Consumers want to pay for goods and services in the most convenient way. While for some, that may be via invoices and checks, others prefer to make payments via credit or debit cards. Regardless of how good your services are, if you aren’t providing your customers with the payment options they want, they will quickly look for someone else to fill their needs.
Builders & Tradesmen should evaluate whether or not accepting credit cards would help get them paid faster and earn more business. Here are three reasons why you should consider offering this payment option to your clients.
Why your construction company should accept credit cards
1. It’s convenient for your customers.
Accepting credit and debit card payments makes it easier for you to get paid. Most consumers don’t carry enough cash to cover a large expense, and chances are they seldom use checks but have at least one credit card in their wallet at any given time.
Plus, paying by card means rather than dropping off an envelope of cash or mailing a check, they can quickly pay you in person, over the phone or online.
Paying with a credit card can also help customers who are short on funds afford to have work done now, rather than waiting until they have the money in the bank.
Not having the funds when you need them can be stressful. Accepting credit as a form of payment allows your business to get paid for service sooner instead of waiting for your client to receive an invoice.
Did You Know?
Many consumers don’t carry cash for purchases anymore. Instead, they rely solely on electronic or digital payments.
2. It inspires customer confidence that your company is above board.
Your customers feel comfortable paying by credit card. This form of payment is so common that a company not accepting it seems odd. This can cause some unease among your customers.
Further, consumers are often told that credit cards are the safest way to pay contractors. For example, Angie’s List founder Angie Hicks recommends paying by credit card because of the consumer protections it offers and the paper trail it provides.
The FTC also advises consumers not to pay contractors in cash but rather by credit card or check.
Clients trust a company that allows more than one payment method and provides an easy and direct way to pay. Displaying credit card logos on your website and at the location can increase trust with clients and prove legitimacy against your competitors.
3. You can accept deposits and other payments immediately and reliably.
When you process a credit card transaction, you know immediately if it goes through or not. This allows you to start new projects faster because you don’t have to wait a few days after depositing a down payment check to ensure it doesn’t bounce before you start a job.
Depending on the scope of the work and with your client’s permission, you may be able to schedule recurring payments or installments that are automatically charged to your customer’s card so you can count on regular cash flow as long as the job is on schedule.
Also, when working with clients who are behind on their payments or have been delinquent payers in the past, accepting a credit card may help you get paid faster and avoid waiting to see if the check is really in the mail.
4. Add on sales and affordability are increased.
If a client has a limited budget based on the cash available in their bank, they are able to increase their budget or include add-ons that may not necessarily have been affordable if you offer then the option to pay by credit card. This means you have a ‘happy customer’ and make more profit on the project too.
If you are interested in discussing card payment options then please get in touch.
Smart COmmunications SW Ltd
01452 88-66-99
tony@smart-comms.co.uk
www.smartcardpayments.co.uk