There are a lot of reasons to start taking payments in the field, both for the sake of your customers and your business.
Why your customers will love mobile payments
Cash is Dead
First and foremost, credit card payments are convenient for your customers. Rarely do your customers have more than $50 cash handy. That’s because these days, carrying cash is no longer necessary. Most retail stores, restaurants, and even taxi cabs accept card payments.
Cash is Insecure
Cash is a significant risk for any small business. Cash cannot be tracked, so employee theft can be an issue. But technicians also run the risk of being robbed while in the field if money is kept in the truck or on their person. Credit card transaction are much safer than cash payments. Mobile payment processing relies on an encrypted and secured transactions to ensure centralized control and secure reporting. Card information is sent through a third party company so the customer’s personal information is never stored by the technician or business.
Checks are a Pain
When my refrigerator was serviced last week, I spent over 10 minutes searching for my checkbook, which I hadn’t used in months. Not very convenient for myself or the technician. Most people manage their balances online now and only keep checks around for the rare vendor who wants them. If the technician had the ability to swipe my card using his mobile phone, I’ll take that option every time.
Why your business will love mobile payments
Streamlined Cash Flow
Instead of waiting weeks or months for payments, mobile payments can be reconciled the same day–keeping cash flow strong. You’ll also know instantly if the payment was approved, which is not the case with paper checks or cash.
Reduced Collections Expense
In 2012, Bank of America surveyed small business owners and found 45% of 1,000 respondents cited “not getting paid on time by clients and customers” as the biggest challenge to managing their cash flow. By accepting payment in the field, you’ll no longer chase bad checks or hassle with credit card charges that are denied when the tech returns to the office.
Reduced Invoicing Hassles
Plus, there are no invoicing hassles. Most field service management systems will integrate directly with the credit card company AND your accounting software. That means no data entry, which takes time and leads to errors.
Customer Service Joy
Do you want to give your customers another reason to love your customer service? If so, give them the option to pay for service visits using their debit or credit card. Card payments are quickly becoming the most common method of payment and there are plenty of reasons why your service business should start accepting plastic as a form of payment. Do it before your competitors do.
Save Some Green
Buying paper invoices and envelopes become a thing of the past. Plus you’re contributing less to deforestation and paper waste.
As with any major purchase decision, it’s important to do your research and select the right hardware and payment processing provider the fits your business needs. There are several types of mobile card readers available on the market.
FieldLocate customers have the ability to accept credit card payments in the field by attaching a card ready to their mobile device’s headphone jack. We can integrate with your current credit provider or help you get set up with a new one.
More on Mobile Payments
See How FieldLocate’s Customer, Canada Furnace Uses Mobile Payments