Motus Financial provides reliable, cost-effective and secure merchant card processing for the construction industry, trades and other high-cost ticket purchases.
According to Builder Prime, the TSYS 2016 U.S. Consumer Payment Study showed that 75% of consumers prefer to pay with credit and debit cards. Consumers make payments online for everything from medical bills to pizza delivery. It is a lot easier than writing and mailing a check.
Why should your business accept credit cards for construction or renovation work?
Via Business.com, the Federal Trade Commission advises Americans to pay contractors with a credit card rather than other forms of payment. Aside from this consideration, it’s important to understand why your construction business should accept credit cards. Here are a few reasons:
- Customers prefer paying with plastic. If your construction business is old school and accepts only cash and checks, you may be unintentionally turning away business. Credit cards provide consumer protection, making customers feel more confident. Additionally, customers with rewards cards can get cash back or other perks when using their cards. Finally, using a credit card for construction is easier and faster than applying for a home improvement loan.
- It improves closing ratios. When you can accept deposits at the point of sale, you’ll move the sales process forward and eliminate customers who change their minds.
- It facilitates collection. With existing projects, when you send invoices by email, customers can pay with a credit card online, thus speeding up your collection time and improving your cash flow. Credit card transactions are approved or declined on the spot, so you’ll know whether the customer has paid before you begin work.
- Most people have at least one. Overall, 90% of U.S. adults have a credit card. While younger people are slightly less likely to have a credit card, most payment processors allow you to accept other payment forms used by millennials and Gen Z consumers – such as Apple Pay, Google Pay, Samsung Pay and sometimes ACH.
Motus Financial is uniquely qualified to help your business reap the many benefits of accepting credit cards. We can help answer your questions about setup costs, monthly fees and transaction fees, all the while helping you understand your many options for credit card processing.
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