The heating and HVAC industry is one of the essential service providers and is a multi-billion dollar industry. Whether it is to install new equipment or to fix an existing system, HVAC professionals are in high demand. With the advent of new technologies, HVAC companies are now more customer-friendly than ever before. One of the ways they have become more customer-friendly is by accepting credit cards as a payment option.
Accepting credit cards and other forms of digital payments has become a standard practice in many industries, including the HVAC industry. It allows customers to pay for services quickly and securely and it eliminates the need to carry cash or write a check. Accepting credit cards can also be beneficial for HVAC companies because it allows them to receive payment faster and more efficiently.
Benefits of HVAC industry accepting credit cards
There are several advantages to accepting credit cards in the HVAC industry. One of the most significant benefits is that it allows HVAC companies to offer more flexible payment options to their customers. In addition to cash and checks, customers can now pay with credit or debit cards, which can be a more convenient option for many people.
Another advantage is that accepting credit cards can help HVAC companies increase sales. Customers are more likely to choose a company that offers credit card payment options over one that does not. This is especially true for larger projects or emergency repairs, where customers may not have the cash on hand to pay for services.
Accepting credit cards can also help HVAC companies streamline their payment processes. By using payment processing software, HVAC companies can track payments and invoices more efficiently, reducing the time and resources required for manual payment processing. This can help reduce errors and increase the overall efficiency of the billing process.
In addition, accepting credit cards can help HVAC companies build customer loyalty. Customers are more likely to return to a company that offers convenient payment options and excellent customer service. By accepting credit cards and providing excellent service, HVAC companies can build a loyal customer base that will continue to use their services for years to come.
How credit cards are accepted in Heating and HVAC
There are two common ways that the heating and HVAC industry is actually accepting the credit cards. The first is a typical credit card machine and the second is a virtual terminal.
Credit Card Machines in the Heating and HVAC Industry
A wireless credit card machine is the most popular way to accept payments in the heating and HVAC industry. They are completely mobile with no wires needed for connection. The benefit of a credit card machine compared to a virtual terminal, described below, is that they also accept debit cards.
Your customers can pay with any type of payment method, including credit card, gift card, debit, tap, and chip & PIN, which are considered the most secure ways to accept payments.
A very popular device is the Ingenico Move 5000 which provides complete mobility to take payments wherever your customers are. You can also get a version that is wired for your sales counter if you prefer. It has an ergonomic design and superior 4G wireless connection. The Ingenico Move 5000 supports all forms of payment processing including EMV chip & PIN, chip & sign, magstripe, signature capture, and NFC/contactless.
Mobile devices are also used for mobile payment processing. This is the scenario where you use your iPhone or Android device to accept a payment.
Email Invoicing in the Heating and HVAC Industry
Heating and HVAC companies use electronic invoicing. This is the process where your administrator will create an invoice through a guided invoicing tool, like the one offered by TCM.
The invoice will be emailed to the customer which they can click a “pay now” button at any time of day. Your customer will automatically get reminded if they have not paid. Your administrator can easily check the status of paid and unpaid invoices through a real-time dashboard.
Invoicing makes it easier to get paid by your customers. There is no more follow up phone calls and emails. The TCM invoicing and quoting system does it for you. It makes it easier for your customers too.
Virtual Terminals in the Heating and HVAC Industry
A virtual terminal is a web-based application that allows a heating and HVAC business owner to accept credit card payments using an internet browser on a computer, tablet, or mobile phone. Rather than being a hardware payment terminal or credit card machine, a virtual terminal is a web-based payment terminal.
A virtual terminal makes it easy to take credit card payments over the phone or in person. They are very commonly used in office buildings, service businesses, and many other businesses that do not have long lineups of customers or hundreds of transactions per day.
The key benefit of a virtual terminal is the simplicity and speed to get up and running. You don’t need to deal with hardware or configuration. All you need is a merchant account then credentials to log into the virtual terminal. Once you have that, you can start processing.
Things HVAC companies should look out for when accepting credit cards
There are some disadvantages to accepting credit cards in the HVAC industry. The biggest downside is the cost of credit card processing fees. Credit card processing fees change depending on your customers credit card and the way you accept credit cards. The majority of payment processing fees are interchange fees. There are tactics you can take to lower your credit card processing fees.
Another disadvantage is the risk of fraud. Accepting credit cards can open up HVAC companies to the risk of fraudulent charges or chargebacks. It’s crucial to have proper fraud detection and prevention measures in place to protect the company and its customers. Companies like TCM has automatic fraud detection systems to mitigate any fraudulent activity.
How to start accepting credit cards?
Accepting credit cards can be a significant advantage for Heating and HVAC companies. It offers customers more payment options, increases sales, streamlines payment processes, and builds customer loyalty. With proper execution, accepting credit cards can be a beneficial addition to the HVAC industry’s payment options. TCM is here to help.
Get the best credit card processing for HVAC and Heating companies
- Lowest cost processing in the industry
- Fund transfers in less than one day
- A full set of payment products to accept payment anytime, anywhere
- World-class customer service
