POS payments processing helps out construction industry
October 21, 2014

Payments processing is a key component of any business. It is the primary method through which most businesses collect money. As a consequence, it's important for companies to have a sound strategy for receiving payments from customers, including other businesses. Depending on the circumstances, fellow businesses may just be fine with writing checks. However, giving companies some flexibility in how they pay may help improve efficiency and expediency in receiving needed cash to the maintain the business. That's where having a point of sale terminal to complete transactions may be extremely useful to various businesses.

Consider construction as an example of this situation. The industry is heavily reliant on contracting payments based on long stretches of time. The faster a contractor is able to receive payment, the better chance that company is capable of staying in business and making a profit. However, until recently, the standard for completing contract payments was to send checks to the company accountant. That was often a slow process, since that required waiting to receive a check that was sent by mail, then do a bank run to deposit it. Given that the standard time to process a check is at least one business day, it takes an extensive amount of time to complete the transaction.

Paying on site
Utilizing a mobile POS terminal can address this problem safely and efficiently. Rather than having to pay everything by check, a contractor can accept other forms of payment. For example, with a card reader, the builder can accept credit card payments and a customer can use the company card to charge for a completed job or milestone of the project. Payments made through plastic are usually posted the same day. In addition, the use of a mobile terminal, which relies primarily on a smartphone or tablet to complete the transaction, means the payment can be made anywhere. This includes on the project site, at the home office or at a place where the customer is better able to receive payment.

There are many benefits that are associated with completing payments in this manner for construction companies and their customers. For the contractor, it receives payments much faster than with the traditional method. That alleviates the anxiety of maintaining a steady cash flow. For property owners, their payment options expand extensively. That makes it easier to complete transactions, rather than be hounded by companies for sending funds for a completed job a couple days too late.

Nexus: G-WEBCD3