Take a deep breath and ask yourself something:
When was the last time you really stopped and evaluated how your business handles payments?
If you’re like many in the restoration industry, you’ve probably been doing the same thing for years. It worked then, and now, years later… you’re still using it. But the world has changed, and fast. Have you?
From our decades of consulting, we’ve noticed that the ways in which payments are handled by restoration industry leaders have evolved. If you haven’t updated your system in the last few years, you may be on the edge of falling behind.
This is your wake-up call.
Here’s an AR Pro Truth:
It’s not the biggest or strongest businesses that survive and thrive. It’s those that are led by leaders who can adapt, evolve, and adjust to meet the changing times.
The future of payments in the restoration industry is already here. And it’s more powerful, efficient, and profitable than anything we’ve seen before. Are you ready to meet it?
If you want to stay competitive, improve your cash flow, and give your customers an experience they’ll rave about, it’s time to embrace the shift in payment processes that’s happening right now.
Read on to learn about the digital payment revolution; advanced insurance company practices; third-party financing; and staying ahead of changing regulations and security measures.
The Digital Payment Revolution: Speed, Power, and Freedom
Checks are becoming relics of the past. For many of our customers, checks are seen as too slow, too complicated, and not readily available. (Is there an “Immediate Delivery” for checks? Nope.)
We live in an age where people want things now. If you want to thrive, it’s time to embrace the digital payment revolution, which is all about now.
Here’s how to do just that with EFT and ACH payments, mobile and online payments, and payment gateways:
EFT and ACH Payments:
Supercharge Your Cash Flow To accelerate payments in a way that customers trust, try Electronic Funds Transfer (EFT) and Automated Clearing House (ACH) payments. Get paid within days instead of waiting weeks or months for a check to clear. Here’s some of the benefits of EFT and ACH:
Accelerated Payment:
EFT and ACH payments send funds directly into your bank account in one to two business days. Keep the cash flowing and your business moving. When you can, encourage customers to pay by EFT and ACH.
Cut Down on Fees:
If credit card processing fees are eating into your profits, ACH is the solution. With significantly lower fees, you keep more of what you’ve earned. Even if you accept credit cards, make a note that ACH transfers are your “preferred alternative.” You’ll be amazed at the number of customers who are happy to use your preferred method, simply because you’ve notated it.
Less Administrative Stress:
One reason insurance companies, property management firms, and even consumers are turning to EFT and ACH payments is that they eliminate the headaches of checks. Forget bouncing, signing, and getting lost in the mail. The funds are just there.
Embracing EFT and ACH payments means you can free up time, increase liquidity, and make financial decisions with confidence. If you’re serious about growing your business, start here.
Mobile and Online Payments: Meet Your Customers Where They Are
Customers expect things to be fast, easy, and frictionless. By offering mobile payment options, you’re not only making life easier for your customers, you’re also setting yourself apart from the competition. Here’s our quick pitch of why it’s worth flipping to mobile payments:
Skip the Check:
Everyone has a smartphone in their pocket, and more and more often customers expect to be able to pay for everything with just a tap of their phone or a few swipes on the screen. That includes your restoration services.
Platforms like PayPal, Venmo, and Apple Pay are built for simplicity. Leverage that. And when you do, you’ll be on the cutting edge of payments and customers will pay you faster—what’s not to like?
Enjoy the Efficiency of Online Payment Portals:
What if your customers could log into a secure portal, view their invoices, and pay you instantly? That’s the power of an online payment portal. Beyond that, these portals integrate with your accounting software, meaning payments are tracked and reconciled automatically. Welcome to next-level efficiency. Future of payments, unlocked.
Exceed Expectations:
Your customers are used to these kinds of experiences in their everyday lives. They order food, book vacations, and shop online with just a few clicks. When you offer them the same level of convenience for restoration payments, you’re not just meeting, but exceeding their expectations. This level of customer service often leads to favorable reviews, repeat business, a reputation for being cutting-edge, and long-term loyalty. Beat your competitors to the future of payments.
Embrace mobile and online payments to create a seamless, effortless experience for your customers. Get paid faster. Improve cash flow. Unlock stronger, faster payments for your business practices.
Payment Gateways: Security and Efficiency in One Powerful Package
Let’s talk about payment gateways for a second. If you’re not using them, you’re leaving money—and security—on the table. Payment gateways allow you to accept a wide range of digital payments securely via your website or third-party platform, and they can make your payment process faster, easier, and safer. Here’s some benefits:
Security Is Everything:
When you handle online payments, security is non-negotiable. A payment gateway encrypts every transaction, protecting both you and your customers. Give your customers peace of mind, knowing that their transactions are secure.
