GoCardless for Consulting Firms: Simplify Payments & Focus on Clients

GoCardless for consulting firms: Simplify payments and focus on clients

For consulting firms, agencies, and professional services, time spent on financial admin is time taken away from client work, the core value you provide. The retainer model, which promises stable, predictable income, is often undermined by outdated payment methods that require constant chasing and reconciliation.

This is where bank payments come in. Bank Debit (also known as ACH debit in the US) allows you to automatically collect pre-authorised fees and invoices, creating guaranteed cash flow that lets your firm focus entirely on delivering client value.

Combined with an instant confirmation payment method such as Instant Bank Pay for upfront costs or ad-hoc invoices, consulting firms have the perfect solution for streamlining all payment scenarios.

Bank Debit for consulting and retainer fees

Using Bank Debit with GoCardless lets you secure your revenue and improve the client relationship, allowing you to focus on your business in three main ways:

• Securing retainer income and improving cash flow

• Maintaining flexibility for varied contracts

• Eliminating invoicing and reconciliation admin

1. Securing retainer income and improving cash flow

The stability of a monthly retainer is often compromised by the limitations of card payments or the manual nature of bank transfers.

Eliminate card expiry churn: If you currently take recurring retainer fees via credit or debit cards, up to five per cent of payments can fail each month due to cards expiring or being cancelled. This forces your team to chase the client for updated details, which can damage the professional relationship and delay payment. Bank Debit uses a client’s bank details, which rarely change, making it the superior option for recurring revenue.

Guarantee payment on time: When a client pays by manual bank transfer, the payment date is out of your control. With Bank Debit, your firm is authorised to pull the payment on the exact date it is due, ensuring predictable cash flow and eliminating late payments.

2. Maintaining flexibility for varied contracts

Consultancy contracts are rarely one-size-fits-all. You need a payment system that can adapt to different engagement models without requiring the client to constantly re-authorise payments.

Seamlessly adjust retainer amounts: Whether your client is on a "Pay for work" or a "Pay for access" retainer, their monthly fee may need to be adjusted based on usage, project scope, or an annual increase. Bank Debit allows you to change the collection amount without any further action from the client—a huge improvement over relying on standing orders.

Easy ad-hoc billing: For projects that start with a deposit or require ad-hoc billing for out-of-scope work, GoCardless's Instant Bank Pay allows you to send a secure, low-fee payment link that clients can pay instantly from their bank account using open banking. This eliminates high card fees and ensures quick confirmation for those non-recurring invoices.

Scale across borders: If your consulting firm serves international clients, GoCardless provides a unified platform to collect fees from over 30 countries using local bank schemes, simplifying global expansion without needing local bank accounts in every territory.

3. Eliminating invoicing and reconciliation admin

As a professional services firm, your time should be spent advising clients, not managing spreadsheets. Taking payments by manual bank transfer, cheque, or chasing late payers can be a significant admin burden. In contrast, Bank Debit payments are completely automated and can be managed through our secure, user-friendly dashboard.

Integrated automation: GoCardless offers seamless integration with major accounting software like Xero, QuickBooks, and Sage. This means that when a retainer payment is successfully collected, it is automatically marked as paid and reconciled against the corresponding invoice in your accounting ledger.

Focus on client value: By eliminating the need to manually match incoming payments, chase late invoices, or deal with failed card payments, your finance and admin staff are free to assist with core business operations and strategic tasks.

How to collect payments with GoCardless

Setting up automated payments for your consulting firm is straightforward, allowing you to begin collecting recurring retainer fees almost immediately.

• Create your free GoCardless account and connect it to your firm's accounting software (Xero, QuickBooks, FreeAgent, etc.).

• Set up the mandate: Send your client a secure, branded payment link or page where they enter their bank details just once to authorise the Bank Debit.

• Schedule payment: From your dashboard or integrated accounting software, schedule the collection of the monthly retainer fee or ad-hoc invoice on the exact date it is due.

• Get paid on time: GoCardless automatically collects the payment, manages the transaction, and sends the funds directly to your business bank account. You will always know the payment status without needing to check bank statements.

Simplify your firm's finances

Empower your consulting firm with faster, more reliable client payments. With Instant Bank Pay, you can receive one-off project fees in as little as one business day, dramatically improving cash flow. Our high payment success rates (97.3% - 99.5%) and robust Protect+ product also ensure a seamless, secure payment experience for your clients, reducing friction and enhancing their satisfaction.

We help professional service providers shift their payment collections from unreliable, high-admin methods to a streamlined, automated bank payment system. Let us ensure maximum payment certainty and improved client satisfaction.

Learn more about how you can improve cash flow and reduce financial admin time at your consulting business today.