FreshBooks Launches Online Payments Service

FreshBooks, which makes cloud accounting solutions for service-based small business owners, has added its own online payments to the FreshBooks platform. The new offering allows business users in the United States and Canada to quickly set up and accept online payments.

“Here at FreshBooks, we believe small business owners shouldn’t have to bang their heads against the wall to accept credit card payments,” said Mike McDerment, CEO and cofounder, FreshBooks. “One of the biggest frustrations with online payments is that it requires too much time and work: from initial setup to tracking payments to updating reports. With FreshBooks, we are taking the headache out of the payment process to improve cash flow and save time by eliminating the need to manually track payments, deposit checks, and update account records.”

FreshBooks uses the WePay payment processor, giving users a secure way to accept credit cards online with the added benefit of viewing payment status within their FreshBooks dashboard. Once a payment is made, the payment information is automatically updated across the FreshBooks account, marking invoices paid and inputting relevant expense information. FreshBooks also automatically records refunds and chargebacks.

FreshBooks says it improves the user experience by simplifying the sign-up process and helping small business owners get paid faster. During the beta program, 52 percent of invoices issued with FreshBooks’ payments offering were paid within the same business day, and more than 70 percent had been paid within the first 48 hours.