tax preparers to build stronger relationships and boost revenue.
3. Automate payment processes
Drake Pay, which can be easily integrated with Drake Software, automates the payment process, eliminating mundane tasks and saving time and resources.
The automated solution handles every payment aspect, from invoicing to payment acceptance to reporting.
4. Integration with POS
Drake is also integrated with point-of-sale (POS) devices, allowing users to choose between the DC Direct Desk 3500 and DC Direct PAX A920 Pro.
Benefits of Drake Pay
1. Convenient and client-friendly
Tax firms or professionals deal with various clients with varying requirements. Drake Pay solves this problem by providing multiple payment options, including modern and traditional methods such as cash and checks.
2. Elevates Client Satisfaction
Customer satisfaction can make or break your business. In this competitive environment, no one can afford customer churn.
Drake Pay’s varied payment options help provide satisfactory payment methods and thus retain customers. A satisfied customer can translate into a better brand and, hence, a thriving business.
3. Enhanced Cash Flow Management
Timely payment is crucial for any firm’s financial stability. Darke Pay’s multiple payment options reduce the potential risks associated with late payment and empower clients to choose what they are comfortable with. In short, timely payments are a boon for tax preparers.
4. Faster Transactions; lesser financial risks
Modern payment methods, such as credit/debit cards and Electronic Funds Transfer (EFT), make transactions faster and more efficient, thus supporting the cash flows of tax preparers.
They also minimize financial risks, reducing delayed payments or unpaid invoices.
5. Streamlines Accounting Processes
Since the introduction of electronic payment systems, convenience has been a game-changer. Likewise, Drake Pay’s electronic payment solutions, which can be easily integrated with accounting software, make reconciliation convenient and less cumbersome.
Critical features like automated transaction tracking and real-time reporting help tax preparers get better financial visibility. An effective and efficient solution, it not only saves time but also eliminates mistakes associated with manual data entry.
Conclusion
This often results in insufficient funds. Late payments are a death knell for small firms, leading to inadequate reserve funds.
A trusted payment processing software like Drake Pay can solve this problem and support your business’s growth across 50 states.
Drake Pay is a well-equipped, comprehensive payment solution designed for tax professionals. It is compatible with Drake Software, which enhances performance while meeting tax preparers' needs.
It also optimizes financial processes, increases cash inflow, and decreases the chance of non-payment. Lastly, Drake Pay's convenience and commitment to clients make it instrumental in helping tax preparers develop better, more financially secure relationships with clientele, which is essential in today’s ecology.
