6 Reasons You Should Be Accepting “Plastic” as a Florida General Contractor

credit card paymentsThis digital age has created a mindset of expectation for everything to be faster, easier and less messy. Some old-schoolers may still prefer a paper copy or receipt, but the vast majority of people are far happier with paperless system. Purchases can be made by simply passing a cell phone over a terminal, and most credit cards now have chips for added security so customers are getting on board with an overall streamlined approach to business transactions. At Contractors Reporting Services, we work to provide the most up-to-date industry information possible to aid you in setting up your Florida General Contractor business. Where we specialize in helping you get your contractors license in FL and set up your corporate business structure, we know that there are many other things that go into helping you get started on the right foot and keep your business growing by leaps and bounds. If you’ve been a Florida General Contractor for more than a year or two, it is likely that you’ve grown accustomed to a cash or check payment practice, but times have changed and if you don’t conform to the times, your business may pay the price. Ultimately, it’s your business and your choice, but we wanted to offer a few reasons to consider adding plastic to your payment options.

  1. Time-Saver.

Online purchases have become the norm for many people, so they are familiar with paying for services with their credit card. Get paid faster by sending your customers an online invoice through a secure server. And by using your accounting software, when the customer pays electronically, you save a step in your input process.

There are also mobile methods that will allow for credit payments on the spot, using your smartphone or tablet.

  1. Get Paid Faster.

Past processes required that you completed a job, prepared an invoice, sent it to the customer and then waited to receive a check in the mail. That could call for weeks of waiting on payment finalization and, depending on the size of your business, tying up your cash flow for other projects. Being in business for yourself means that you are ultimately responsible for your loans or lines of credit, regardless of how slow your customers are in paying their invoices. Anything you can do to improve payment speed and cash flow is worth considering.

  1. Eliminate Bad Check Fees.

Checks can bounce, days after they are deposited. With credit card payments, you eliminate any concern about fund availability and unexpected fees for depositing bad checks. Once the payment is authorized, you know the money is coming and when you can expect it, based on the terms of your payment processing company.

  1. Less Time in the Bank Line.

Your time is valuable and increasing efficiency is just good business. Anything that adds hours to your week, adds money in your pocket and by accepting credit or debit card payments directly, you cut down on the time spent in the bank line. That’s more time for preparing quotes, responding to queries from potential customers, completing projects and other income-generating tasks.  

  1. Accepting plastic as a payment method is more secure.

Have you ever lost a check before you made it to the bank? Most of us have and the feeling is awful. Accepting credit cards eliminates this possibility. And your customer can pay without the needing any of your banking information.

  1. Eliminate Payment Discrepancies.

Cash payments may be simple, but not without complications. In business, documentation is vital, and a discrepancy between your records and a customer’s recollection about a payment amount or date can be crushing. A credit or debit card receipt generates a paper trail that leaves no questions regarding transaction dates or amounts. The receipts can also simplify your accounting and tax preparations. With electronic payments, both you and your client can keep track of outstanding balances and installment agreements, without discrepancy.

If you haven’t already added credit cards to your list of payment options, perhaps this information has provided a new perspective. The easier it is for your customers to pay and for you to track your payments, the better it will be for your business. At Contractors Reporting Services, we want to see you succeed. If there is anything we can do to help with your licensing, renewal or corporate structuring, please don’t hesitate to give us a call.

