Digital Payments Improving Cashflow For Field Service Companies
In today’s world, digital and integrated payment solutions are helping to optimize cash flow and help service-based businesses modernize their payment system more than ever before. Changes in how service providers accept payments are a direct consequence of technology, and the ‘paytech’ revolution is helping businesses to scale up.
In this article, we’re going to discuss the benefits of using digital payments and how this is most effective for service providers in HVAC, plumbing, and electrical services in the US.
Field Service Companies & Online Payment Services
In the era of digitally engaged consumers, people are accustomed to being able to pay from anywhere they happen to be. Nowadays, you can swipe right on a ‘pay now’ button or pay through a customer payment portal. Thanks to the power of technology, home and field service companies like pest control, electricians, plumbers, and HVAC can collect payment from their customers onsite without ever having to rely on cash and checks.
If you’re still using traditional payment methods for your company, here are some complications you may run into:
- Additional services might have been required to fix a problem on-site that the customer wasn’t expecting.
- The customer might not have the right amount of cash with them to make a full payment.
- Cash payments can be a liability when employees are on the move, and large cash payments could put employees at risk.
- The customer might not be given a receipt for a cash payment, which could result in issues further down the line.
According to the Mordor Intelligence forecast, the global use of mobile payments will grow by 26.93% between 2020 and 2025 and overtake cash and credit card payments. So, it’s time that HVAC, plumbing, and electrical contractors adopt advances in digital payment technology and transform their approach to bills, invoicing, and cash flow.
Benefits Of A Fast, Efficient Digital Payment Solution
The best approach for field service companies is to introduce digital payment solutions that offer customers a fast, efficient, and easy-to-use payment system to settle small to large service bills. Let’s take a look at just a handful of benefits of using an online payment service.
Digital Receipt For Services Provided
An online payment service will provide evidence that the customer has paid for the service as well as the service that has been carried out. By keeping a digital record of the bill, services, location, and customer information, service providers can also optimize their business and focus on more profitable services that are in demand, and make better data-driven business decisions.
Optimize Customer Service As A Field Service Company
By making payment easy, straightforward, and contactless, a company can also improve its level of customer service. Minimizing disputes about payment options, unpaid bills, and miscommunication, a customer can see exactly which services they are being charged for and be confident that they’ll have a digital receipt when they pay. By providing a modern approach to payment as a business, you’re also positioning yourself as a digital-first, modern and innovative company, that is not outdated and stuck in the past, which customers will appreciate.
Time-Efficient & Can Improve Cashflow
In addition, using an online payment service eliminates the time required to print and send invoices manually. By partnering up with the right payment gateway provider, service contractors can benefit from a combined buying power for lower rates, enhanced functionality, and faster cash flow with integrated solutions.
An online payment service will prevent invoices from being sent to the wrong customers and speed up the overall payment process. As the saying goes, time is money in business, and the more time-saving solutions you can roll out, the better you can scale up and optimize your workflow.
Being paid instantly also helps to significantly improve cash flow issues. There’s nothing worse than investing in tools for a job when the customer has not yet paid their bill, and you then need to spend time chasing it up! Using an integrated payment solution, you can request bills to be paid before you buy the relevant tools and materials you need and always have money ready to pay your team. This strategy is the best way to take on bigger jobs, which could help you generate more profit.
Improving Your Cashflow with FusionPay
More and more businesses are recognizing that paper-based payments and manual processes increase their admin costs, risk losing important records and cause inconvenience to their customers. By tapping into digital and card-based payment solutions, service providers can see improved business outcomes and gain better control over their finances.
Want to eliminate tracking late payments and get paid instantly? With FusionPay, all payments are integrated into one single solution so you don’t have to worry about paying for multiple applications. Get in touch with us today and see how you can accept credit cards, debit cards, and eChecks/ACH payments online, on mobile, or in-person.