Seamless Integration:
Payment gateways integrate directly with your invoicing and accounting systems, eliminating the need for manual data entry. No more errors, no more chasing down payments. Just smooth, automated processes that save you time and administrative stress.
Advanced Reporting:
Another huge benefit of payment gateways is the detailed reporting they offer. Track payments, analyze trends, and optimize your payment process in real-time. Have all the data you need to make smart financial decisions without hours of number crunching and unlock an accelerated payment process. The future of improved AR is right at your fingertips.
Now that you know the three main components of the digital revolution (EFT & ACH Payments, mobile & online portals, and payment gateways), it’s time to push your relationships with insurance companies into the future.
Insurance Companies Are Changing the Game—Here’s How to Stay Ahead
If you’re in the restoration industry, insurance companies are a major part of how you get paid. And guess what? Their processes are changing, too. If you don’t keep up, you’ll find yourself struggling to collect payments while your competitors get ahead. Here’s how to stay current while working with insurance companies:
Documentation Is Key: Get It Right, Get Paid Faster
Insurance companies are scrutinizing claims more closely than ever before. They want to see detailed, accurate documentation before releasing payments. If you’re not prepared, you’ll find yourself caught in a cycle of delays. Here’s a few places to check and level-up your processes:
Detailed Invoicing:
Vague invoices are a thing of the past. Insurance companies want a complete breakdown of every cost—labor, materials, and everything in between. The more detailed your invoice, the faster it will be approved.
Photos and Reports:
Insurance companies expect to see photographic evidence of the damage and a detailed report of all the restoration work you’ve completed. The more thorough your documentation, the faster you’ll get paid.
Adopt Digital Platforms:
Many insurance companies are using digital platforms where you can upload documents, track claim statuses, and communicate with adjusters. These platforms are designed to streamline the process and reduce disputes. If you’re not using them, you’re slowing yourself down.
Direct-to-Contractor Payments: The Ultimate Cash Flow Booster
One of the most exciting shifts happening in the restoration industry is the rise of direct-to-contractor payments. This means that insurance companies are paying contractors like you directly, rather than issuing checks to homeowners who then pass those checks along to you. Here are the benefits of embracing this industry change:
No More Waiting:
Skip waiting for homeowners to endorse checks and forward them to you. Direct-to-contractor payments mean you get paid faster—period.
Predictable Cash Flow:
When you know payments are coming directly from the insurance company, your cash flow becomes more consistent and predictable. That gives you the freedom to focus on growing your business instead of constantly worrying about when the next check will arrive.
Of course, this process has its challenges, like making sure you commit to flawless documentation, but the benefits far outweigh any minor hurdles.
Check out our article The Power of Bulletproof Documentation to learn how to level up your documentation game for accelerated payments and unlocked cash flow.
Third-Party Financing: A Powerful Tool for Growth
Restoration projects can be expensive, and not every customer has the cash to pay upfront. That’s where third-party financing comes in, offering an innovative solution that benefits both you and your customers.
Consumer Financing: Make Big Projects Affordable for Your Customers
One of the biggest barriers homeowners face is the cost of restoration work. But what if you could offer them a solution that makes financing simple? Here’s how to do just that:
Partner With Lenders:
By partnering with lenders, you can offer financing options to your customers, allowing them to pay for their projects over time. This makes it easier for them to say yes to your services, and you get paid upfront.
Gain a Competitive Advantage:
Offering financing gives you a major edge over competitors who don’t. When customers see that you make it easier for them to afford your services, they’re more likely to work with you and return to you for the next project as well.
Streamline Your Processes:
Today’s financing solutions are fast and easy. Your customers can apply online and get approved in minutes, so there’s no delay in getting started on the project.
Business Financing: Keep Your Cash Flow Strong
For contractors, cash flow is king. But sometimes waiting on payments can cause financial strain. That’s where business financing comes in to bridge the gap.
Invoice Factoring:
With invoice factoring, you sell your outstanding invoices to a factoring company in exchange for immediate cash. This keeps your cash flow steady while you wait for insurance payments.
Business Loans and Credit Lines:
When you need extra liquidity to cover operational expenses, business loans and lines of credit can give you the financial flexibility to keep projects moving forward without stress.
A variety of third-party financing services exists. As always, we encourage you to use them with moderation and to keep an eye on your larger business goals. That said, these business strategies can truly transform your payment landscape and shift the burden of stress and responsibility elsewhere, bringing you into the future of payments.
Next up: Data security and regulations.
