The payment processing industry has evolved and become so dynamic in recent years, especially within the field service industry, where we have been seeing a transformational shift. The rise in consumer demands makes it essential for verticalized software companies to enter into the payment space to provide a flexible and seamless user experience for their customers and end-customers.
In today’s world, businesses of all sizes across the service industry, from pest control to cleaning, must understand that in order to remain competitive and continue to generate new sales, it’s essential that they provide their customers with the most seamless and flexible experience possible.
Cloud-based field service software solutions are opening doors with their fully-integrated and seamless payment processing solutions. It’s meeting the demands of today’s convenience-seeking consumers while giving business owners and operators the tools they need to grow their business and increase cash flow through one seamless platform.
What are integrated payment solutions?
Getting paid used to be easy. When a job was finished, a service tech would write an invoice, collect cash or a check, and move on to the next job. Today, technology advancements must meet customer expectations, meaning that your business has an obligation to offer more flexible payment options, as well as the opportunity to improve your quote-to-cash timing for better working capital and to increase recurring revenue streams.
Integrated payments provide greater accuracy and time savings because customer information, service information, and payments information are all in the same place, and you don’t have to manually enter transactions from one platform to another.
What types of businesses should use integrated payments? The simple answer is businesses that accept electronic payments. Regardless of market, industry, and tech-savviness, an integrated payment solution will improve business processes and create new ways of engaging with customers.
Why should you use integrated payments?
Centralizing payment processing with your service software gives you new ways to interact with customers. From effectively managing overdue accounts, to building online portals for customers to pay and request services, integrated systems mean easier payments, easier scheduling, and new customers with lower acquisition costs. Below are a few specific ways you can benefit from integrated payment solutions.
1. Streamlined end-of-day operations
Integrated payments have the potential to save business owners time and money. Instead of having to manually reconcile invoices at the end of the day, integrated payments handle all of these processes automatically. This type of payments software provides high value in field service allowing businesses to focus on what they do best while leaving payments to the experts. A robust payments platform allows engineers to accept payments while on-site, eliminating the need for bank transfers or checks, cutting down on transaction processing times, and reducing administration efforts.
2. Increased efficiency and value-added services
Meeting the demand of today’s customers, while giving business owners the tools they need to grow their business and increase cash flow is of the utmost importance in the field service industry. Updated in real-time, your integrated payment solution shows immediate transaction history for automatic insight and better reporting. Manual accounting is time-consuming and prone to data entry errors. With integrated payment systems, transactions are automatically entered into software and applied to ledger. This can reduce costly human error and improves efficiencies and cost-savings for your business.
3. Reduces potential for fraud
Security breaches have become common with credit card, debit, and social security numbers as the highest targeted sources of personal information, according to the Identity Theft Resource Center. The safety and security of your data is critical to safeguarding your business as a whole. That’s especially true when it comes to payment data. With integrated payment processing, you have more built-in security features than if you prepared your business’ financial data manually. For example, integrated payment solutions house data, such as payment information. By utilizing the cloud or making sure your system is PCI-compliant, you can take advantage of the numerous security protocols put into place, providing added layers of security for your business.
How an integrated payment solution meets the demands of today’s consumers
In today’s digital world, customers expect fast and easy digital payment solutions, therefore the shift to digital commerce is becoming especially prevalent within the field service industry. Long gone are the days of customers setting up service appointments weeks in advance, then paying the company weeks later when a bill comes in the mail.
Customers want things fast, they want to schedule appointments the same week, often the same day, and they want to pay online or via their mobile phone. Across all field service industries, businesses are evolving how they interact with customers, meeting them where they are, making things even more convenient and seamless.
An integrated payment solution can give customers the support and flexibility they need to ensure they are providing a great customer experience, while also increasing operational efficiency and compliance, and getting businesses paid faster. By integrating your services, you can focus your efforts on other areas of your business, such as providing a better client experience and generating more revenue. When saving time and money on administrative tasks, you can direct your resources towards more profitable endeavors.