Selecting the Right Merchant Services Provider in the Field Service IndustryBy My Service Depot on Monday, December 21, 2020
Finding a quality merchant service provider is an all-around win for your field service business.
When it comes to taking payments and evaluating merchant service providers, you need to consider a few key factors. In this article, we’ll cover how to make the best choice in selecting a merchant provider. Read on to learn how you can get all the benefits of accepting card payments without any drawbacks (like exorbitant fees).
Get Paid Faster
First, look at the reasons to accept credits cards in the first place. While you may not want to pay (or overpay) for processing fees, accepting cards means you get paid faster. Payments from credit and debit card purchases typically get deposited within 48 hours of the transaction. Compare that to the time it takes to send out invoices and wait for a payment (or even a paper check) to clear. Accepting card payments helps improve cash flow. With Smart Service Payment Processing, any transaction run before 8:30 PM ET will get posted to your account the next day!
Higher Average Tickets
Another reason to accept credit cards? Cardholders typically spend more than people paying by cash or check. According to Forbes, people spend more when not limited to the cash currently available in their wallet. In addition to making larger purchases, people paying by card will more likely make impulse buys they wouldn’t otherwise. What does this mean for your field service company? When you take payments, especially in the field with the Smart Service mobile app, you have the opportunity to get a customer to go for an upsell, like a premium maintenance program. The ability to take payments lets reps strike while the iron’s hot and your services are still on customers’ minds.
Making Customers Happy
Customers simply prefer to pay with a card. They find them safer and more convenient than other methods of payment, and the benefit from the awards/rewards that a lot of card companies offer (like airline miles or cash back) make card payments a preferable option. Taking card payments will increase your customers’ satisfaction with your business.
Also, with continuing restrictions and health orders in place due to COVID-19, accepting cards allows your field service business to offer contactless payments. Smart Service Payment Processing features a Hosted Payment Pages (HPP) where a customer can make an online card payment without getting near a technician. This keeps customers safe, keeps field service technicians safe, and gets you paid in a prompt manner.
Choosing the Right Merchant Service Provider
Accepting credit cards is more affordable than you think. A lot of small or cash-only businesses worry they can’t afford to take credit and debit cards. In reality, they can’t afford not to accept them. Merchant service programs are available for all sizes of businesses, and they add legitimacy to even the smallest of field service companies.
So how do you choose a merchant service company, or make sure that the one you already use affords you all of these benefits at the best possible price? Make sure the provider you’ve selected has the following:
- The best rate for your business with the ability to reevaluate after 90 days
- Ease of use
- Integration with other software that you use (like QuickBooks)
- PCI compliance
Smart Service Merchant Services offers a fully integrated merchant platform within both Smart Service Enterprise and Smart Service 365. Take payments in the field, send invoices where customers can pay online, or take payments over the phone, all for the same great rate. Smart Service Payment Processing also allows a new business taking cards to reevaluate their rates after 90 days to ensure that they are getting the most savings possible.
If you already have a merchant provider, how can you make sure you have the best rates? Review your statements on a regular basis. Most merchant providers will generate and send a monthly statement, and ideally this statement will show that fees have stayed in line with your original agreement.
Of course, time is money. Sometimes, reviewing statements gets put on the back burner. No problem! The Smart Service team is happy to help. We can provide you with a free merchant services analysis to not only show you what you currently pay, but also an exact “apples to apples” comparison of what you would pay with Smart Service. Smart Service routinely shows a cost savings of 8%-22% for most merchant companies in the field service industry. Needless to day, that adds up over the course of a year!
If you think you can’t afford to take credit cards, remember; you absolutely can, and your customers will appreciate it. If you already take credit cards, and you don’t regularly review your statements, Smart Service can help. Save time and money with Smart Service Payment Processing, and enjoy the best rates in the field service industry.