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If you want to improve your home renovation business, you need to make it easy for your customers to pay. A cashless business model can help. 
 
It’s time to take advantage of all the benefits 21st-century technology can offer. In this guide, we’ll introduce you to cashless businesses and their advantages. 

Then, we’ll explore eight ways that going cashless can help streamline your most tedious business processes. Finally, we’ll give you some tips to help you transition to a cashless model. 

Going cashless might be the best decision you will make this year. Are you ready to explore the possibility? 

Let’s go. 

The Digital Transformation of the Payment Industry 

Digital transformation isn’t just a filler term in some giant corporation’s latest white paper. It provides real-world value for small businesses just like yours. 

It all boils down to using today’s technology to get rid of time-consuming tasks. Small or large, home improvement businesses need to cut out timewasters to spend more time doing what they do best. 

Cashless transactions are electronic payments that require no coins or bills. They can transform your business into a job-focused home improvement powerhouse in no time. 

Small businesses that have embraced digital technology have experienced unbridled success. 87% of those companies “report increased efficiency” while generating $17.7 trillion in revenue. 

8 Ways Going Cashless Will Improve Your Home Renovation Business 

Once you’ve switched all your payments to cashless, you’ll join the crowds of cashless businesses. Then, you can put the full power of digital to your advantage. 

FROM ONE OF OUR PARTNERS: The Future of Online Payments: What You Need to Know 
 

Even if you’re just starting your renovation business, taking digital payments can help you get off on the right foot. Here are some of the benefits going cashless will provide you. 

1. Expand Your Customer Base 

Today’s digital-savvy consumers demand a streamlined customer experience. Cashless payments allow them to pay in mere seconds. 

With cashless payments, customers can link their purchases to their accounting software. That capability allows your clients to keep track of their home renovation expenses. 

2. Enjoy Quicker Project Turnovers 

One of the best ways to speed up renovation project turnovers is to alter clunky processes. 

Taking cash payments out of the equation removes all the time-consuming manual tasks involved in accepting them. 

No more running to the bank to deposit customer payments. No more stress over counting cash. Just simple, seamless experiences for you and your customers. 

3. Take the Hassle Out of Transactions 

Busy homeowners have better things to do with their time than counting cash or reconciling their checkbooks. When you take the hassle out of payments, you’ll generate more enthusiasm in your customer base. 

Integrating online payment gateways gives your customers a seamless experience that builds loyalty. Loyalty, in turn, will drive more word-of-mouth recommendations. 

4. Build Customer Trust Through Modern Payment Methods 

Your work upholds the highest professional standards for quality home renovations. Shouldn’t your payment methods do the same? 

With uber-secure digital payments using a mobile app, your customers can trust that their money will get to you safe and sound. No worries about losing a credit card or a pocketful of cash. 

5. Experience the Ultimate in Convenience for You and Your Customers 

Certainly, digital payments make it easier for your busy clients to pay. But it’s also more convenient for you and your employees. 

When you link your payment platform with your accounting software, that takes a lot of work out of the equation. 

6. Improve Your Ability to Track Finances 

Research reveals that data errors have caused about $1.8 trillion in losses across the construction industry. Don’t allow your finances to number among those losses. 

With cashless payments, you’ll be able to track your finances in real time. Knowing what you have and can spend allows you to make better decisions. 

Stay in business for the long term by keeping your finances in the black. Credit card payments, payment apps, and phone payments can all feed accurate data to your accounting platform. 

With that data, you’ll have all the information you need to decide whether to purchase new tools or wait for next month. 

7. Reduce Security Risks by Not Handling Cash 

Home renovation businesses often do high-dollar projects. If you allow customers to pay you in cash, you’re making yourself a prime target for thieves. 

By enabling only cashless transactions, you’ll have a permanent record of your customers’ payments. That way, you’ll have proof of payment to avoid misunderstandings. 

8. Save Money and Increase Sales 

The New York Times recently interviewed small business owners to learn why they’re switching to cashless payments. 

One owner told the interviewer she saved $3,000 in a single month by making the switch. That’s a lot of money to leave on the table. 

Even more importantly, customers wanted to be able to pull out their cell phones to pay. Happy customers, more return business and referrals. 

FROM ONE OF OUR PARTNERS: How To Build a Killer Referral Program at Your Home Improvement Company 

Going Cashless as an Independent Contractor and Small Home Renovation Business 

But how can you make the switch to cashless? It’s probably not as hard as you think. 

Here are some tips to help you transition. 

Set Up Security Protocols Beforehand 

It pays to partner with a payment platform with strict security protocols already in place. That way, you won’t need to spend a ton of money on a cybersecurity team. 

RELATED ARTICLE: How To Protect Yourself From Scams and Fraud 
 

But at the same time, educate your employees about the risks out there. Teach them to watch out for card skimming, scams, fraudulent transactions, and identity theft. 

Tailor Your Payment Options to Customer Preferences 

Not everyone likes using apps. Offering other cashless alternatives, such as credit card or phone payments, can make customers comfortable with the switch. 

While not technically cash, check payments are another possibility. Even if you eventually want to stop accepting checks, you might want to allow them during the transition period. 

Leverage Digital Invoicing and Receipt Management 

Piles of paperwork on your customers’ desks will disappear if you put digital invoicing and receipt management to work for you. Your customers will thank you — trust us. 

You, too, will have less paperwork piling up. Stored forever in a virtual cloud, your records are easy to access whenever you need to. It’s the perfect organizational solution. 

Clarify Tasks Among Your Staff 

Going cashless may be a new experience for both your team members and customers. Help your staff understand each of the tasks that go into accepting cashless payments. Then, teach them how to show customers how to use whatever cashless payment they choose. 

Finally, Offer Loyalty Programs and Promotions Through Your Cashless Platform 
 

Nothing says “Thanks for your business” like promotions and loyalty programs. 

Offer these perks exclusively through your cashless platform. Your customers will learn to love using cashless payments. 

And you’ll enjoy the security a cashless business provides. It’s a win-win for everyone. 

Top Takeaway Tips for Adopting a Cashless Business Model 

Once you’ve decided to go cashless, it’s time to find a plan that works for you. Here are some ways to approach the process: 

  • Prepare your employees for a cashless business model. Explain the reasons why cashless payments can benefit your company — and its employees. 
  • Talk to your customers early in the transition process. Getting them onboard early allows them to adjust. Show them how cashless payments will make life easier for them and for you. 
  • Promote your cashless payment program to your customers and prospects. Using discounts and loyalty programs will entice them to embrace the change.