How to Prepare Your Business for a Cashless World
I’m part of the growing demographic that loves cashless transactions. It’s the future of business! Not only is my bag lighter due to the lack of bills, coins, wallets, and purses, but it’s also more convenient to pay with a card or phone.
That’s why when I go to the grocery, the first thing I look for at the cashier’s table is always a card machine. Since then, I always shop in stores that accept card or online payments. Then I came up with the idea of writing this useful article.
Because as a solopreneur like you, I also want to help you get more sales in your business by improving the customer experience and staying updated on business trends. And making transactions cashless is one way to do that.
1. Plan first
It wouldn’t be good if you were to make your business cashless if your customers are still comfortable with paying in bills and coins. Determine if there is a demand for cashless transactions in your business first.
You can do this by conducting a survey among your patrons if they would prefer to pay cashless or not. Ask them which cashless method they would prefer: Online or Card? Or what currency would they want to pay with: Crypto or Fiat?
2. Explore your options
There are a lot of cashless payments that are used nowadays. People can pay using their phones, laptops, or computers on platforms like PayPal, Google Pay, and Apple Pay. There are also common cashless payments like debit and credit cards.
Depending on which is the most preferred payment based on the survey above, that should most likely be the cashless payment you should integrate into your business.
3. Set up your payment systems
For online payment systems, set up your account. For example, if PayPal is your choice of online payment in your store, then you must make a PayPal Business account and provide a QR code or address that customers can use for paying.
Debit and credit card payments require you to register your business in a bank. You also need to use a card machine with an internet connection to scan cards and accept payments. Card machines will be quite expensive and you’ll need to train on how to use them.
4. Spread the word
Once you have successfully set up your cashless payment systems, it’s time to send your customers an update. You can do this by using their email or contact information to send them a message via email or text saying that your store now accepts cashless payments.
Also, don’t forget to make a sign that you can attach to your store window that says, “Now Accepting Cashless Payments.”
5. Offer prepaid payment options with customer loyalty programs
Aside from credit/debit card-based and online payment systems, you can also offer your customers closed-loop payment systems such as gift, prepaid, and loyalty cards. All they have to do is top-up their cards and they can buy anything from your store using it.
This will give your customers more payment options and encourage them to be repeat customers in your business. Don’t forget to give rewards to your loyal patrons.
6. Embrace new payment trends
The future of business transactions are focusing on seamless payment experiences. Uber is a good example of this. Instead of letting their customers type in information or scan QR codes, they focus on letting customers get to their destinations first and automatically deduct payments from their account/app after.
To apply this in your business, register your customers, create a ledger of their prepaid accounts, let them top-up, and let them buy what they want from your store. All you have to then is give them receipts and inform them that their remaining balance is low. Don’t forget to also read the latest topics in tech for updates on emerging payment systems.
Improving the experience of interaction in your business is very important for gaining new and retaining old customers. Most businesses are evolving and transactions are done digitally now. Carrying less cash is the norm because it’s more secure for both businesses and customers. As much as possible, eliminate the use of cash in your store.
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