%20large.jpg)
What is Ivy Pay?
Ivy Pay provides an easy way for you to manage your client's financial information and is a highly effective online payment service used by hundreds of therapists. You can ensure that you have credit card options that not only work, but also benefit both you and the client with its easy-to-use interface. You can also get paid for the work you do, without having to worry about chasing clients up on their outstanding payments. With HIPAA security, all your finances are in safe hands, with encryption working round the clock to maintain high security and compliance. Using Ivy Pay allows a smooth and painless payment process that prioritizes convenience to ensure that you can enjoy a low, no-swipe rate with reduced markups. Whether you have an iPhone or Android, you can most certainly benefit from Ivy Pay’s credit card mobile services.
How does Ivy Pay work?
Ivy Pay is a mobile service that is compatible with both iPhone and Android devices, and works as a payment service that enables clients to put their cards on file. Ivy Pay offers a variety of features, including the following.
Easy charging - At the push of a button, you can charge the client to ensure that you’re reimbursed efficiently and appropriately, with a variety of cards supported. You can charge according to the client’s debit, credit, HSA, or FSA card, which makes for excellent compatibility with a variety of different clients’ needs. No matter what your client's preferred payment method is, Ivy Pay can cater to these differing needs, and ensure that you’re not missing any prospective clients due to payment limitations.
Simple and swipe-free - Ivy Pay is swipe free, meaning that you also don’t have to deal with cash, checks, as well as swipes and readers, which can be tricky and also vulnerable to hacks or fraudulent processes. Not only can such situations damage your reputation, but you can also leave your business open to future attacks. Clients will love the convenience of easy transfer and payments, with no external steps or procedures that can unnecessarily complicate matters.
Quick payments - You can be paid instantly, with direct deposits sent immediately, which can also arrive in your account as soon as possible. In many cases, this is often the next day! You don’t have to waste time chasing up outstanding payments, and you can be reimbursed for the hard work you put into your clients. Have confidence in your expertise, and celebrate your hard work!
What does Ivy Pay cost?
There are various financial benefits to using Ivy Pay’s services, including the following.
Free plan - Ivy Pay allows you to get started for free, meaning that you don’t need to commit to any costly plans that could break the bank. You can maintain a tight budget whilst accessing high-quality features with no contract.
No traditional markup - No standard 33% traditional markup that’s often associated with swipes
One flat rate - There’s only one flat rate for all major cards, meaning that you can offer a variety of different payment methods, and without having fluctuating costs according to each type. It’s only 2.75% per charge, (compare at 3.5% + 15c).
No hidden fees - You can have full confidence that there are no hidden fees involved, meaning what you see is what you get.
No monthly subscription fees - You don’t have to subscribe or be locked into any monthly charges.
The advantages of Ivy Pay
There are various advantages to using Ivy Pay’s services, and making use of their app can significantly elevate the quality of your online payments. You can process quickly, and ensure that you’re reimbursed quickly and on time for future investments.
HIPAA compliance - WIth security standards and measurements in place, you can ensure that all information is stored securely and at minimal risk from hacks and leakages. When it comes to finances, this is especially important, as you’re dealing with highly sensitive information that should never get into the hands of others. Clients need to enter a password and a 2-digit verification code upon access.
Simple interface - Ivy Pay is a modern app that is easy to use and navigate, regardless of you or your client’s technical ability. Clients can access the application through a link, so this eliminates any confusion from downloading from an app store if they prefer not to.
Cheap costs - As touched on, Ivy Pay offers cheaper costs than many alternatives with no traditional markups and one flat rate. Thus, it’s financially beneficial for your company!
Fast and easy payments - Get reimbursed quickly with easy swipes, and direct deposits are sent immediately.
The disadvantages of Ivy Pay
However, while Ivy Pay has clear advantages that can help your business, it’s important that you’re aware of the areas where it does fall short.
Limiting features - While online payments are efficient, there are many areas where Ivy Pay fails to satisfy clients. For example, you will not be able to generate any superbills as you can’t enter diagnoses. You also cannot generate invoices and will have to create these yourself with the app tracking weekly and monthly payment activities.
