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What Home Repair Businesses Need to Know about Payment Processing

Traditionally, contractors and other such remodeling and repair professionals have been especially slow to adopt credit card technology. This has been due in large part to the higher barrier of entry, for these smaller companies. Additionally, the low transaction volume made it kind of make sense to stick to checks.

Things are changing now, with all the advancements in fin-tech lowering barriers and extending their benefits into every nook and cranny of the economy, contractors included. Better payment processors, and also better consoles, like the mobile-ready Poynt POS, and making business easier for everyone.

The downside to checks

Nine times out of ten, processing checks is just fine. Still, there are downsides to the paper-based payment form. Getting a physical check naturally slows down your cash flow, which can be crucial when you’re buying building materials, and operating on tight margins.

Additionally, checks can be susceptible to that ever-so-occasional headache: they can bounce. This tends to happen at the absolute least convenient time for you. Replacing this potential with a credit card transaction can be a great way to better secure your funding pipeline.

The upside(s) to modern credit card transactions

Before, there simply wasn’t that much of a demand for credit card accepting from contractors. A majority of consumers didn’t feel confident handing over their credit card, or its info, to be processed by a stranger. Tech has exponentially increased the trustworthiness of these transactions, and consumers are enjoying the convenience now, too. It is approaching the point where consumers may begin to feel the inconvenience of not being able to use a card. Likewise, not everyone always has paper checks. The tables have turned.

The ultimate benefit of modern payment processing is all the other efficiencies you can be opened up to. Getting the right hardware means that you can implement integrated apps and technology for accounting, employee management, and more.

  • Use a CRM solution to organize your leads.
  • Integrate your payments in real time with Quick Books, or other accounting software.
  • Let other employees access work orders whenever they need, with cloud-based records.
  • Make more informed decisions with a bird’s-eye view of your whole business.

Moolah is an early adopter of such technologies, and provides services and tech, like a free Poynt POS when you sign up for a merchant account with us. Poynt gives you access to apps and tech that make your contracting business stronger and more efficient! Reach out to Moolah. We’d be happy to help you bring your payment processing game up to speed, and help you prepare your business for the next stage of growth.