Before you finish your first job, decide how your business will collect a deposit, accept the final payment and keep the records straight.
For contractors, cleaning companies, repair businesses and other service providers, choosing a payment setup starts with how the business operates. You may need to accept a card at the job site, send an invoice afterward or collect payments at several stages of a project.
Thinking through those steps before choosing equipment can help you avoid buying a system that does not fit your work.
Start with when and where customers pay
Consider your typical job from the customer’s first agreement through the final payment.
Will you collect a deposit before purchasing materials? Will the customer pay when the work is finished? Will someone in an office need an invoice before authorizing payment?
Those answers help define what you need. A business collecting payment at the customer’s location has different requirements from one sending invoices to commercial clients.
If you use deposits or progress payments, ask the provider to demonstrate how those payments connect to the original invoice and remaining balance.
Match the equipment and invoicing tools to your work
For payments at the job site, compare supported mobile readers, terminals and phone-based options. Confirm device compatibility, internet requirements, receipt delivery and what to do if connectivity fails.
For invoicing, ask to see the customer’s experience. Can the customer open the invoice and reach the payment page easily? How do you identify unpaid balances? Can the system handle the deposits, partial payments or reminders your business needs?
Confirm these features for the specific product being offered. Also ask how payment records will reach your bookkeeping system. An integration should be verified for your exact software and workflow.
Compare the complete cost
A quoted transaction rate is only one part of a payment-processing proposal. Request a written explanation of:
- Processing charges for the payment methods you expect to use.
- Monthly software, account and service fees.
- Equipment purchase, rental or lease obligations.
- Refund, dispute and other applicable charges.
- Contract length, cancellation terms and optional services.
Use the same estimated monthly sales, average payment amount and payment mix when comparing proposals. A business taking many small payments may face different cost considerations from one collecting a few large invoices.
Our guide to calculating credit card processing costs explains how to organize that comparison.
Ask about bank payments when they fit
ACH bank payments may be worth evaluating for invoices or recurring services. Compare their complete costs, processing timelines, limits and return procedures alongside your card-payment options.
Authorization matters. Nacha explains that the business initiating an ACH transaction is responsible for obtaining the appropriate permission. Having a customer’s bank details does not replace that requirement. Read Nacha’s explanation.
Protect payment information
Use the provider’s approved payment tools instead of asking customers to send full card numbers through ordinary email or text messages.
The PCI Security Standards Council explains that messaging systems used to send or receive card numbers must meet applicable PCI DSS protections. A payment link directing the customer to an approved payment page is a different workflow from collecting the card details in the message itself. PCI SSC guidance.
Ask your provider which security and validation responsibilities apply to your setup.
Understand approval, funding and support
Explain what you sell, your expected transaction sizes and whether you collect money before delivering the work. Ask what documentation is required and which approval or funding conditions may apply.
Before accepting customer payments, confirm how to reconcile deposits, handle refunds and reach support. Approval and funding terms should be confirmed for your account before you rely on them.
Starting a business? Start the conversation with Platinum
You do not need an existing processing statement to discuss a new payment setup.
Tell Platinum what your business does, where you collect payments and how you plan to invoice customers. We can review your needs and discuss the options to evaluate before you commit.
Contact Platinum Payment Processing about your new-business payment setup.
