Collecting customer payments does not usually inspire people to start a field service business. Many field service businesses have to struggle with some customers who delay their payments. In addition, the pandemic-induced economic downturn has led to late payments, leading to major cash flow issues, which can overwhelm even a successful business.
Not only is it hard to keep track of who owes you what, but you also run the risk of getting shortchanged. And there is always the chance that a customer will forget to pay you.
As customers preferred comfortable and contactless payments during the pandemic, many field service organizations provided a payment gateway and made digital payments possible with the help of field service software. Indeed, digital payments offer both parties with a convenient and smooth transaction experience.
Customers can make online payments with just a few clicks, and businesses can accept payments through a payment gateway through field service management software in a secure way. It’s no wonder that more and more business owners are turning to digital payments.
Before we discuss field service management software that helps with digital payments, let us look at how digital payments can benefit field service businesses and their customers.
5 Benefits of Digital Payments for Field Service Businesses
1. Reduce Manual Operations
Many field service businesses still collect payments manually. Shuffling paperwork by generating invoices, processing checks, and collecting money. Service technicians and back-office staff may work extra to complete this process.
Integrated payments enable field service technicians to accept payments on-site via handheld mobile devices, or customers can pay online. Manual work is reduced, and double entry is eliminated, which saves time and reduces errors. Service technicians can complete more jobs daily through this streamlined process, concentrating on their core competencies.
2. Ensure Reliable and Secure Payments Processing
Payments via cheque are more susceptible to fraud, more time-consuming, and an insecure option for field service providers. A digital payment system, however, is highly secure—making fraud far less likely than with paper-based payment systems.
To prevent and detect fraud, businesses can use digital systems that provide real-time financial metrics. Digital payments provide a level of protection against theft and fraud that simply does not exist with paper-based options like cheques or even cash. When you choose to use a reputable digital payment platform, you can be assured that transactions will be swift and secure. You will be able to quickly receive money while also eliminating the risk of bounced cheques and the associated fees.
3. Enhance Customer Experience
Compared with traditional methods such as cash or paper checks, digital modes of payment are faster. Accepting digital payments anywhere, at any time, has become simple. Customers can now pay you directly through digital wallets or apps, resulting in faster payments for you and a better customer experience for them.
Customers expect to pay quickly with just a few clicks, either with credit cards, debit cards, or even in easy installments. Providing multiple ways to pay in one place enhances the customer experience and leads to improved satisfaction. Prioritize customer convenience, and make sure payments are easy and seamless.
Provide the flexibility and transparency that customers want. With a field service platform, invoices can be shared via email, and customers can directly pay by scanning QR codes or credit cards. Customers don’t just want digital payment options; today, they expect them. Integrating a payment gateway into your service management system has rapidly moved from just being a good idea—now it is almost a requirement.
4. Reduce Operational Costs
The first key benefit of digital payments is that it saves field service businesses administrative and operational costs. Once you eliminate paper-based transactions, you will no longer have to deal with the time-consuming and labor-intensive processes that are associated with them. And that will save money.
Now, even though you are saving on the costs of doing business “the old fashioned way” you probably want to know if there are costs to doing business the new way. There are. But the good news is that the expense of implementing new payment technologies is getting cheaper and cheaper. And the cost of processing digital payments is also going down.
5. Increase Process Efficiency
Using a digital payment method allows for a high degree of visibility regarding financial transactions. And with greater transparency, comes the ability to proactively make more informed decisions. Transparency has always been important where the transfer of money is concerned. With digital payments however, keeping track of your translation data is taken care of for you—greatly simplifying your bookkeeping while providing improved accuracy.
This increases process efficiency—management is able to access detailed financial reports as well as comprehensive historical data. Digital payments provide greater visibility of payment statuses for customers, field service technicians, and management. Also, provides more successful credit collections, approvals, and overall profitability ratings.
How Can Field Service Management Software Help with Digital Payments?
To mitigate payment collection challenges and help businesses accept payments, field service businesses should equip themselves with field service management software. Once installation is completed, field service technicians will be able to use a payment gateway and invoicing module to send customers automated invoices through a link provided via email or SMS message.
Customers can accept invoices by simply signing digitally to ensure a safe and secure transaction. They may also initiate a payment by providing their credit cards and scanning them on field service management apps to complete the transaction.
Customers can also make payments with their credit/debit cards by simply entering the card through an integrated payment gateway. For recurring service, customers need not enter their card details each time; they can simply save the card details and, with future payments, tap to instantly complete the transaction. Field service technicians can also accept payments from their field service mobile app if a customer doesn’t have a payment app or mobile device.
Payment options like these are made possible by integrating third-party payment apps like Stripe, into field service management applications—streamlining your workflow. Integrated payment systems help ensure that field service businesses get paid quickly, reducing stress and increasing cash flow. Some benefits include:
- Accept incoming payments from customers and auto-generating receipts.
- Updating payment status and details automatically, then syncing to the cloud and accounting software.
- Customer support teams can use the reports module to easily track and follow up with customers who have not payed.
Customers are also able to pay in easy installments with consumer financing options provided by field service management software like Zuper. Being a flexible and comprehensive field service app, Zuper now has integrated with consumer-friendly apps to offer customers to pay in monthly installments without late fees and compounding interest. This improves cash flow and helps to mitigate the risks of late payments.
Whether running an HVAC, plumbing, or electrical business, Zuper empowers home service businesses to streamline the entire business operations process from estimates to invoices in a centralized system. This results in many areas such as boosting staff efficiency, reducing manual data entry risks, cutting operational costs, and helping increase focus on customer service.
As payment technologies have evolved, so have their benefits, including a reduction of manual processes, increasingly secure methods of accepting payments, and reducing overall operational costs. This ultimately increases process efficiency and the productivity of both technicians and administrators.
Digital payment solutions help to keep customer satisfaction high, contributing to retention and repeat business. If you are not already using it, now is the time to integrate digital payments with your field service management system. If your business is still using archaic service management methods, learn the ultimate advantages of embracing field service management software for your business.