The consulting industry is an essential component of the business world. Organizations in this sector use their business expertise acquired from research to offer professional advice to companies in various sectors. The industry has steadily grown thanks to the demand for external consultants with knowledge in specific fields.
According to data by Statista, the global consulting market was worth about $132 billion in 2020, with the U.S. being home to the biggest consulting services market. With the evolution of the payments industry, consulting giants like McKinsey & Company, KPMG, Deloitte, Ernst & Young (EY), and PricewaterhouseCoopers (PwC) are developing payment strategies for players in the industry.
Consulting firms also need to collect payments from their clients. Consulting giants are partnering with payment processors to make adopting the latest payment technologies much easier. This blog post will examine how these partnerships have improved payment processing capabilities, how to choose the right partnership, and some case studies.
The Benefits of a Payment Processor Partnership for Consulting Firms
Consulting firms partner with payment processors to take advantage of the benefits. Here are the key benefits of these partnerships:
Increased Operational Efficiency
Most consulting giants operate globally, with offices in multiple countries. For instance, a firm like McKinsey is in over 130 cities and 67 countries; therefore, the company needs to work efficiently. To achieve this, consulting firms partner with payment processors that allow them to receive multiple forms of payments from their customers.
Improved Customer Satisfaction
Organizations rely on consulting firms for professional guidance in different areas of business development. Due to changing payment trends and the rise in frictionless payments, these businesses prefer to work with consulting firms with these technologies. Partnering with a payment processor ensures customers are satisfied with the services.
Enhanced Revenue Streams
Working with a reliable payment solutions provider automates payment processing. You can collect bills from customers without incurring extra costs. You can also work with multiple clients and boost revenue when the payment process is streamlined. Additionally, these technologies reduce processing fees, saving you more money.
The Common Payment Processing Solutions
- Hosted Payments
- IVR Payments
- ACH Processing
- Credit Card Processing
- Email Invoicing
- Virtual Terminal
- PCI Scope
Key Factors to Consider When Choosing a Payment Processor Partner
There are several payment processors in the market, and you must select the best option for your consulting firm. Here are the key factors to consider:
Compatibility with Existing Systems
Your payment processor should integrate well with your current systems. A payment processor like iCheckGateway.com provides developer tools that blend well with different software applications.
You need a payment solution with low processing fees to automate your bill collection services. For instance, collecting paper checks costs more; however, if you get an omnichannel solution that allows you to use ACH, SMS payments, or email invoicing, you can save the company money on processing fees.
Before choosing a payment processor partner, confirm whether they have reliable customer support. This element is essential because you might need guidance on the payment processes or technologies.
Payment Processor Partnerships for Consulting Firms: How PwC Used Paypal for its Academy Website
There have been successful payment partnerships for consulting firms that have helped streamline operations.
A good example is the consulting firm PwC, which partners with payment processor PayPal for billing for the PwC Academy website. The firm has developed e-learning courses for professionals and business managers in different sectors, including human resources, tax, law, and management.
The consulting giant uses PayPal to make course payments much more accessible. Learners must add billing details, addresses, and company names to start. This strategy makes attracting more users from different regions easy because PayPal accepts various types of currencies on its platform.
How Consulting Firms Determine if a Payment Processor is the Right Choice
As you search for a payment processor, you should have a criterion that works for your consulting firm. Take time to look for additional features that your potential partner brings. You should consider the following:
- Your Payment Processing Needs: A good partner should meet your needs. You need a payment processor with these technologies to set up recurring payments.
- The Overarching Business Goals: If your goal is to improve overall revenue, choose a payment partner that helps you attain this goal.
- Your Customer Base: The payment partner should also align with your customer base. You can select a processor that works with other consulting firms because they understand the business.
Partner with iCG
Consulting giants are leveraging partnerships with payment processors to improve the company’s bottom line and streamline operations. Therefore, consider partnering with a reliable payment solutions provider to improve your revenue.
iCG is a Nacha-Preferred Partner that offers multiple payment solutions to ensure that you achieve customer satisfaction and achieve your business goals. You can now offer your customers the latest payment technologies from iCG that are PCI-compliant and highly secure. Talk to our experts to join our Partner Program today.