Stay Ahead of Changing Regulations & Invest in Data Security Measures
As the payment landscape evolves, so do the regulations that govern how we do our restoration business. Staying compliant is critical for protecting your business and avoiding legal battles. Pay attention to new regulations and shifting notices from your industry trade, mentors, and the organizations you’re connected to.
Similarly, data security is more important than ever. You need to ensure that your payment processes are secure and compliant with industry standards like PCI-DSS (Payment Card Industry Data Security Standard).
Encryption Is Key:
Make sure all payment data is encrypted to protect against breaches. Security is non-negotiable.
Regular Audits:
Conduct regular security audits to ensure your payment processes are compliant with the latest regulations. The stakes are too high to ignore this.
Leverage Technology for Success:
Data security is complicated. When we work with customers, we always suggest using a tool like AR Workflow to support your business practices to keep you financially solvent and secure. Use a tool that’s got your organization’s best interests in mind and is staying abreast of industry, security, and regulation trends. For us, that’s AR Workflow.
Simplify the Future of Your Business’s Payments with AR Workflow
AR Workflow is the automated accounts receivable platform we’ve designed to support restoration professionals in staying current, optimized, organized and streamlined in their AR Collections processes and financial practices as a whole.
As the industry continues to evolve, you deserve an automated workflow software that is adapting to support you to do your best work. We believe we’ve created a top-of-the-line platform to do just that.
Here are the AR Workflow features that will help you unlock the future of payments.
Features for The Digital Payment Revolution:
Automated Payment Reminders:
Utilize AR Workflow's pre-built email and SMS templates to send automated payment reminders to customers. Save time while standardizing communication and discover how timely follow-ups encourage prompt payments.
Multiple Payment Options:
Provide customers with various payment methods, such as credit cards, ACH transfers, and mobile payment platforms. Cater to customer preferences and expedite the payment process. Skip the customer service complaints with multiple payment options.
Secure Payment Processing:
Accept a wide range of digital payments confidently, knowing that each transaction is protected by advanced security measures.
Customized Payment Portals:
Personalize your payment portals with your company's branding to create a professional and trustworthy payment experience for customers. Enhance customer confidence and encourage on-time and early payments.
Features for Working with Insurance Companies:
Payment Metric Monitoring:
Regularly review key performance indicators such as average payment speed, number of payments collected, and invoice aging reports. Monitor these metrics to help identify trends and areas for improvement in your payment collection process.
Advanced Reporting Capabilities:
Track payments, analyze trends, and optimize your payment processes in real time with detailed reporting features. Level up your informed decision-making with all the data at your fingertips.
Accounting Software Integration:
Ensure that your mobile and online payment systems seamlessly integrate with existing accounting software, such as QuickBooks. Keep financial records up-to-date, save time, and reduce manual data entry.
Features for Regulatory Success & Data Security:
Enhanced Security Measures:
All payment data handled through AR Workflow is encrypted, providing a robust defense against potential breaches and ensuring that both your business and customer information always remain secure.
PCI-DSS Compliance:
With AR Workflow, all payment processes align with the Payment Card Industry Data Security Standard (PCI-DSS), safeguarding sensitive cardholder data.
Regular Security Audits:
AR Workflow conducts regular security audits to ensure that payment processes comply with the latest regulations, helping your business stay ahead of evolving compliance requirements.
Compliance Monitoring & Automated Updates:
AR Workflow continuously monitors regulatory changes in the payment industry, updating its systems and processes accordingly to help your business remain compliant without additional effort on your part.
By integrating AR Workflow into your accounts receivable processes, you not only bring payment collections processes into the future, you also fortify your business against data breaches and regulatory non-compliance, ensuring long-term success and customer satisfaction.
The Future of Payments Is Here—Will You Seize It?
The world is changing, and the way payments are handled in the restoration industry is evolving faster than ever before. You’ve got a choice: You can adapt, thrive, and take your business to new heights, or you can resist and get left behind.
If you embrace these changes—if you take action today—you’ll transform your business, improve your cash flow, and create a competitive edge that will propel you to the top. This is your moment. Will you seize it?
You have the power to make this happen. The future is yours—let’s go get it. unlock the future you deserve. A better version of your business is waiting. Let’s get it.
With AR Workflow you can:
Try our 14-day free trial and see the AR Workflow difference for yourself.
Take Back Control of Your Payments
and Your Restoration Business
Mortgage companies might be shaping the future of restoration payments, but that doesn’t mean you have to be at their mercy. By understanding their processes, building strong relationships, streamlining your operations, and managing your cash flow, you can take back control of your payments—and your business.
This is your business. Rise above the challenges, take control of the process, and create the space for exponential growth. The future is in your hands—are you ready to seize it?
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