As a construction business, you know that invoicing for a project is only part of the process. Perhaps more important is to collect payment in a timely fashion. And to make that happen effectively, you need to make it easy for your customers to pay in a variety of ways from checks and credit cards to electronic bank-to-bank payments via ACH.
1. Improve cash flow
When you integrate all your points of payment directly to your bank for settlement – and to your accounting system for reconciliation – you maximize your cash flow. Sitting on checks and receipts minimizes your cash position, which impacts your business’s liquidity.
2. Eliminate manual data entry
Manually entering data in both a payment application and a separate accounting solution doubles the time it takes to complete the payments process. By integrating your payments environment, you can reduce time spent on accounts receivable (A/R) processing so you can spend more time on revenue-generating opportunities.
3. Automate the reconciliation process
Duplicate data entry also results in more potential for errors, which someone has to untangle and reconcile. When payments automatically synchronize with the accounting system, errors are reduced and posting and reconciliation are streamlined, saving time and money.
4. Consolidate your payments environment
Managing and reconciling multiple payment types can be a hassle. An advanced, integrated payments portal like Sage Payments can offer web and mobile access to a reporting dashboard, merchant statement, billing support, a single toll-free customer support line, and administration of all your connected payment devices, applications, and services, including your accounting system.
5. Ensure PCI compliance
Payment Card Industry (PCI)-certified payment platforms can improve your PCI compliancy as a merchant. These payment platforms ensure all connected solutions, like your accounting software, never store or transmit unencrypted credit card data, removing them from the scope of PCI or PA-DSS. In short, your business is secure, your customers’ data is safe, and you’re less susceptible to an adverse PCI audit.
6. Improve your audit position
Manual processes, like duplicate data entry, increase auditor scrutiny and require additional sampling of data and processes, driving up your costs and use of resources. Automating those manual payment processes can cut costs on financial and regulatory audits.
7. Reduce cost and complexity
When an automated and integrated payments environment is offered by a single vendor like Sage Payment Solutions, you benefit from price efficiency across a spectrum of payment services and reduced cost and complexity of managing multiple vendors.
8. Do it because you can
High costs and heavy IT requirements for building custom solutions have previously made integrated payment systems an option for only larger businesses. Now, Sage offers an integrated payment solution so that you can easily and cost-effectively streamline your receivable payment processing.
Sage Payment Solutions
Are you familiar with Sage Payments Solutions?
It’s a payment processing platform that works directly in your Sage 100 Contractor or Sage 300 Construction and Real Estate software.
With Sage Payments, you have a full suite of options that allows your customers to pay in any way that’s convenient for them including debit and credit cards as well as electronic check and ACH processing. No matter whether you process payments in-person, online, or on a mobile device, you’ll process payments faster and easier while improving cash flow.
And because it works right inside your existing software, it’s the perfect complement to your Sage Construction Accounting system.
Want to Learn More About Sage Payments?
Click below to get in touch and one of our friendly consultants will follow up to answer your questions and guide the way.