You know the importance of cash flow to your business. Finding ways to streamline your payment process will not only save time for employees but keep your cash flow healthy. To eliminate time-consuming steps and shorten payment cycles, many contractors are looking at ways to take payments electronically. These payments can come:
From the job site. If you do service work, mobile devices have made it much easier for your service technicians to take debit or credit payments at the job site as soon as they complete the work and the customer signs off. Customers like the convenience of using their credit or debit cards on the spot. Plus you save time by not having to issue an invoice and wait to receive a check.
Direct from the client’s account. With your customer’s permission, you can store bank and credit and debit card information for quick payments against invoices.
As an electronic check. Some of your customers may still prefer to send a check. Those checks can be scanned for direct deposit into your bank and then electronically accessed for invoice payment.
Many of these capabilities are available through today’s payment services. As an added productivity boost, look for a payment service that integrates with your accounting system so you only have to enter payment information once. Not only does this save time and eliminate the inaccuracy of manual data entry, it improves your audit and compliance position.
And finally, payment services often offer the convenience of directly depositing payments into your business account—which means no more trips to the bank waiting in long lines. Plus you have access to your money more quickly. Now that’s what I call a time-saving cash flow booster.
This post is part of a blog series focused on the top 10 time wasters often found in construction firms. To learn more about the other nine time wasters, download our new e-book.