09 Sep [INFOGRAPHIC] The 3 Biggest Processing Headaches Facing the Construction Industry
The price of building materials rose 9% in 2018, and that trend is expected to continue. If you’re a contractor, supplier, or developer, your main concern when it comes to processing cards is likely the price tag. Typically, the benefits of accepting credit cards outweigh the cost, but that doesn’t mean there aren’t processing headaches in the construction industry. Take a look at this infographic for tips to solve these processing headaches, reduce your expenses, and protect your bottom line!
For a more in-depth look at this topic, read the corresponding blog post.
1. Rates are sky high on B2B and B2G transactions. Business-to-business (B2B) and business-to-government (B2G) transactions typically have higher interchange rates because…
• Most business and purchasing cards offer rewards.
• Card-not-present transactions are considered higher risk.
The fix: Level II & Level III Rates. These rates are only available for B2B/B2G transactions and offer significant savings.
2. Lost chargebacks are cutting into your bottom line. Chargebacks can cost your business thousands of dollars, and that’s not even considering the loss of expensive materials and inventory. Once a chargeback has been issued, you only have a limited window of time to submit documentation to dispute it.
The fix: Find a processor that will do the legwork for you. It’s important to work with a processor that will notify you of disputed transactions quickly and help you through the convoluted process.
3. You don’t know how much a job will cost up-front. Final totals often differ from that initial projection. That’s why most contractors don’t charge the client until the work’s already been done. But how do you know your client’s good for the final bill?
The fix: Use authorization holds to validate available funds in advance. When you conduct the estimate and pre-authorize the card, you’ll receive an authorization from the bank that sufficient funds are available, and a decline if they’re not.
Ready to work with a processor that will solve your processing headaches instead of causing them? BASYS would love to be a resource for your business.
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If your processor doesn’t offer industry-leading solutions and world-class customer support, please call BASYS Processing at (800) 386-0711 or enter some basic information in the form below. Let’s talk about creating a true business partnership that will help you exceed your goals.