Credit Card Processing With Contractor Merchant Account.
General contractors whether residential or commercial do offer their services to all kind of clients. These clients may be small in size or may be large organizations as well. General contractors play a crucial role in the growth of the infrastructure of any City. Small organizations evolve into large construction companies and eventually start signing big deals.
When a general contractor company is small in size, they can indeed work with the conventional way of payment processing which is accepting payment by cash or bank transfer. When the size of the organization grows, then they need more reliable and faster solutions. This is the time when credit card payment processing option plays a crucial role for general contractors.
Contractor Merchant Services – ACH/Echeck And Pos Payments
General contractors can accept credit and debit card payment on the website and also in their offices. There are multiple ways of taking payments apart from credit and debit cards. Contractors can also utilize ACH or echeck payment processing options.
The most significant challenge in this industry is that the ticket size is usually a lot higher than other sectors. It is because on contractors usually accept bulk payments and that creates a problem for the merchant account of War or the payment service provider.
If you are a general contractor offering services to your residential or commercial clients, then we can certainly help you in finding a reliable Credit Card processing company. Feel free to contact with any of our representatives to know more about Point of sales devices and online payment gateway for your company.
Most of the customers and the business owners across the United States know what exactly is ACH or echeck payment processing. By using echeck payment processing solutions, contractors can accept high ticket transactions. Most credit card processing companies do not allow high ticket transactions, and here ACH can play a crucial role.
Chargeback Alerts And Notifications For Contractors
Since the ticket size is usually very high in this industry merchant should undoubtedly look at chargeback alert solutions. This is important because one chargeback can cost a lot of money to the merchant. Merchants can efficiently manage their chargeback ratio by getting alerts and acting on them.
Merchant Cash Advance For Contractors In USA.
USA based general contractors always need cash for the business expansion. If you are already using a point of sales terminal for your general contractor business, then you may qualify for merchant cash advance. With this cash advance, you can do better marketing of your business and generate more sales. You can also use the funding to open additional offices or to hire more resources. You can also use the money to buy equipment and tools to power your business
Prepaid Debit Cards For Contractors.
General contractors work with multiple temporary workers. Sometimes it may become a hassle to manage the payroll. Contractors can quickly distribute the salaries to the temporary workers by using a prepaid debit card. This prepaid debit card comes with its account number and routing number. The employer can transfer funds directly to the ACH account of this debit card. To get the International debit card credit check for employment verification is not required.
To get additional information about services that may help your general contractor business feel free to contact us. Our team will be happy to let you know about various merchant services options.
Credit Card Processing for Construction Companies
No matter where we travel, all around the world in different countries we see big buildings. These big buildings are constructed by small, medium and large construction companies. It’s quite common to find a construction company located in Europe, handling projects in North America. You can also find North American construction companies operating in the middle eastern region. Construction is not a local business anymore. Many medium and large companies require payment processing capability for international transactions. It is vital for you to look at multiple factors to identify the best credit card processing company for your construction business. Let’s quickly understand these factors one by one.
TYPES OF PAYMENT PROCESSING MODES FOR CONSTRUCTION COMPANIES
Most of the construction companies accept credit card payments. These days construction companies across the United States also aggressively accept payments by echeck and ACH. Construction companies across Canada accept payments through EFT also known as electronic fund transfer. In the European Union, construction companies prefer SEPA as a preferred mode of payment processing. Having mentioned these modes, Let’s also look at cross-border transactions
As mentioned earlier in this article many construction companies render services to the clients in different nations. Let’s take an example of a company in the United States rendering services to a customers in Brazil, what if the Brazil-based customer is interested in paying by a local card. If your payment processing company does not accept local cards or alternative mode of payments(AMP) then you will possibly lose that transaction. That is why it is essential for you to check if your payment processing company or credit card processing company offers the maximum number of payment methods. The most common mode of transaction used are Card, ACH payment processing, and EFT payment processing.
Most of the times Construction Companies accept card present transactions. They use a credit card terminal and swipe the card over these terminals to accept payments from customers. Many construction companies also accept payments online. Unfortunately, most of the payment processing companies say no to these large construction organization because of the tickets size. We know that in the construction industry the tickets will always high and because the ticket size is high, construction companies can sometimes be considered as a high-risk merchant. You can approach a high-risk payment processor that supports the construction industry. If everything works well, you will get an online payment gateway and a merchant account, So that you can accept payments directly to your websites.
ACH payment processing is wonderful for construction companies. Construction companies can accept payments over the phone, over the internet and also over the email. All the information that is needed is Account Number, Routing Number, and basic billing details. That’s all the information required for ACH transaction to go through. Most advanced ACH solutions come with authorization as well as the voice verification. You can ask your processors to Initiate these fraud prevention activities.
FACTORS THAT WILL DETERMINE IF YOUR CREDIT CARD PROCESSOR IS THE BEST OPTION FOR YOUR CONSTRUCTION COMPANY.
1. Transaction fee and charges: We strongly encourage you to get the pricing from multiple credit card processing companies. We recommend you to get various quotes because you will be able to analyze the pricing and decide which is the most economical. Remember credit card processing companies earn profits and these profits are a part of the transaction fee that you pay. The lower the transaction fee the better it is for your construction company.
2. The second factor that you have to look at is Setup Fee: Many merchants take payment gateways but never process. Because of this payment processing companies hardly make any revenue from these accounts. To eliminate this issue payment processing companies have started taking setup charges. You should work with the payment service provider or credit card company that offers zero setup options or low setup options for your construction company.
3. Set up a time frame for a construction merchant account: Every day in business is a cost. If your payment processor is taking a lot of time for the merchant account to be approved then indirectly, you are losing a lot of business. Before applying with the payment service providers confirm how much time they need for the account to be approved. Most of the time they will give you a tentative period. The shorter the tentative period, the better it is.
4. The next factor that will help you to identify the best credit card processing company for construction business is the support factor: Support is essential in any industry. When it comes to financial services and fintech, It’s more important. If your payment service provider offers 24X7 support by different modes like support on the phone, support on email, support on chat, then that solution can be a great option for you.
5. Integration support: You should also look at how easy it is to connect your website with the gateway. Some gateways require high technical skills. Some gateways offer readymade plugins for payment gateway integration.
Based on these factors you can quickly identify which the is the best credit card processing company for construction. As a responsible business owner, you understand the many reviews on the Internet are not genuine. We do not claim that every review on the internet is biased and is a form of advertorial, but many reviews are only there because the review website has generated money out of them. We strongly recommend you to investigate the solutions provided by multiple payment processors so that you can identify the best credit card processing options for your construction company. If you want more information about the solutions that are available through our payment processing partners, we request you to send an email. For your construction merchant account, you can send an email to [email protected]. Our team will carefully look at your website and application form. Based on our analysis we will suggest the best payment processing company for you. If you have any more questions, send us an email. We look forward to assisting you in finding a reliable credit card processing company for the construction business.
