We have been living in a world which runs on cash but it is about to change as newer generations shifts towards digital currency. A recent survey conducted by the World Bank indicates that digital transactions are increasing at an annual rate of 11 percent. We are heading into a smartphone era where everything can be accessed from the tip of your fingers and people tend to prefer the convenience of digital transactions. Field Service Sector is not impervious to this change and it is also moving towards cashless trends. Today, we are going to discuss, how digital payments are increasing in the field service sector.
1. The integration of e-commerce
Field service providers are beginning to integrate e-commerce modules in their frameworks. In this way, their customers can see their rates when choosing their services. The customer can then proceed to file a work order and a digital invoice is generated on completion. Customers can then pay this digital invoice by using their credit card, PayPal or any other digital wallet. This not only makes it convenient for the customer to pay for the service, but it also makes it easier for the field service provider. Cash payment elevates the need for manual cash collection and then going through the congenital deposit routes. The integration of e-commerce ensures that the due amount will be collected beforehand in a secure and efficient manner.
2. Decreasing the accounting costs
The digital transactions are handled by the digital payment gateways. Advanced algorithms and analytic tools are set in place to route the collected amounts into assigned company accounts. The payment gateways also generate an accurate report of the revenue generated, customers billed and the profit gained. This eliminates for the need of manual accounting and the expenses of hiring professional accountants will be reduced. Digital payment gateways provide a sense of transparency and they are free from the human error aspects.
3. Scheduled payments
Many clients require services in a regular manner. They often have to go through the inconvenience of ordering the same service multiple times over a set period. On top of that, they also struggle with keeping track of the frequent payments for these repetitive orders. The solution to this is having a designated Field service management software which allows for setting up scheduled orders in one go. It also integrates the digital payment modules which connect the client’s credit card or digital wallet to the field service management software. In this way clients get their needs fulfilled on a scheduled basis without having to file multiple orders. On top of that, they don’t have to keep track of payments for these orders as payments are scheduled to be deducted automatically from their credit card as the service is provided to them. The digital transactions from their credit card are recorded by the field service management software. And a digital invoice is sent to the clients each time the service is provided to them.
This way the whole field service process becomes cashless and convenient for both the clients and the service providers.