The modern consumer is inquisitive when seeking the best experiences. They will ask: Does the business’s social media presence reflect its current status? Are its positive ratings in alignment with what I am looking for? How can I engage with the products and services of this business? These questions have dominated the consumer landscape for the past decade. However, the emergence of COVID has placed one more important question on the lips of consumers: what is this business doing to ensure my safety?
Adding cashless mobile payment options to your customer-facing technology products is one way to alleviate consumer safety concerns. Aligning this option to the rest of your business—including POS integration—is the most challenging aspect of taking this step. However, there are several pain points around safety and business access that can quickly be answered by blending cashless payment technology into your current business processes.
Solving the Cash and Change Puzzle
Two major events occurred over the past year that fueled a rise in cashless payment options among consumers. First, the arrival of COVID led to the CDC indicating that cash could be a potential factor in spreading the virus, and the second was a currency shortage. Both of these events meant that fewer consumers would be using cash, and the circulation of coins would significantly drop due to bank lobby closures and fewer options to get them out of consumer pockets and back into the world.
Businesses that already had a strong mobile presence found it much easier to transition to a cashless model. Cash-dependent businesses, however, have found themselves struggling to maintain normal operations. These businesses, while typically having the ability to accept credit or debit cards, often had unfriendly payment processing terms that made processing credit cards for small transactions more costly than their profit on the items being sold.
Making the move into cashless-supporting technology is much easier than most will think. A mobility-focused POS platform will likely provide favorable payment processing terms and app-based access to POS functions, providing a fresh, cost-effective approach towards solving the cash puzzle. This opens the doors to new channels of operation, as well as to lower physical and digital security risks that provide valuable breathing room in your margins.
Keeping the Flow of Customers by Promoting Non-Physical Channels
Another aspect of business management that has forced many owners to make drastic changes is in the way they build customer experiences. With the safety of customers and staff at the forefront of thinking, the traditional methods of customer engagement now have the elements of decisiveness and innovation to evolve alongside the world. Staying in business will not only mean keeping everyone safe but will also rely on how well you develop alternate ways to retain customers.
Steering towards a multichannel strategy is a proven way to expand the reach of your brand and broaden your ability to engage with customers. Cloud-based POS technology that delivers next-gen mobility options should be considered a foundational base for building this approach into your existing business. The great benefit of doing this is not only by offering more channels for potential customer engagement, but also that these solutions are already built to use cashless mobile payment options.
Online ordering, click and collect, and contactless payment options are all possible when using a mobile POS solution with advance payment options. Presenting your customers with full control over their own safety and comfort levels while interacting with your brand will deepen the loyalties of your regulars and garner the attention of those looking for safer options in your industry. These, along with flexible payment processing terms, will maximize your margins and set you up for future success.
Reduce Operational Overhead While Boosting Profits
Accepting cashless mobile payments increases revenue potentials in all areas of a business. The innovative POS technology provides a perfect blend of business tools, from analytics to worker performance monitoring. These pillars of the modern POS solution provide small businesses with easy to use and affordable options that can streamline business operations while reducing the overhead costs of running it all.
Cashless payments are more accurately recorded in your POS transaction records, which allows you to have full confidence in what your performance and inventory tracking reports are telling you. The friendly payment processing terms that come with the right POS platform will give you greater control over the payment processing costs associated with a cashless model, providing you the predictable numbers required to make proactive operational changes.
Promotions and specials can be better designed and precisely targeted down to individual customers with innovative POS technology driving your new cashless model. Having this granular level of control around how you promote your products and services will yield higher response rates and as such, more profits and consumer engagement. These tools allow you to accomplish this while keeping everyone’s safety in mind. How can you argue against implementing this in a customer experience?
Adding Cashless Mobile Payment Options is Easier Than You Think
Businesses that can offer cashless mobile payment options are better equipped to manage a safe and engaging customer experience than businesses that rely only on manual payment options. The versatility that mobile cashless options offer businesses improves margins while presenting multiple options for the continued engagement of the customer. With an emphasis on safety, business growth is achievable through the use of multiple business channels and contactless payment options.
Cashless payment options start with having innovative mobile POS tools at your disposal. These tools must include some basics, such as a mobile app, to realize the full potential that cashless payment processing can provide to your business. Putting together this POS puzzle can be an easy endeavor, but only if you select a POS provider that will walk with you every step of the way. This ensures that you maximize your POS solutions potential while helping to keep your community safe.
In a period of change, talech has a number of POS solutions that can help your business adjust operations smoothly. From reaching new audiences to engaging with your existing customers more often, we give you the tools to adapt quickly and with confidence.
Want to learn more about cashless payments?