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In the October 2020 Snapshot Survey, contractors share their experience with digital payments to help you learn how to incorporate best practices into your business. Here’s one survey question and its results from the summary report, which will be available in its entirety to EGIA members on 11/20/20.

Do you accept digital payments, such as point-of-sale apps like Square or Clover, online card payments, or mobile money transfer apps like Zelle, Venmo, or PayPal?

EGIA Snapshot Survey - Digital Payments

Digital payment, also known as electronic payment, is a way of payment which is made through digital modes, where payer and payee both use digital modes to send and receive money. This is not only important for ease of payment but also for providing contactless options to keep employees and customers safe. According to the contractors who took our survey, the majority of companies (77%) use digital payments while only 23% of contractors do not.

Here’s what a contractor from Oregon had to say:

“Digital payments allows our business to run smoothly and is often a preferred method of payment for our clients. Our techs utilize the option from their iPad which allows them to run the card onsite or email the customer a link to pay online which allows for proper social distancing and helps everyone to feel safe especially during the pandemic.”

EGIA members can click here to log in and access all of EGIA Contractor University’s accounting training resources within the Contracting Best Practices Library.