The busiest shopping days of the year are approaching — how are you staying competitive this holiday season? You may be overlooking a significant deciding factor for many customers: how you accept payments. An industry survey of U.S. consumers found that 35 percent said they would go somewhere else if a business they were going to shop at didn’t accept credit cards.
If you’re currently relying on cash payments or have an outdated payment processing system, you may not be providing your customers with an ideal experience -- and may be losing potential income. Learn how upgrading your payment processing system can benefit your business.
Accept more payment methods
If your business is cash-only, an upgrade to your payment system can widen your reach to the top two preferred payment methods of consumers: debit and credit cards. This can be especially important if most transactions at your business are of a higher value, as people tend to prefer paying with plastic when making large purchases.
Even if you already accept debit and credit cards at your business, a new system can improve the breadth of your offerings. Instead of only accepting traditional credit cards, an upgrade could let you offer “tap to pay” mobile wallet payment options such as Apple Pay®, Samsung Pay®, and Google PayTM. It’s not only a win for your customers. You’ll appreciate the enhanced security these payment methods offer.
Save time for you and your customers
Businesses moving from a cash-based system to one that accepts plastic and digital payment methods can reap the benefits of shorter wait times for consumers in the checkout line and a streamlined workload for employees. That’s a step toward making a massive difference on the busiest shopping days.
Time isn’t just saved during transactions. Modern point of sale (POS) systems also can help you more easily manage inventory and orders by collecting data on what’s being sold. Effectively managing your inventory and understanding which items you sell most during specific times of the day can be key to helping you keep your shelves stocked during the busiest season of the year.
Gather valuable data
By acquiring a POS system with the latest features, your sales and customers can be analyzed on the fly. Anonymized profiles can be automatically created for your customers, giving insights into their behavior and buying habits. You also can see the big picture on how factors like weather impact the financial performance of your business, how your sales compare to similar businesses and how your marketing impacts your bottom line.
Offer gift cards
A new POS system can make it easier for your business to sell and accept gift cards. Switching to a card system from paper certificates can help reduce the chance of fraud or loss. Gift cards give your customers a handy option for holiday giving while potentially expanding your base to people who haven’t been patrons in the past. Choose from a variety of pre-designed cards or customize your gift cards with your logo to build brand recognition for your business.
Create a rewards program
You can further cement your business’s relationship with customers through a digital loyalty program. Customize the system to match your business goals and customer tastes. A rewards system can make the customer experience more personal, encouraging people to not just come back for that next reward, but to be remembered and appreciated.
Upgrade your payment processing capabilities with the help of California Bank & Trust. Our Treasury Management can help you improve the customer experience, client satisfaction, and your bottom line. Contact your business banker at California Bank & Trust to explore all the advantages and sign up for Treasury Management.[cite::171::cite] [cite::172::cite]