Running a home improvement business means much more than doing a job and getting paid. It involves handling multiple aspects that make a business work, such as marketing, sales, and financials. The accounting aspect of the company can be simple and easy. At the end of the day, it is how you can continue to offer your products or services to customers. Below, we’ll see exactly how to get paid as a contractor. If you wonder how to set it all up or make it the most efficient, Pure Finance Group is here to help!
Ways to Get Paid as a Contractor
Cash is perhaps the most direct way to receive payment. In fact, some contractors tell their customers that they prefer cash. However, some people might fear that the transaction could be illegitimate, so be sure to provide a receipt when receiving hard cash.
Paying by check is another very popular method to pay contractors. It covers the total amount in one piece of paper that the bank can transfer from the customer’s account to your business bank account. Be aware that a check can take longer to process than other payment methods.
A wire transfer is the electronic transfer of money from one bank account to another. The amount goes directly from one bank to another, taking the paper check out of the equation. It is quicker to process and is instant like cash, but it can come with processing fees.
People love the convenience of making purchases via their credit cards. Paying by credit gives the flexibility of paying all at once or in agreed increments, and security is still present via the credit card and payment processing systems.
Debit cards are another direct means of transferring funds from one bank to another. Many are wary of using debit cards given their “one and done” nature; once you pay, the money is gone. People are especially cautious because of the potential for hacking. Even so, with proper security, it is still one of the most significant ways to get paid as a contractor.
Money Transfer Apps
Money transfer apps like PayPal, Cash App, Venmo, and many others are rising in popularity. They are the quick, safe, and convenient way to pay for many things. Is it right for your home improvement business?
ACH Payment Processing
Contractors also offer ACH payment processing, which can come in two forms: direct deposit and direct payment. Payments go electronically through the Automatic Clearing House, a U.S.-based network.
Financing for Customers
You could also offer financing in-house or through a third party. This strategy lets you reach customers who otherwise feel they can’t afford a significant home improvement service. Pure Finance Group can help you get started.
Pure Finance Group Is Here to Help!
Thank you for your interest in Pure Finance Group. We’re so excited you’re here. For more information on how our lending services can help you with your home financing needs, give us a call (410-401-4957) or fill out the form on our contact page today. If you have a question about any lending services we provide including home improvement loans, we are here to help answer all your questions. Just give us a call (410-401-4957) or contact us today. To keep up-to-date with the latest financing tips and solutions, keep in touch with us on Facebook and LinkedIn!