No web-based interface - Some clients prefer to access and control their financial information over web-based interfaces rather than an app. Ivy Pay doesn’t offer this, with their services only accessible on iPhone and Android devices
Lack of customer support - Naturally, when starting out, you’ll need to have the help in place for when you need it. There’s nothing wrong with a helping hand, but unfortunately, Ivy Pay fails on this front. There is no direct phone number to call, and there is some level of delay in receiving responses from emails.
Not ideal for larger practices - Because of its limiting features, Ivy Pay may not be the best option if you are a reasonably large-sized firm. You may need to access alternate online payment services to accommodate your growth.
The 10 Best IvyPay Alternative?
There are many alternatives to Ivy Pay that also provide good options, and so you may benefit from becoming acquainted with them. For your convenience, we’ve collated a list of the top 10 best Ivy Pay alternatives.
Carepatron
Used by over 10,000 healthcare professionals, Carepatron is one of the leading options when it comes to online payments. You can simplify all operations with automation, and streamline your workflow to ensure you generate invoices quickly. You can accept online payments, get paid twice as fast, and access details on the web or mobile platforms. Additionally, you can get started for free, with access to more features starting at $12USD per month.
Stripe
Stripe online payments allow you to cater to different sized businesses, and is one of the best options when it comes to accepting payments and sending payouts. You can manage your business with financing options at a flat rate of 2.9%, with different payments and currencies supported. However, their open API and tools may be difficult to use without software development knowledge, which can be challenging.
Freshbooks
Freshbooks is common accounting software for business owners and allows you to provide professional invoicing with a variety of payment options, starting from $5 per month. You can send automated reminders to avoid outstanding payments and to make sure you’re paid on time. However, the software can be somewhat slow to load and does crash somewhat often.
Heard
Heard is an excellent app to handle bookkeeping, taxes, and payroll, with it integrating with your existing accounts. You process payments and make sure that your clients are held accountable, and have access to transparent data. For a solo practice, you can join for $149USD per month, which unfortunately does make this an expensive option.
Quickbooks
Quickbooks starts from $13USD per month and allows you to track all your income and expenses, and produce valuable insights and reports to help you manage your finances. With multi-currency, you can easily integrate your information with other systems, and access details from any device. However, there are frequent system crashes and file size issues, as well as limits on the number of users you can have. It also consistently lacks invoice design tools, and data isn’t always backed up.
Xero
A name you’re probably familiar with, Xero is a bookkeeping software that manages your bills and receipts, whilst also tracking your relevant financial numbers. You can view everything in one place, connect to your bank, and automate tasks to increase efficiency, all starting at $34USD per month. However, it can take some time to learn to use and has a limited purchase and inventory side.
Square
Square allows you to have built-in payments to ensure you’re paid on time, and that you can manage your finances through streamlined processes. You can use SMS reminders to ensure customers pay on time and view all your payroll and account details from one place. However, it is hefty at $149USD per month!
Paypal
A business you’re likely familiar with, Paypal is one of the preferred online payment methods, with many clients able to transfer efficiently and quickly with a variety of different currencies supported. It’s universal, well-known, and easy to use, however, there are higher chargeback and processing fees which can be less suitable in comparison to other options out there.
Venmo
Venmo allows for fast payments, with high-level security to keep your information and data safe. There are a variety of currencies supported, including debit and credit, however, there are no international transactions. There’s also significantly less financial analytics information available for businesses.
Bank transfer
Of course, there is also the traditional bank transfer, where money is sent from one bank account to another. It’s secure and reliable, with many clients being used to this method. However, there can be significant delays, and it can be complicated when processes don’t always go through. This means you will have to go through the middle man, which isn’t always desirable.
Take Home Message
Ivy Pay is a great option for online payments, as it allows you to process payments quickly, and make sure that you’re reimbursed for your time. With easy navigation, you can ensure that both you and your clients are able to pay, view history and transactions, and process bills from any time and place. However, we’re aware that it’s not without its pitfalls, and there are many other viable options to consider. It is important that you take the time to evaluate your market to ensure that you’re able to prioritize client needs, as well as your own.
Further Reading:
.jpg)
