How to increase revenues and expand your business through cashless payments
You run a small business and so far, you have only accepted cash payments, and so you are providing only one payment option to your customers. Presumably, the more advanced a payment processing system is, the better conversion and revenues it generates. However, this is not just an assumption, as going towards a cashless society, consumers seek to utilize the most automated payment methods. In order to adopt cashless payments into your business model, there are few important steps that should be taken.
Make the necessary research
The transition from cash payments, towards card and contactless ones, must be a smooth one. So, first we recommend you to do a little bit of research on what would be the best path to take. The first and easiest thing is to find out whether your customers would prefer to pay in any way, besides in cash. You can either ask them directly, or research the market and the trends in the area of your establishment. This is important for you to know, because you wouldn’t want to go ahead cashless payments, and to turn out that your clients stick with cash. Also, the right moment should be chosen, a moment of hunger for change and innovations.
Choose a processing platform
Making this choice, again, requires gathering of information and finding out more about the top platforms, operating in your country. Not all providers offer the same features, and there are certain ones that might help you and your business in particular. For example, myPOS™ is designed specifically for the micro enterprise, and all components and software are most helpful for merchants with small businesses. So, our advice would be to go into details and really find out which functionalities will best match your expectations and needs, before choosing a platform.
Calculate your expenses and ROI
There is, of course, an investment that needs to be made, before Integrating a new payments system into your already existing routine. One should first calculate the expenses, what are the chances for return of investment and how long it might take, even with standard daily revenues. Would it be worth it – of course. But it will definitely require some getting used to, and depending on your current payment arrangement, it will take some time. It is good that all possible card payment systems are checked in details and prices are compared, so you don’t end up overspending on something that will not be useful to you.
Make sure you accept not only card payments, but also NFC ones
Most modern POS devices are designed to accept not only standard card payments with mag-stripe cards, but also Chip&PIN and contactless ones. If the device accepts NFC payments, you are in luck, because this means that you will be able to get paid via smartphones, wearable devices and contactless cards. Make sure you integrate such system, as this type of cashless payment is currently being widely spread throughout Europe. Contactless payments are gaining popularity mainly in countries, which have almost forgotten about carrying cash and paying with physical money whatsoever.
Familiarize your customers
Make sure your customers are aware that you are not accepting only cash anymore. Put it in the social media, make some leaflets, even place a sign on the window of your building. If they do not know, they might not ask for it and this is a potential loss of sales. Tell them, place your POS device somewhere it will definitely be seen and spread the word. The news will most certainly bring new customers to you, and people are known to spend more when paying via card, so this is the perfect chance for you to grow your business.