A short promotional/explanatory video by Mike Andes (founder & CEO of Copilot CRM) describing 'deposit thresholds' — a feature in Copilot CRM for project-based/home-service work that enforces automatic deposit collection based on customizable thresholds (e.g., require 50% down for estimates over $5,000) to prevent scheduling before payment is received.
Hey everyone, it's Mike Andes, founder and CEO of Copilot CRM. And today I'm talking about deposit thresholds. Now deposit thresholds are very cool because when you think about the process of a customer accepting a project, a lot of times the thing that adds a whole bunch of time to that equation is you're waiting for a deposit. Maybe you require 50% down or 25% down, or you have some sort of deposit that is required to get to you. Now, whether they pay with a credit card, whether they send a check in.
Whatever it is, you still got to.
Wait on that deposit before you really.
Schedule the job because you don't want.
To be going out and buying materials and scheduling employees to be working there without knowing that they've at least paid the deposit. And so when it comes to project based work, we've enabled deposit thresholds inside of Copilot. What this means is you have custom terms on the back end of the settings that automatically will collect the deposit.
When the customer's accepting the estimate.
So when an estimate gets accepted, you don't have to ask for the deposit, it's already been paid based upon certain thresholds that are customizable that you can send on the back end. So for example, you could set up a deposit threshold that if any estimate was over $5,000 in value, the customer would have to pay 50% down before they could accept the estimate.
Again, when the estimate is accepted and you're notified the deposit's already been paid, you don't have to worry about collecting.
That or sending them another message or reminding them or, or putting on the schedule and hoping and praying that they actually come through and pay their deposit. Deposit thresholds are a way to ensure.
That that step, that extra step between accepted estimate and actually getting the job on the schedule doesn't need to take place where you're waiting for the deposit. They're like, oh, I'll send it in the mail. It could be a week or two before you actually get the money and then can actually confidently go buy the materials. And I just see way too many contractors in the home service industry like, well, I really need the work next week, so I'm just going to go ahead and put on the schedule and let's hope and pray that check comes in.
No longer will that happen. Your deposits are customizable, whether it be.
Dollar amount or a percentage of the estimate that needs to be paid prior.
To being putting ought on the schedule.
