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CONSTRUCTION PHONE APPS BLOG

January 24, 2011

How To Get & Move Your Money
Filed under: Android,White Paper,iPhone — admin

This post might not be useful for everyone in construction but some might find it helpful. This post will be form part of the white paper I am creating called “Transferring Your Construction Business into the Internet Cloud To Make Life Easier and Save Money”

This post is about two tools that can help a contractor or tradesman spend less time printing out checks, making trips to the bank and wasting valuable time on physical money when now it’s getting easier to handle all of your banking from your computer and phone.

American money used to be green but now it’s mostly just a series of 1s & 0s buried deep in computers around the world. A recent episode on this American Life called the “The Invention of Money” made the strange nature of money more clear to me. In the first section, the host talked about one of the world’s first currencies on the island of Yap in the South Pacific: giant circular stones called Rai. The largest of these were taller than a man and weighed as much as a car. Naturally these suckers were hard to move around and so they usually stayed in one place such as the crossroads of the village. It was understood that it belonged to one person until a verbal contract transferred possession to someone else in exchange for land or wives or the bodies of slain warriors. But the stone still sat there. It never moved no matter how many times it changed hands.

These giant circular stones were made on another island and transferred to Yap by canoe. The story goes that once a canoe almost capsized in a storm and the valuable (aka: extremely large) stone sank to the bottom of the ocean. Fortunately, it was still considered legal tender because the rest of the society agreed that the stone was just as valuable buried in the ocean as it was staying in the same place on land. The value arose from the agreement of all members of the society about the valuation.

Here’s two ways for you to be able to collect and send money quickly and easily:

SquareUp:
This free app for the iPhone and Android allows you to take credit card payments on your smartphone. As soon as you install this app, the company sends you a card reader that plugs into the top of your phone. Within minutes, you can get payments from customers on the spot instead of waiting for that check that’s “in the mail” for several weeks. Especially helpful for small contractors but I think many businesses could find a use for this free service.

PayPal as your central banker:
Most people think of this online e-commerce service as how to pay for knickknacks on eBay. But it’s actually become a powerful banking service. The account is free and it’s easy to link your bank account to PayPal and give the website permission to take money out of your account and deposit it. Personally, I rarely bother with traditional banks anymore with their lousy hours and slow methods. Paypal makes your money fluid.

helpful trick: in your gmail account, click on the labs button in your settings. there’s many helpful option’s here including one that verifies that an email from paypal is actually a legitmate email from them. this way you can be sure that email about your account are valid and you can click on the links in the email to take you into your account. however, the safest way to sign in always to type in paypal.com and then logging in.

Paypal’s time saving services:
Transfer money:
Most companies have several accounts and once they are all linked to your paypal account, it’s easy to transfer money between your accounts. The only limitation is that the standard two-three day transfer time applies because the banks still haven’t gotten their act together enough to transfer money as easily as email.

Get paid easily by a link on your company website:
This feature allows your customer to skip writing a check and running to the post office. Instead, they log into Paypal and send the money directly to your account. This also means no waiting time for the check to clear.

Send money to anyone instantly:
From your computer or the free Paypal app on your smartphone, you can send money to any email address or phone number. You can stop writing checks and instead pay your bills instantly with the money automatically pulled from your bank account. The only downside of this option is that the reciever must create a free PayPal account to get their money. But it’s a short and free process and then they can request a check to be sent to them.

Get a paypal debit card:
You can request PayPal debit cards for your employees that will automatically pull money out of your bank account if your PayPal balance is too low.

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