Brick-and-mortar businesses all handled their transactions on a cash basis. Then after some time, the use of credit and debit cards were introduced, which allowed consumers to pay for their meals, groceries, or miscellaneous products without the need for paper money
But with the dawn of 21st-century technology, another form of payment method was developed. People no longer had to carry around traditional bank cards or cash in their wallets because they can already transact through their smartphones.
Digital banks, wallets, and payment methods have allowed people to buy whatever they need without physical cards or paper money. With only a few taps on their phones, they can purchase, order, or have items delivered to their homes without needing to withdraw money from an ATM.
These payment modes are already used in the e-commerce industry, but only a few brick-and-mortar stores have adapted to the change in the market. You might not deem having a merchant account that can accept various payment methods as necessary for your business, but here are four reasons to convince you otherwise:
It increases customer convenience
With so many payment modes that your potential customers can choose from, you have to cater to them all. Some customers may prefer to stick to cash, some may want to use a credit card, and some may aim to use their digital wallet.
Having the ability to accept different modes of payment can make paying more convenient for your customers. Your business’ flexibility concerning payment processing can become an attractive feature of your store.
This is because your customers are free to shop and pay however they want. Imagine if you had to turn away a customer because they wanted to pay through a digital wallet, but you don’t have a point-of-sale terminal in your shop that can make it happen. Your customers will be discouraged and seek other outlets that can cater to them.
It supports cashless initiatives
With global warming and the alarming levels of greenhouse gases in the atmosphere caused by carbon footprints, it’s no surprise that people are turning to cashless initiatives to somehow lessen the negative effects of their actions.
The production of money and other manufactured goods for public consumption can involve emitting carbon dioxide, methane, and other greenhouse gases into the atmosphere. These are the carbon footprints caused by human activities, and they are slowly killing the planet.
Having the option to accept cashless payment methods in your business will accommodate those supporting these initiatives. And although going cashless may only be a small effort towards greener alternatives, it’s still better than not making any changes at all.
It allows better money management
Imagine if you only have one cash register in your store, and there’s a long line of customers waiting to get their items checked out. The pressure of having to accommodate all those customers at a quick pace can be overwhelming for your cashier, even more so if they had to give proper change.
Now imagine if you can accept different modes of payment besides cash, you can streamline the transactions and accommodate more people in the same amount of time. Having all the daily transactions compiled into one database can also help you make accurate financial projections.
With a comprehensive system that can allow you to cater to different payment methods, you can manage your business’ money and transactions better. Cash flow forecasting might also be easier when you begin accepting digital or electronic payments.
It shows that your business isn’t outdated
All the best businesses are those that can keep up with the trends in their corresponding industry. Of course, not all trends are worth following because they might prove to be more counterproductive to your daily operations, but this specific trend is here to stay.
Having the ability to accept various payment methods in your store can show your customers that even if you’re a brick-and-mortar business, you have the capacity to keep up with your competition. Physical stores have yet to lose their significance, even when more people prefer to do their shopping online.
Adapting to your market’s growing demands is important for your business to succeed, granted that the flexibility in payment processing is only a minor detail in the grand scheme of things. But it’s a start, and that might be all that your business needs to survive in this ever-changing landscape molded by technology.