As a business owner, you would agree that processing every single consumer purchase is a complex task. It takes entire teams of inventor managers, accountants, and banking officials taking note of the cash that flows in and out. Adding a faster payment method can make things a lot easier for your business.
Benefits For Consumers
If your consumers feel like they aren’t well-served, they’ll switch service providers immediately. In a time of cut-throat market competition, your competitor will take advantage of even the slightest negligence on your part to take away your market share.
The consumer of 2020 expects your business to be agile, responsive, and always accessible. No one has time to wait it out or delay their transactions. Faster payments help consumers manage their cashflow better. It gives them a sense of financial inclusivity and faster access to funds.
According to research, 62% of consumers agree that they would gladly opt for another business if it gives them faster disbursements. Nearly 47% stated that they would go back to a business if the payments are settled within minutes.
Benefits For The Business
As discussed above, faster payment options give you a competitive edge. They help you process transactions faster than everyone else in the business.
When you’re paying and receiving cash faster, you also get to record the transaction in your books quicker. This boosts accounting process efficiency – from bank reconciliation to tax filing. This helps your business comply with the regulations and deadlines much quickly.
When cash comes in quicker, businesses don’t need to rely on external financing for their short-term needs. Such immediate loans are expensive too. Faster payment options also mean fewer intermediaries to deal with. This helps you save up on extra fees, fewer commissions, and lower interest expenses altogether.
What To Do?
Accepting cash as the only mode of payment is archaic and outdated. There are several ways you can speed up the task in your physical store. One of the ways to do is through an unattended contactless payment system. Unlike countertops, these systems don’t require the consumer to swipe their debit/credit card. The system comprises NFC-compatible contactless readers along with an LCD so the consumer can view their transaction status.
You can also incorporate a GoPay system in your store. This system comprises Magstripe card reader with Bluetooth connectivity- and allows consumers to pay via mobile payment systems. The device is battery powered and compatible with both android and iOS. Both the options are digitalized and, therefore, result in faster transaction speed.