Competitive Advantage: Why Small Businesses Should Offer Walk-In Payment Options
With the rise of digital payment technologies, it may seem that cash payment is irrelevant. However, this is far from the truth seeing that many small retail stores are fueled by their surrounding community of cash-driven customers. In fact, cash is often the preferred payment method at these businesses. Many of these customers also need access to walk-in financial services. By offering these financial products at your store, you acquire and retain more customers, giving your business a competitive edge.
Cash is a Key Player in Competition
While some stores are transitioning to cashless payments only, this is not an ideal route for most retailers. Customers who make purchases under $25 prefer to pay with cash, and small businesses like convenience stores and local grocers make a large portion of their sales off quick grabs.
Customers often run into these stores to pick up a few things, whether it’s a snack and a drink or a new toothbrush, so most transactions are relatively small. The same people who pay with cash are often unbanked or underbanked. They’re looking for ways to make bill payments and online payments accessible, and walk-in financial services are the answer.
Though digital payment technologies are expanding, so too are the types of cash payment services. The walk-in bill payment industry has transformed its selection of services to adapt to the needs of cash users. This includes services such as Mobile Top-Up, prepaid debit cards, and Amazon Cash. These new walk-in financial services allow cash-paying customers the freedom of a regular debit or credit card. Retailers that offer this freedom will be able to acquire and retain customers, all at little or no cost.
Gain More Traffic, Earn More Money
If you live in an area with underbanked and cash-driven citizens, adding walk-in financial services is a sure-fire way to increase foot traffic. Foot traffic is a huge metric when it comes to retail stores. The more foot traffic a store has, the more consistent the revenue. Retail stores that provide financial services have shown a 10% increase in foot traffic.
As foot traffic increases, so does the average transaction size. Customers who visit your store for financial services are likely to add additional goods to their basket and vice versa. In fact, basket size increases by up to $6 per individual utilizing payment services.
Not only does basket size increase with the introduction of walk-in payment services, but retailers earn money from the transactions themselves. Even if it’s not a large part of their sales, retailers receive a portion of the fee or commission on cash product transactions. Essentially, offering walk-in cash payment services helps retailers earn money with very low expenses.
Adding these services will also help you secure a loyal customer base. When cash payment services are hard to find, your shoppers will know they can turn to you.
We Serve You, So You Can Serve Your Community
When you choose Fidelity Express you’ll benefit from our excellent customer support, easy-to-use software, and low prices. We’ve been providing retailers with cash services for over 30 years, creating a long history of trust with the retailers we serve. When you use our services, we do our best to direct customers to your location to make transactions. Offering walk-in payment options is a simple and low-cost way to gain a competitive advantage against other retail stores. Fidelity Express can help you earn more foot traffic and more revenue while benefiting your local community of cash-driven and underbanked citizens. After all, we serve you, so you can serve your community.