Like most things, financial transactions are requiring less personal contact, meaning fewer cash transactions and more digital payment methods. However, the construction industry’s still way behind the curve when it comes to using online payment processing.
This hasn’t just slowed down payments – it’s cost tons in added expense. In fact, GlobeSt.com analysts projected slow payments would cost the construction industry a total of $136 billion by the end of 2021, which was up 36% from 2020.
As the leading construction project management solution, Buildertrend helps the industry modernize every step of the building process. Shouldn’t the way you pay and get paid be just as revolutionary as the tech in your toolbelt?
Here are three reasons why you should be using digital payment methods for your construction business.
1. Improved cash flow management
What is cash flow?
Cash flow is the incoming and outgoing movement of money within a company and should be the top priority. It’s the key to growing a successful business. And while it may seem straightforward, tracking money can quickly take a wrong turn. Without the right systems in place, finances can begin to spin out of control making it harder to correct them.
That being said, it’s becoming increasingly important to implement digital payment processing for easier cash flow management in your construction business. Tracking your incoming and outgoing payments digitally will make it easier to streamline your processes with financial management systems such as QuickBooks. Recording payments this way also ensures digital receipts and documentation for future reference and in the event of a discrepancy.
2. Faster financial transactions
In addition to better cash flow management, digital payment methods will guarantee faster transactions. Say goodbye to handling paper checks and drawn-out manual processes. The future is now, and your clients will expect the option to use credit cards or ACH payments. Offering these options is not only convenient for your clients, but it’ll ensure you get paid faster and on time. It’s a win-win.
Faster payments for you also means faster payments to your subcontractors. Accepting digital payment methods and automating your processes will keep your financials on track and foster your professional relationships. If your subs know they can count on you to provide payment for a job in a timely fashion, they’ll be more likely to continue working with you on future projects.
3. Better data security
Protecting data is a concern in every industry, especially when it comes to financial information. However, using digital payment methods and online payment processing provides a high level of protection for you, your clients and your subs. Paper checks can easily be misplaced or stolen, but digital payment processors have the necessary controls in place to protect both money and data.
Moving money between secure networks online will eliminate human error and reduce the chance of fraud or other potential threats. Construction projects aren’t cheap, so taking any and all necessary precautions to protect funds for all parties is essential. Implementing secure, digital payment processes will help showcase your professionalism, add a layer of trust and set you apart from your competition.
Digitize your payment methods with Buildertrend Payment Processing
You’ve made your business digital. It’s time to do the same for your payments.
Luckily, it’s never been easier for your business to adopt digital payment methods. Grow your business, save time and secure your financials with Buildertrend’s integrated payment processing.
Looking to take your construction project management and payment processing systems to the next level with our tech? Schedule a demo today.