It’s time to help trade businesses move past paper invoicing to more efficient, sustainable, customer-pleasing processes.
When sales partners think about selling payment solutions, retail shops and restaurants are obvious targets. However, you may find greater opportunities by looking beyond businesses traditionally associated with the point of sale (POS) space.
One opportunity to grow your business is by selling payment solutions to construction trade businesses.
What is a construction trade business?
Construction trade businesses are those businesses that either construct buildings or keep them running. “The Trades” is a colloquial term that broadly refers to businesses that keep the water running, the structure sound, the electricity on, the heating and cooling working, and a whole host of other functions that most people take for granted.
These trade businesses come in all shapes and sizes, and they can focus on residential, commercial, industrial, or even institutional structures. Glass glaziers, carpenters, painters, plasterers, and dry-wall installers are keeping their businesses going amid a time when trade professionals are stretched thin, and to operate most efficiently, they need to process payments as seamlessly as possible.
How construction trade businesses’ customers want to pay.
Trade businesses typically focus on competence in their trade, not necessarily on ensuring they have the latest and greatest payment technology. Most prepare paper invoices and accept checks in person or by mail, which can delay funds in the business account and lead to extra time spent on collections.
However, in the past few years, many consumer habits have changed, and they would prefer a more convenient way to pay. Trade businesses are beginning to respond, driving a growing trend toward digital payments — and creating an opportunity for selling payment solutions.
For example, construction trade businesses are beginning to shift from paper to electronic invoices. With this new process, the business prepares the invoice electronically in the office or on a mobile device and sends a link to the customer via text or email. With digital invoices, the client can pay immediately with a mobile wallet or by entering their payment data. It’s fast and convenient for customers and provides numerous benefits for the business owner.
- Cost savings: Paper invoices cost money. The business owner must buy the invoices, envelopes, and postage. With digital invoicing, those costs are eliminated.
- Time savings: Labor is required to fill out, mail, and track the paper invoices. Business owners or their staff then manually track which customers have paid and those who have not and follow up.
- Faster time to payments: When customers receive a digital invoice, they can pay immediately with a payment card, decreasing the time from providing a service until the money is in the business account, improving cash flow. Most of the time, the trade business will be paid before the truck is even out of the customer’s driveway.
- Fewer mistakes: Paper invoices and manual methods can lead to errors that can lead to poor customer experiences or losses for the trade business. Electronic invoicing is legible and trackable, minimizing billing mistakes.
- Sustainability: Paperless processes are greener ways to manage invoicing — and appeal to customers who want to work with businesses that want to help preserve the environment.
Communicate the benefits.
Explore how you could grow your payment residual revenues by selling payment solutions to construction trade businesses. When you educate these prospects about the advantages of digital invoices and how they will be able to provide better customer service and save themselves valuable time, they’ll want to hear how to build them into their processes.
Contact us to learn more about this opportunity and how to tailor solutions to these businesses.
