Merchant Services for Contractors

Accepting credit cards as a contractor can make or break your estimate for work to be done. Sure many people still pay cash, but for larger projects, many individuals do not have access to larger lump sums of cash to pay for a job. As a carpenter, builder, plumber, landscaper, etc., You can offer credit card acceptance to overcome the " I don't have the money right now" answer when you ask for the job.

By accepting cards, you receive your funds immediately but the individual that you did the work for can pay over time. Even in these more difficult economic times, many people still have credit cards that have unspent values. As a contractor, you may be able to close more jobs just by being able to offer an alternative form of payment.

Also, you can actually process your transactions by using your cellular phone without a need for any other equipment. You dial an 800# and just follow the prompts. The funds are deposited 2nd business day right into your business checking account. Accounts only take a few days to setup so you can start offering credit cards as a from of payment almost instantly.

Many people even look for ads where contractors accept credit cards and call them first. Even if it allows you close only one job a month, the service will more than pay for itself.

Saving money on merchant services

It is important to review your credit card processing statements on a yearly basis for any cost increases. Many processors raise rates and add fees with very little notice. It might just be a small line item at the bottom of your statement that tells of a raise in fees. Many times these fees can be removed by switching to a new processing company that is upfront about any changes.

Companies like Eagle Merchant Services only pass on direct increases from Visa and Mastercard. Many companies add extra profit on top of the price increases from Visa and Mastercard and blame it on them. By reviewing your statements yearly, you can end up saving hundreds, even thousands of dollars a year.

Look for excessive annual fees, compliance fees, supply fees, merchant club fees. These all add up to dollars you can be saving.

Saving money on credit card terminals

Never lease a credit card terminal. Not only can you buy one yourself for less money than you would spend over the life of a lease but owning your own terminal makes it easier for you to switch processors at any point.

You can purchase a terminal from Eagle Merchant Services for about $100 to $400. Make sure that you are getting a well-known, non-proprietary brand which fulfills your business needs. Ultimately you want to pick the credit card processor which will give you the best overall rates not just a free terminal. A good deal on processing could save you thousands in fees over the long run compared to just a few hundred in savings for a terminal.