This 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.
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.
- 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.
- 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.
- 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.
- 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.
- 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