Let’s face it – getting paid on time is crucial for any MSP. If you’re weighing your options between Alternative Payments and FlexPoint, you’ve come to the right place. Let’s break down what sets these two apart and help you figure out which one might be the better fit for your business.
Why Are We Comparing These Two?
Whether you’re running a small shop or managing a multi-location MSP empire, choosing the right payment processor can make or break your cash flow. Both Alternative Payments and FlexPoint are popular choices, but they’re not identical twins. Let’s dive into what makes each unique, with a focus on what we at Alternative Payments bring to the table.
What’s Cool About Alternative Payments?
Collections Assist: Your Friendly Debt Collector
Nobody likes chasing down unpaid invoices. It’s awkward, time-consuming, and can strain client relationships. That’s where our Collections Assist feature comes in. We work with third-party agencies to get you paid without burning bridges. Here’s how it works:
- You submit overdue invoices through our platform.
- Our partner agencies reach out to your clients professionally.
- We negotiate payment plans or full payments on your behalf.
- You get paid faster without the uncomfortable conversations.
This feature is especially valuable for MSPs who want to maintain positive client relationships while ensuring they get paid for their work. It’s like having a diplomatic, persistent collections team on your side.
Teams: Because One Size Doesn’t Fit All
Got multiple locations or recent acquisitions? Our Teams feature is a game-changer. It’s like having separate wallets for different purposes, but way more professional. Here’s what you can do:
- Create distinct teams for each location or business unit.
- Set up unique integrations for each team.
- Manage separate accounting for cleaner books and easier reporting.
- Customize billing and payment processes per team.
This feature is perfect for franchise MSPs, those going through M&A, or any MSP with complex organizational structures. It gives you the flexibility to grow without outgrowing your payment system.
Insights: Numbers that Actually Mean Something
Our new Insights feature is like having a financial wizard in your pocket. It’s not just about pretty charts (though we have those too). Here’s what you get:
- Real-time data on collections, including total amount collected through Alternative Payments.
- Overdue invoice tracking, showing both the number and total amount of overdue invoices.
- Average time-to-pay metrics, measured in days.
- Customizable dashboards to focus on the metrics that matter most to your business.
- Trend analysis to help you spot patterns and make informed decisions.
These insights help you understand your cash flow better, identify clients who might need a gentle nudge, and make data-driven decisions about your business’s financial health.
Flexible Fees: You’re in Control
We believe in giving you options. Our flexible fee structure allows you to:
- Pass credit card fees to customers if you choose.
- Waive fees for loyal auto-pay clients as a reward for their consistency.
- Customize fee structures based on client relationships or contract terms.
This level of control helps you manage your costs while offering incentives for prompt payment. It’s your business, your rules, and we’re here to support that.
Integration Station
While FlexPoint plays nice with a few systems, we at Alternative Payments take it up several notches. We integrate with:
- QuickBooks (both Online and Desktop versions)
- FreshBooks
- Xero
- NetSuite ERP
- Microsoft Dynamics CRM
- Sage Intacct
This extensive list means you’re more likely to find a seamless fit with your existing accounting setup, reducing the need for manual data entry and the errors that come with it.
Show Me the Money, Faster
Both companies offer credit card, ACH, and financing options. But at Alternative Payments, we get you paid up to 2 days faster. And we’re not stopping there – we’re cooking up even speedier options for late 2024. Here’s why this matters:
- Improved cash flow means you can reinvest in your business faster.
- Quicker payments reduce the risk of late or missed payments.
- Faster reconciliation of accounts makes your bookkeeping smoother.
Plus, we’re excited to announce that we’re planning to add support for Canadian payments in the first half of 2025. We’re expanding our horizons to serve MSPs across North America.
Tech Support That Doesn’t Make You Want to Scream
We’ve all been there – on hold, listening to terrible music, wondering if anyone actually works at tech support. At Alternative Payments, we pride ourselves on quick, helpful support. Here’s what that means for you:
- Rapid response times to your queries.
- Knowledgeable staff who understand the unique challenges of MSPs.
- Proactive support that anticipates and solves problems before they impact your business.
Solving Real MSP Problems
Faster Payments = Happier You
Getting paid two weeks faster than with old-school checks isn’t just a nice-to-have – it’s a game-changer. Here’s why:
- Improved cash flow means less stress about making payroll or investing in growth.
- Reduced time spent on collections means more time focused on serving clients.
- Predictable payment cycles allow for better business planning and forecasting.
Our system makes this a reality, turning your accounts receivable into actual received accounts much faster.
Fees That Don’t Make You Wince
We believe in transparent, fair pricing. Here’s how we keep more money in your pocket:
- Simple, straightforward fees: 2.9% for Visa/Mastercard and 3.5% for Amex.
- No percentage charges on ACH payments, unlike many competitors.
- Clear, upfront pricing with no hidden fees or surprises.
Our approach means you don’t have to sift through complex interchange rate tables (often called “interchange reimbursement fees” or “interchange rate schedules”) that can run dozens of pages long. These documents typically break down fees based on card type, rewards status, and transaction method, making it nearly impossible for most businesses to predict their true costs.
By offering a flat rate for credit card transactions, we’ve eliminated the guesswork. You’ll always know exactly what you’re paying, whether it’s a rewards card, a corporate card, or a standard credit card. This simplicity allows you to offer flexible payment options to your clients without worrying about eroding your margins or getting lost in a maze of variable fees.
It’s like we actually want you to keep more of your money and spend less time deciphering your processing statements. Imagine that.
Choosing Your Payment Sidekick
When you’re deciding between Alternative Payments and FlexPoint, ask yourself:
- Do I need to juggle multiple locations or franchises?
- Am I tired of flying blind with my payment data?
- Could I use a hand with collections?
- Would faster payouts make my life easier?
- Am I looking for a payment solution that can grow with my business across North America?
If you’re nodding along, Alternative Payments might just be your new best friend.
Wrapping It Up
Both Alternative Payments and FlexPoint bring solid options to the table. But if you’re looking for a payment solution that can handle your growing pains, give you insights without the headache, and actually get you paid faster, Alternative Payments is worth a serious look.
For MSPs ready to level up their payment game, streamline their multi-location headaches, and get some actual useful financial insights, Alternative Payments isn’t just another option – it’s a strategic partner in your financial success. With our upcoming expansion into Canadian markets, we’re positioned to support your growth across North America.
Ready to see how we can transform your payment processes? Let’s talk. Your future self (and your accountant) will thank you.
