Tradespeople and home service contractors cannot afford to let revenue slip through their fingers. These trade professionals have worked long and hard to achieve a steady revenue stream, and they should not be willing to leave money on the table. Unfortunately, most contractors know collecting exact earnings is not as simple as it seems. Small and medium-sized businesses specifically struggle to maintain efficiency, especially when it comes to calculating revenue and avoiding unnecessary costs.
Top Reasons Contractors Leave Money on the Table
To understand why tradespeople have trouble collecting maximum revenue after a project, let’s review the popular ways they tend to leave money on the table:
- Poor Workmanship – If your employees are not performing at their best, they may be enabling poor workmanship. This could lead to faulty project results, negative customer feedback, and callback charges. A botched project caused by an irresponsible employee could cost your business hundreds or thousands of dollars in damages and repairs.
- Disorganization – When an employee does not have a set schedule with accurate contact information, he or she is more likely to get lost. This confusion can lead to internal miscommunication and project delays. Additionally, individual project documentation should be centralized to avoid expensive mix-ups down the line.
- Late Completion – Home service contractors operate based on deadlines. If a project is pushed back due to inefficiencies, your business will not see progress payments on time. All other adjacent timelines will be impacted, and other revenue-generating projects will be put on hold until your most urgent deadline is fulfilled.
- Hidden Processing Fees – A contractor may opt to use a digital point-of-sale system to collect revenue. That being said, that processing system can certainly make a business owner pay hidden fees. These may include statement fees, chargeback fees, or “small print” fees.
- Third-Party Revenue Withholding – Contractors using mobile payment processing applications should beware of withholding clauses. Some traditional point-of-sale systems have been caught withholding up to “30% of business customers’ card receivables for as long as 120 days,” according to The Green Sheet. Partner with a trusted point-of-sale solution that will get your business its revenue as soon as possible.
Get Paid Faster With ToolBox Payment
ToolBox Payment, also known as ToolBox, is the first mobile payment application built for tradespeople and home service contractors. The FREE app’s simple sign-up process and easy-to-use interface provides trade professionals with seamless navigation. ToolBox offers specific features that appeal directly to contractors: GPS tracking to get to the next appointment on time, face recognition to streamline in-app tasks and security, and dynamic contractor structures to accommodate single or multi-employee organizations. ToolBox extends a transparent flat fee of 2.58% +.10 for face-to-face transactions and 3.50% +.15 for card-not-present transactions. The best part? Contractors will see transaction revenue in their business accounts within 24 hours.
Start collecting your hard-earned revenue today. Download the FREE ToolBox Payment app from the App Store or the Google Play Store. To learn more about how ToolBox can help your business, visit our website.