Just like large enterprises, small to mid-sized businesses (SMBs) in the field service industry face many operational challenges, from the hassles of demanding customers to the headaches of ordering parts and collecting payments. The pressures of costs, margins, and cashflow are universal among service providers, but SMBs have far fewer resources to combat the problems. They need help, the kind technology offers.
Why is speeding payments so important?
A start-up or family-owned business is likely to struggle with paper-based systems that rely on spreadsheets and a passion for number-crunching. The key people in a field service company are likely more comfortable with physical tools, the kind that turn and crank and go clank in a trusty toolbox. This means tedious paperwork, including invoicing customers and collecting payments, can get pushed to the back burner. Accounting tasks can pile up, making the burden even more intimidating.
Lack of appropriate technology is a common problem for SMBs and one that can hold the company back from growth, such as adding more technicians or investing in service vehicles. Without a clear picture of the profit/loss and steady stream of receivables, the owner may be reluctant to make bold moves that involve investing money. Uncertainty about payments outstanding can be worrisome, causing undue stress.
Where to turn
Often, technology that promises to solve many of the inherent industry issues is simply too costly and too complex for small companies to implement. Many solutions are just too big, offering more bells and whistles than needed.
Plus, typical Business Management Systems (BMS) can lack the specialized applications that a service-related company requires, such as easy parts ordering and warranty processing.
Most entry-level accounting software is far too generic for a service business that must manage technician dispatch for COD jobs, as well as customer collaboration, parts procurement, product warranties, and payment processing, including credit card processing in the field.
The company may feel they don’t have the time to learn new processes, invest in training, or make the commitment to researching possible software solutions. With numerous software providers trying to claim service industry expertise, it’s hard to know where to turn.
The ticket to cashflow: HUB service-focused platform speeds receipt of payments
Fortunately for today’s small service companies, there is a fast, easy way to jump-start the journey into the modern era of automation where payments happen quickly and easily. Now small- or mid-sized field service companies can take advantage of easy-to-use software to help streamline some of their most critical processes, such as receiving payments.
ServicePower, a long-time provider of software for large field service organizations, now offers ServicePower HUB, a tool for smaller companies.
This easy-to-use solution helps service providers streamline, simplify, and speed processes, eliminating old-school paper-based systems that are prone to errors and tedious to maintain.
ServicePower HUB provides right-sized technology tools for SMB companies that perform field service. The solution is easy to learn. Getting started is quick and simple. It offers many benefits, including the ability to process payments.
A closer look at Payment Processing
Here’s how it works:
- Technicians can create itemized estimates and invoices from the office or in the field
- On the job site, as soon as the work is complete, the customer can issue payment
- Credit card payments can be processed from within the platform
- Flexible options include full, partial, or split payment between multiple credit cards and cash
- Technicians can even send the customer a payment link via text or email, making it very easy for them to pay from their own device
The ease of creating invoices and receiving payment means the organization can stay on top of accounts receivables and keep cash coming in. There’ll be no more procrastinating until month end, then a rush to put invoices in the mail, followed by the extended wait to receive payments from customers, sometime requiring multiple reminders. On the job site, the happy customer is more likely to pay immediately, in-full, without balking or disputing itemized expenses.
Other benefits
ServicePower HUB provides more features and benefits SMBs appreciate, such as the ability to easily order OEM parts, track overdue invoices, and manage COD and warranty jobs. Reducing time consuming administrative work often means that more work orders can be completed, too. That leads to more billing, more revenue, and cashflow. HUB truly makes the entire operation run more smoothly, making customers happy, and putting more funds in the bank. Growth plans can suddenly seem within reach.
That’s what success is all about.
Click here to learn more about ServicePower HUB.
ServicePower : June 03, 2014
ServicePower