With the Australian home renovation market now valued at more than $31 billion dollars, tradies are busier than ever – and many are looking at ways they can use technology to be more efficient.
One way to do this is cashless mobile banking options. These give small business owners the ability to manage their finances using a smartphone or tablet, while also helping them get funds faster, streamline their accounts, and reduce their paperwork.
Here’s our round up of the top four cashless banking apps for tech-savvy tradies.
With a Square card reader, you can take payments from credit and debit cards on the spot, with funds landing in your bank account in one to two business days. You can also send invoices and personalised receipts, and access up-to-date sales and payment options on the move.
You pay based on how much you use the services. For example, fees apply to any payments made or invoices sent using the app. Square also works with popular accounting software like Xero and Intuit® QuickBooks.
Invoice2go is particularly handy for tradies looking to simplify invoicing and quoting, as you can send these on the go, and track your expenses and receipts.
The app also allows you to see when invoices have been opened, paid or are overdue. It sends automatic payment reminders to clients to let them know they have an outstanding amount owing, and lets them pay invoices with debit or credit cards online.
Invoice2go offer tiered paid annual plans based on the number of invoices and features you require.
A new arrival to the Australian market, Xpress Tap simplifies cashless payments by eliminating the need for a separate card reader. Instead, the app comes with its own embedded reader, meaning customers can simply tap your smartphone or tablet to make payments. It’s compatible with all major contactless payment card brands, such as MasterCard PayPass and Visa payWave.
Xpress Tap also allows users to create quotes and invoices and issue receipts. Payment is based on the volume of payments and features you use, plus an additional set percentage fee.
PayPal Here pairs a portable card reader with your mobile to take payments on the move. It accepts tap and go, chip and PIN, magnetic swipe or manual entry payments, and works with PayPal, Visa, MasterCard and American Express.
The app also lets you issue invoices and send SMS or email receipts, and syncs with various accounting software. Pricing is based on how much you use the services and an additional set percentage.
How to choose the right system for your trades business
Before you choose a cashless payment system, do your research, and look into its processing fees, plans, its ease of use, accessibility, key features, customer support and more. That way you’ll find the best option for your business type and needs.
Want to invest in new equipment or technology for your business? A Prospa small business loan is just what you need.