Why Contractors Should Accept Credit Card Payments

By Truss

Many construction businesses still rely on checks or cash for payments, but in today’s digital world, this approach can slow down operations and increase risk. Accepting credit card payments can transform your business by improving cash flow, efficiency, and client satisfaction. 

How Contractors Are Currently Accepting Payments

Paying with cash or checks may feel familiar, but these methods are slow, cumbersome, and less secure. Many contractors stick to checks because they perceive them as cost-effective, yet check processing is time-consuming, and check fraud is rising. Digital payments, including credit cards and ACH transfers, are faster, more secure, and increasingly expected by clients.

Common Concerns About Accepting Credit Cards

Contractors often hesitate to accept credit cards due to perceived costs, setup hassles, or security worries. Here’s the truth behind these concerns:

1. Cost Concerns

Credit card processing fees may seem intimidating, but when compared with the hidden costs of checks – printing, mailing, and slow funds availability – digital payments can be surprisingly affordable. Contractors can also structure fees to offset processing costs if desired.

2. Setup Hassles

Some contractors avoid card payments, thinking the setup is complicated. Many modern payment solutions now offer quick setup, easy integration with accounting software, and intuitive dashboards, allowing businesses to accept card payments without extra administrative burden.

3. Security Worries

Checks may feel tangible, but they’re highly susceptible to fraud. Credit card transactions are secure and encrypted, protecting both your business and your clients. Accepting card payments enhances security, giving clients peace of mind.

Benefits of Accepting Credit Cards

Transitioning to digital payments isn’t just convenient; it can have a measurable impact on your business. 

1. Faster Payments and Improved Cash Flow

Checks can take days or even weeks to clear, slowing cash flow. Card payments and ACH transfers give you instant access to funds, allowing you to pay suppliers, employees, and subcontractors on time and keep projects on schedule.

2. Meet Client Preferences

Clients increasingly expect flexible, digital payment options. Offering credit card payments demonstrates professionalism and enhances the customer experience. Mobile credit card processing even allows clients to pay from any location, any time.

3. Streamline Bookkeeping and Efficiency

Many payment processing systems are automatically marked in QuickBooks Online, reducing manual entry and bookkeeping errors. This saves your staff time and allows your team to focus on growing the business rather than chasing checks.

Make the Switch to Credit Card Payments

Checks are slow, costly, and risky. Accepting credit card payments is a simple, cost-effective way to modernize your contracting business. With free setup, seamless QuickBooks integration, and instant access to funds, you can streamline operations, satisfy clients, and protect your business from fraud.

Upgrade your payment options today to give your clients the convenience they expect while boosting your business's efficiency and cash flow.

Start accepting card payments for your contracting business today with Truss. Visit trusspayments.com to learn more.

NARI members receive 25,000 ($250 value) bonus points when signing up for Truss.

Companies are subject to an approval process by Truss. Bonus points will be applied once the referred client spends $5,000 or more on their Truss charge card within 60 days of registering.

_____________________________________________________________________________________

*Truss is a financial technology company, not a bank. Banking services provided by Thread Bank; Member FDIC. The Truss Visa® Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa cards are accepted.

Your deposits qualify for up to a maximum of $3,000,000* in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://go.thread.bank/sweepdisclosure and a list of program banks at https://go.thread.bank/programbanks. Please contact customerservice@thread.bank with questions on the sweep program