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Top technology resources to help contractors manage cash flow

As a small plumbing business, you can’t afford to neglect cash flow. Even if you’ve got plenty of customers keeping you busy, you must manage your income properly to ensure you meet your monthly costs.

Technology can be an excellent asset in this pursui to help contractors manage cash flow. Here are some of the top tools that can help you more easily manage your cash flow so you can focus on growing your business without worrying about missing important payments:

Automated late payment reminders

Many businesses use some type of accounting software, but not everyone understands the full extentcash flow technology for contractors of their features. With a tool like FreshBooks, you have the option of automatically sending late payment reminders through email. Other tools include functionality for SMS (text messages) and phone calls, depending on how you want to contact customers, and their preferred stated method of communication.

Mobile card reader

Why wait two or three days for a check deposit to clear when you can use a mobile credit card reader to take payment instantly? Square’s Magstripe reader can connect to a phone or tablet to let you charge just about any type of credit card (Square with any US-issued and most internationally-issued magstripe or chipcards bearing a Visa, MasterCard, American Express, Discover, JCB, or UnionPay logo). Depending on the type of account you have, you can even deposit the sale amount into your bank on the same day.

Cloud tool for document sharing

Instead of carrying around folders or printed copies of documents like payment agreements and waiver forms, you can use a program like Dropbox or Google Docs to instantly access necessary documents. Some tools also offer signature verification, meaning you can have customers sign off on important forms without using a paper or pen. As long as you have a smartphone or tablet with you, there’s no need to mail documents back and forth, delaying the successful completion of your jobs, and the billing.

Lockbox services

If customers often mail you checks but you or your staff struggle to find the time to bring them to the bank, a lockbox service could be valuable. Your customers can send payment directly to a PO Box that is managed by the service provider, usually a local bank. This cuts down the time between receiving the check and depositing it, which means the money will be credited to your account faster.

For more information on strategies for managing cash flow please click here.

Working with a home repair plan or home warranty company can benefit your cash flow

There is one effortless way to improve cash flow for your contractor business: working with a home repair plan company that pays its contractors promptly. HomeServe USA offers multiple payment options for contractors in its network, and in some cases can pay in as little as 72 business hours after the completion of the job. We also strive to give our trusted network contractors a consistent amount of work, lending more predictability to their cash flow.

If you’re interested in getting steady jobs that you receive payment for quickly, visit our contractor portal to learn more about joining HomeServe USA’s Contractor Network.

Benefits of Home Repair Service Plan Companies