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5 Reasons Contractors Should Accept Payments Online

Anyone who is in the contracting business but is still not accepting online payments is missing out on a great opportunity. But it’s never been easier to set up a turnkey system that offers multiple solutions to help support every aspect of the business.

Bigger Profits Per Transaction

Virtually all contractors accept credit cards. But it’s now possible to avoid paying steep merchant fees that siphon profits away from every transaction. Plus it’s easy, and requires no extra training or technical effort. Just use an online payment system that incorporates a turnkey surcharging feature, and the whole process happens automatically, legally, and within credit card company guidelines. Then, whenever a customer pays by credit card, the contractor pays zero merchant fees. Increasing contractor business profit margins doesn’t get any easier than that.

Safer, Simpler, Faster Accounting

Another benefit of online payment processing is that it’s possible to eliminate all that aggravating paperwork. Accept multiple forms of payment, automatically generate electronic invoices, and track the payment until it is in the bank – which will happen lightening fast. Online payment platforms also make it a cinch to share accounting information with CPAs and tax advisors, while minimizing human error. It’s easy to search, sort, and store digital financial records, or to generate customized reports to stay on top of business finances. Payrolls become easier, too.

Get Paid Faster

Online payments also accelerate funding, which eliminates all those work project delays that hinder progress while waiting for payments to clear. The money is available almost instantly, and clients immediately get a receipt, sent straight to their computer or mobile device. With online payments there is no need to pester clients to find out when they mailed their check, either, which helps support better relationships. It’s even possible for clients to set up their own automated installment payment plan, to make it easier to pay for high-dollar projects. That makes it easy for contractors to sell those projects. Or a contractor can offer automatic recurring billing, which works great for managing long-term service, repair, and maintenance contracts.

Mobility Saves Time and Money

Oftentimes the client schedules contractor work for when they will be away from their home or office, because that’s the most comfortable time to do it. But while they are gone it can be really stressful to track them down and collect payments for each phase of the job. With online mobile payment processing, though, they can pay from anywhere in the world – 24 hours a day every day of the year. That keeps contractors on schedule and clients happy.

Clients Expect It of Professionals

Clients choose contractors carefully, and want to be reassured that their contractor is a consummate professional. They expect the same high level of customer service that they are accustomed to when transacting business with today’s leading companies. Fail to deliver that, and it can blemish the business brand and contractor’s reputation. More than 80 percent of consumers say that they want to pay their bills online.

So offer that option for added convenience, productivity, and marketing and brand strength. Then ditch the paperwork, get out from behind the desk, and spend more face time with clients or on the job site.

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