Why e-payments make sense to Merchants
Why e-payments make sense to MerchantsChina has forged successfully ahead with the integration of Merchant e-Payment systems via mobile apps. Following their lead, markets outside of China are now waking up to the added benefits and increased sales by taking cash payments via mobile apps in store.
Research by Roubini ThoughtLab found that receiving cash via e-Payment can help boost sales for businesses. On average, a small business can increase sales up to 17% after adding an e-Payment option as it reduces lost sales from consumers that do not have enough cash on hand and also allows them to expand market reach towards online consumers. As for large businesses, adding e-Payment can increase sales up to 22% because they can take advantage of e-Payment data to gain a better understanding of their customers’ preferences. This data analysis can support appropriate setting of prices and promotions to each customer group and loyalty programs that will increase returning customers.
Another added benefit is the growth and interactivity on social media by encouraging consumers to follow the retailer’s pages on Facebook, Instagram, Twitter, et al. with special offers for following. This gives the retailer more followers to share their brand message, including offers and promotions.
The Benefits of Peripheral Sales
Imagine the scenario: A man buys a book at the Airport, ‘How to make your children read more books’ is the title. The cashier notices the title and adds: “Sir, would you like to add a child’s book to take home for your son or daughter? All the children’s books on this shelf are on sale right now? Kids always love a present from Daddy when he gets home. Just scan your code on the scanner on my phone”. The books are bagged and we see one happy merchant and one happy consumer. The power of this transaction being online is that the upsale always occurs; it’s not subject to the cashier having a bad day. And with adequate data analysis, the correct offers are always made.
Who can forget the ‘supersize’ model that McDonald's marketing strategy milked to massive success by just asking the client if they want to add extra portions for what seemed like a small amount? This is an everyday occurrence now. For example, when a customer is using his/her mobile phone to buy a product, there are usually one or more options for the shop to offer little peripheral upsales to the main purchase. It is one of the most profitable strategies available to merchants and it feels less painful to a consumer.
Getting people to come into your store is a time usage proposition of branding and marketing to educate people on why they should make a decision to come to your store over your competition. You have to have a good reach online via social media and tell a good story consistently over months and months giving away tips and tricks to endear yourself to the buyer. When the consumers are finally in the shop, selling more via peripheral sales is pure net profit for the business!
Having a dynamic point of sale (POS) system in store and online gets rid of a cash buying objection and makes it seamless for the consumer to buy your products and services. Traditionally, many POS systems which involved card readers were expensive to install for the smaller merchants and were less secure and used inappropriately to skim credit card information. Credit cards also took a hefty percentage from both parties, and it took a few days to receive payment at your banks where you could access the life blood of business, your cash flow!
Thankfully now due to the rise of Blockchain technologies and mobile technology, POS services can be accessed FREE on mobile phones. And just scanning one code on a phone to another phone and the transaction is complete, making it safer and easier for all.
You cannot ignore the online payment growth of recent years and if your website is serious about sales you will know that taking away unnecessary steps and objections leads to a faster sale. So if for example your online consumer could pay for a product or service online via cryptocurrencies and all FIAT currencies, this gives them more options to pay, makes it easier for them, and should increase your sales.
One mobile application system leading the way with instant payments for merchants as well as consumers is WinstantPay. You can get your free wallet here today and whether you are a merchant or consumer seeking ways to make the payment process easier and quicker then WinstantPay is for you!
WinstantPay is a global payment network providing merchants and individuals a reasonably priced global final payment in an instant, in any currency, anywhere, anytime, with integrated anti-money laundering (AML) compliance that reduces time, costs, risks associated with payments. Serving financial institutions of all sizes for the last 18 years with financial services, software development, and business support, WinstantPay is also a founding member of WorldKYC-AML. For more information on how WinstantPay can deliver cutting edge business, visit our website and follow us on Linkedin, Medium, Twitter, Facebook, Medium, and Github.