 

Contractors Reporting Services
13795 N Nebraska Ave,
Tampa, FL 33613
1-800-487-2084
https://activatemylicense.com

How to Obtain Your Florida Electrical Contractors License

By Julia Bradley • July 27, 2023
The demand for licensed electricians is high in Florida and expected to continue growing as new construction and infrastructure projects are undertaken. If you are considering a career as a licensed electrician, you can expect to earn a competitive salary, and have steady employment and job security. Skilled electricians are needed in various industries, including residential, commercial, and industrial sectors. Electricians also have the flexibility to work independently, for an established company or start their own businesses which can give you more control over your work schedule, projects, and income potential. Although physical demands and challenging environments, such as cramped spaces, heights, or extreme weather conditions exist, those who enjoy hands-on work, problem-solving, and working with electrical systems will find this profession rewarding, and you can continually expand your knowledge and expertise through ongoing training and certifications. To be a licensed electrician in Florida, you must obtain a Certified Electrical Contractor license through the Florida Department of Business and Professional Regulation (DBPR). This license requires that you pass the electrical licensing exam, provide proof of work experience, demonstrate financial responsibility, and pass a criminal background check. Interested in obtaining your electrician’s license? This guide will explain the process and answer some common questions about the documents and requirements that will need to be provided to the DBPR. 

6 Ways to Grow Your Construction Business

By Ryan Bradley • April 25, 2023
6 Ways to Grow Your Construction Business

Three Construction Management Software Programs to Try

By Ryan Bradley • March 1, 2023
Get Organized in 2023: Three Construction Management Software Programs to Try
Real estate trends shows graphic of miniature house model on top of a blueprint

Real Estate Trends: What can Florida expect in 2023?

By crs-admin • November 15, 2022
Realtor.com has recently published its housing market predictions for 2020. In the forecast, analysts looked at four areas: supply, demand, home sales, and the move to affordability. 1) Supply Low affordability and higher interest rates caused growth in the housing inventory, while higher housing prices and higher interest rates raised barriers to entry. Houses satContinue reading
Approved stamp for a contractor applying for a state license

Six Easy Steps To Becoming A Contractor in Florida

By Sandra Brown • April 17, 2022
Six steps Contractors Reporting Services can assist you in becoming a Florida contractor. #1 The Application. #2 Work Experience and State Examination: you must pass the Florida contractor license and provide educational and/or vocational experience. #3 Proof of financial stability and a high FICO score. #4 Fingerprinting and criminal background check. #5 Proof of Insurance. #6 Application fees. These steps can be difficult on your own. Call Contractors Reporting Services for more information.
IT management and cyber security for contractors

IT Management and Cyber Security for General Contractors

By crs-admin • March 10, 2020
IT management and cybersecurity are critically important for the general contractor. Project management for the general contractor encompasses schedules, materials, services, permits, and, most importantly, people. When a cyber-attack steals client, subcontractor, and vendor account information, it hurts people.
CRM tools for contractors

CRM Tools Bring a Competitive Edge to General Contractors

By crs-admin • March 10, 2020
One of the most important keys to success as a general contractor is leveraging technology to multiply efforts, increase efficiencies, and improve communication. The right tools can facilitate general contractor licensing, filing annual reports, keeping the workers’ compensation exemption renewed, following lien law, pulling permits, and filing a notice of commencement. The general contractor mustContinue reading
A mechanics lien provides for general contractors to collect payment

Filing a Mechanics Lien in Florida

By crs-admin • February 24, 2020
Florida law offers strong lien rights for general contractors and suppliers. Providing that correct paperwork is in place if a contractor isn’t paid for a job, they are able to file a lien to receive payment as well as protecting themselves. In cases of non-payment, there are requirements that need to be fulfilled
Florida contractors need the right license to perform work

The Types and Requirements for a Florida General Contractor License

By crs-admin • February 15, 2020
If you’re interested in becoming a general contractor in Florida, you need to be licensed to perform construction work legally. There are two primary licenses to choose from which will allow you to perform general contracting work either throughout the whole state of Florida, or only in a specific local jurisdiction.
Enlisting the services of subcontractors on a large scale project

What is the role of a subcontractor in Florida?

By crs-admin • February 1, 2020
As a general contractor in Florida, you may be overseeing a larger-scale construction project, a renovation or even a residential remodel, but it’s possible that there are tasks that you do not have the expertise or necessary skills to complete. If this is the case, your first thought should be to enlist the services ofContinue reading
More Posts
Share by: