Credit Card Processing in the Construction Industry

Canada's construction industry is embracing digital payments, providing a number of benefits to contractors, architects, builders and other organizations operating within it. According to the Canadian Construction Association (CCA), 1.4 million individuals are employed by this sector which powers 7.5% of Canada’s GDP with sales totaling $141 billion annually—a notable transition from its traditional reliance on check and cash transactions in years past!

With costs associated with accepting credit cards factored into their business model yet outweighed by advantages seen along-the way; today more than ever before these forward thinkers have embraced new methods that go hand-in-hand with modern technological advancements while reinforcing sustained growth for all stakeholders alike.

Why has credit card use increased in construction?

Contractors have long understood the cost of accepting credit cards and thus opted for cash payment to save on fees. In some cases, withholding currency from businesses was also a way to reduce taxes paid by contractors; however, with the digital age growing rapidly over recent years those practices are giving way as carrying around large amounts of cash has become less practical—and more risky—than before.

Buyers are asking to pay with credit cards: Digital has become the preferred way to pay for many people. You can see this in the global trends of declining cash use. COVID has made this trend move even faster. When your customers ask to pay with credit card, it becomes hard to avoid it. People generally like credit cards because it’s easy, convenient, and they get rewards.

Businesses get their cash faster with credit cards: Another reason contractors are moving to credit cards is they like the speed that money gets into their bank. After a swipe of a credit card, Clearly Payments moves your money into your account either the same day or the next day, most of the time. You don’t need to physically deposit cash or checks or wait days for a bank transfer when you use credit cards. Faster money means more cashflow for a construction business to operate.

It is easier accounting with credit cards: When everything is digital, accounting becomes easier and there are fewer manual errors. Making accounting easier is another top reason that the construction industry is moving to credit cards.