Have you ever had to be on the waiting side of a past due invoice? We have too. It’s a challenging situation, because you need to apply the right amount of pressure to get paid without stressing the relationship with your customer. Thankfully, at Solvit, we have solved this dilemma for you with Solvit Invoicing.
Start accepting credit cards
for construction jobs
The biggest concern for most construction contractors about accepting digital payments are the credit card processing fees. We get it. Paying 2.9% of all of your income towards processing fees is a significant expense, one that cannot be ignored. However, if you have ever pushed expenses onto a credit card because you are waiting for that big check to come through, then you know that you are accepting high-interest debt over relatively low cost for processing cards.
Let’s compare the costs:
Let’s say your customer owes you $10,000, and you need to buy $10,000 worth of construction materials for your next job.
Without accepting cards
With accepting cards
Wouldn’t you rather that your customer takes on credit card debt instead of you?
Protect your relationship with your customer
If your customer can pay you using their desired payment method, that will make life easier on them. They might not have enough cash on hand to pay you what they owe you, but if they can pay with a card, they are more likely to pay. That saves you from having to hassle them about the money that they owe you, and protects your relationship as a result.
Solvit Invoicing allows you to quickly send a digital invoice to your customer and let them select their desired payment method. Giving your customers options is a great way to keep them happy, and happy customers are likely repeat customers. This also helps to avoid the worst situation of all: the customer that owes you but cannot afford to pay you, so they hire someone else for the next job hoping to pay you with the profits from the new job. Nobody wants that. Start accepting credit cards and make life easier on everyone!
Surcharging is the key to getting the best of both worlds
Solvit Surcharging allows you to pass a designated portion of the credit card processing fees on to your customers while still offering a no-fee debit card option if the fees are a problem for them. That way, if a credit card is more convenient for them, they can choose to cover the cost of that convenience instead of passing it on to you. Do you really want to pay for your customers’ flyer miles after all?
Here is how Solvit Surcharging works:
If they pay $100 on a debit card, you receive $98.50 in your account.
Your Customer’s Fee: 0%
Your fee: 1.25% + $0.25
If they pay $100 on a credit card, you receive $100 in your account.
Your Customer’s Fee: 4%
Your fee: 0%