Look out! Time of lost money on the street is passing by. World is moving cashless! However, so many companies attempt to maintain old traditions, resisting to make the switch to card-based payments..
Anyway, innovations development dictates its own rules. Falling for actual trends, customers find it convenient to commit electronic transfers. Hence, most merchants, targeting to enhance their competitive strength, try to be in the loop of innovative technologies.
What causes the gains due to non-cash way of business activity?
According to market investigations, it remains a very little percentage of cash protagonists among customers. Those, who operates with ready money seems to be considered old-styled. By now, credit cards acceptance has power to impel clients make an order. Otherwise, merchants would make ends meet, as consumers are likely to leave to another source, where transfers are made promptly and simply.
In addition, non-cash guarantees more security for transactions of transfer participants. This issue is of significant importance for clients, unwilling to face a data breach.
No more long and exhausted payment processes! Cashless way takes the lead
In order to entice more clients, entrepreneurs should keep in mind consumers preferences. Moreover, modern society appreciate, if there is a choice of payment option. Thus, they are able to obtain the desired item immediately and not to leave the resource, looking for more convenient one.
Pay attention, that most financial organizations are also becoming electronically-oriented. Now checks and transfers are accomplished mostly in digital format. Such way of operating is aimed to provide reliable safety against fraudulent activity. As a result, financial institutions have noticed, that they less suffer from crimes attacks.
To say more, cashless way of business running opens up fresh opportunities for merchants to expand their activity overseas and establish collaboration rapports all-over the world.
Goodies for customers – cash flow for merchants!
Most consumers are more prone to use their credit cards, in case they gain some rewards. Owing to this leverage, spends per transaction are of much higher order.
A lot of businessmen can tell from experience or at least, how beneficial persistent cash flow is. Thus, the clients encouraging strategy wouldn’t be out of place.
Merchants can implement several useful motivation tips to stimulate quick payments and to prevent late ones:
– Discount practice is quite popular. 2 or 3 percent off can lead to much more further return;
– Encourage consumers to commit early payments by suggesting a store credit;
– A gift certificate or a loyalty card could be those things for consumers, impossible to resist to redeem immediately;
– Best customers could be rewarded by additional percentage off on further buyouts;
– Organization of free items with business logo, such as T-shirts, pens, calendar cards, cups and so on, could significantly attract consumers.
As You see, cash-only couldn’t lead the business to substantial development. Armed with the latest payment tendencies and client-catching tips, the business is able to boost its growth and to reach news tops!