In today’s digitally driven world, accepting a variety of payment options is crucial for any business, including for home inspectors. No one wants to lose out on business because they aren’t set up to accept the payment method a potential customer prefers to use.
And while many home inspectors accept payment via Venmo, Zelle, and even paper check – often because those are the least expensive options – there’s a compelling case to be made for adding credit card payments to the mix, and one reason stands out.
That fact is this: an estimated 70% of purchases of services (ex. home inspections) that are over $200 are made using a credit card. Most, if not all, home inspections these days are at least $200, so we can safely assume that roughly 70% of home inspections are paid via credit card.
That means that if you are not actively accepting credit cards, you’re missing out on 70% of your potential market!
Here are some other reasons why inspectors should accept credit cards as a form of payment:
1. Convenience for Clients
Clients today expect convenience in all aspects of their transactions, and that includes payment. Credit cards are one of the most widely used forms of payment (30% of all transactions in the US are made via credit card), and many people prefer using them for significant purchases such as home inspections – often to rack up rewards points.
2. Increase in Sales and Cash Flow
When clients have the option to pay with a credit card, they’re often more willing to move forward with larger purchases. Credit cards allow clients to spread out payments over time, which can make them more comfortable investing in a thorough home inspection. This can lead to an increase in sales for your business, as clients are less likely to hesitate or shop around for alternatives.
Also, credit card payments are processed quickly, ensuring that you have access to your funds sooner than you might with checks or other payment methods that can take time to clear.
3. Reduced Risk of Non-Payment
When you accept credit cards, the payment is authorized immediately, which reduces the risk of non-payment. Unlike checks, which can bounce, or digital payments that might be subject to errors, credit cards offer a reliable and secure method of receiving funds. This assurance can be particularly valuable in a business such as home inspection, where non-payment can disrupt your cash flow and create administrative headaches.
Inspectors should also note that the process for disputing a transaction on peer-to-peer platforms is very difficult, meaning that if the customer is forced to pay using one of those platforms, their confidence and satisfaction levels are likely to be much lower.
4. Professionalism and Credibility
Accepting credit cards can enhance your business’s professionalism and credibility. It shows that your business is modern, well-equipped, and client focused. For many clients, a business that offers multiple payment options, including credit cards, appears more established and trustworthy. This perception can give you a competitive edge in a crowded market.
5. Security and Protection
Credit card transactions offer a higher level of security compared to some other payment methods. Payment processors use encryption and fraud detection mechanisms to protect both the client and the business. Furthermore, credit card payments are automatically recorded, making bookkeeping simpler and more accurate. This streamlined record-keeping can save time and reduce the likelihood of errors in your financial documentation.
6. Leveraging Rewards and Benefits
Many clients use credit cards to earn rewards points, cash back, or travel miles. By allowing them to pay with their credit cards, you’re not just facilitating the transaction but also providing them with additional value. This can improve client satisfaction and may lead to more referrals or repeat business.
Conclusion
Incorporating credit card payments into your home inspection business is more than just a convenience—it’s a strategic move that can enhance client satisfaction, improve cash flow, and reduce the risk of non-payment. While it’s essential to offer a variety of payment methods to accommodate different preferences, accepting credit cards positions your business as professional, client-friendly, and ready to grow. If you haven’t already, now is the perfect time to expand your payment options and embrace the benefits of accepting credit cards.