3 posts categorized "Invoice and Billing Stories"

08/14/2018

Why You Should Use Wild Apricot Payments - Powered by Affinipay

2C4FBE9A-5399-4A6A-91C8-5BA9C979B044 image from d2de4os9heh93v.cloudfront.netWild Apricot Payments, powered by Affinipay, is now the preferred payment vendor in Wild Apricot. In this article we will use Wild Apricot Payments and Affinipay interchangeably. The main features of Wild Apricot Payments are:

  • No monthly fee, no startup fee
  • A standard 2.9% + $.30 per transaction fee, collected in the standard currency of the account (CAD or USD)
  • Payments are transferred to directly your bank account within 48 hours.
  • When members check out they stay on your site, rather than leaving your site (eg PayPal Standard forces you to PayPal.com).
  • Recurring payments (aka scheduled payments) are supported.
  • There are a variety of financial reports that are available.
  • Wild Apricot provides integrated one-stop support for the product and the payment gateway.
  • Currently, only US and Canada residents can apply for a Wild Apricot Payments account in USD or CAD currencies.

As of October 1, 2018 only 4 payment gateways will remain -- Wild Apricot Payments, various PayPal flavours, Stripe and Authorize.net. Our informed opinion is simple:

Wild Apricot customers should all consider moving to Wild Apricot Payments, the preferred payment gateway, as soon as possible.

We forecast that support for all other payment gateways will be discouraged and eventually Wild Apricot Payment gateway will be the only supported online payment mechanism.

Many Software as a Service products that offer financial support (eg online invoicing systems) are amalgamating support around 1 payment gateway due to the nature of the evolving markets and availability of specialized gateways like Affinipay. Wild Apricot has created not only a technical relationship with Affinipay, but a financial one as well. Affinipay incents Wild Apricot financially to use them as a gateway, and that helps Wild Apricot to continue to keep software subscription costs down. When using any other payment gateway, Wild Apricot does not get any financial incentives. With Affinipay, this changes forever as Wild Apricot receives a commission based on the volume of transactions that flow from Wild Apricot to Affinipay. In effect the more online transactions you pass through Wild Apricot Payments on your Wild Apricot website, the more money flows to Wild Apricot effectively subsidizing your monthly Wild Apricot fee -- without costing you, the customer, one extra cent!

As a Wild Apricot customer, this only benefits you because not only can Wild Apricot focus on supporting just 1 payment gateway, but they can use the added revenue to create new features and benefits while working to keep the price of Wild Apricot low. This is smart business strategy, but it does create some uncertainty for current customers. We hope you will reach out to NewPath Consulting to assuage those fears and prepare to migrate your payment gateway when you are ready.

The Good

  • USD accounts can be setup in 2-3 days using a simple onboarding form
  • Affinipay has an easy to use and secure dashboard
  • You can send requests for payment (called Quick Bill) by email, and your customers can pay right from the email. This is an alternative of paying for an invoice directly from Wild Apricot.
  • You can also  charge credit cards on the fly using the virtual terminal feature
  • You can make same day voids and refunds up to 6 months after the transaction
  • Deposits happen daily - available in your bank account within 1-2 business days

     

Affinipay Dashboard
Test Mode Dashboard
Wild Apricot Payements Quick Charge Page
Wild Apricot Payments Quick Charge Page

 

Not so good

  • The Affinipay account setup for CAD accounts for Canadian customers requires some paper shuffling and is manual for now. I have assurances that this will improve eventually. For now NewPath can help CAD customers get up and running with a fancy form we are developing. Stay tuned!
  • Currently First Data Canada is the payment processor for CAD accounts and they can be somewhat bureaucratic for account setup. Hopefully this will change eventually without affecting existing or new CAD customers.
  • For now the payment information collection is still done on a separate Wild Apricot payments page (payments.wildapricot.com). This is not ideal because setting up conversion and goal tracking is hard to do on a page you do not control. I am told this is required for PCI DSS compliance.
  • There is currently no support for Interac transfers or debit cards.

06/13/2013

Breaking the Time Barrier from @Freshbooks

Freshbooks founder Mike McDerment and Donald Cowper have really outdone themselves on their 70 page ebook on small business. "Breaking the Time Barrier" is available for free download.

image from www.freshbooks.com

A year of work has at most 3,000 billable hours. Even if you bill each and every one of those hours at $50 per hour you will still only have pre-tax and pre-expenses revenue of $150,000. Billing half of those hours at twice the rate, still earns you the same amount. The math is hard to bend your way, and there is a good reason for that. Even if you clear $120,000, you'd probably never see the light of day or your family and friends. And just try to keep that up year after year.

If you have ever wondered how you are ever going to keep your sanity, get the customers you really want to grow your business and earn the right to work with the best kind of clients, this ebook is for you. In the process you will find yourself earning much more than the average $50-80,000 per year!

The core concept in the book is how to get away from the "grind" of charging per hour. The story is told in fable form as a conversation between 2 web designers. The destination for one designer ("Steve") is a journey to "value-based" pricing. "Karen", the other designer, already runs her small business based on negotiating a price around the value her clients receive, rather than a set hourly fee.  Inside this jewel of business story-telling is a core formula centered around understanding what you and your client need to do so that both derive a high measure of value from your work together.

If you are impatient and don't have time I've embedded the book below. Enjoy. And let us and Freshbooks know what you think.

 

03/23/2012

@Aromachology CEO Ashlee Firsten Talks Business Scents

A very inspiring profile of a Toronto-based business called Aromachology on the Freshbooks blog. They make personalized scents and are getting some excellent buzz around their perfume bars and perfume parties. We love how Ashlee talks about learning the tools required to run their business on their own and being independent without paying hundreds of dollars to others to get it done. I wonder if they've discovered the other parts of the small business web that can accelerate and amplify their success?