Why Offering Different Payment Options Is Good For Business

If COVID-19 has given business owners anything valuable, it’s that it has proven investing in a POS terminal is mandatory. While cash payments were already few and far between pre-pandemic, current safety protocols call for as many contactless payments as possible.

You’re not still running a cash-only business are you? In addition to the concept being unsavoury health-wise, it’s simply an outdated practice to not offer several payment options. Doing so, simply put, is good for business.

People prefer to pay with plastic.

It’s a well-known fact that plastic – not cash – is king. Paying with credit cards is favoured amongst Canadian shoppers for a number of reasons. Credit cards offer rewards points, purchase protection, cash back and other significant benefits. In addition, they give their users additional time to pay for their purchases. With cash, once it’s spent, your money is gone.

According to Evelyn Spencer on StartupGuys.net, “paying by credit card is firmly entrenched amongst the buying public as a preferred method and the convenience of using a card to pay for your purchases is something that the vast majority of your customers will expect to be able to do…Convenience is a big motivation for customers and that’s why being able to accept credit card payments is so essential.”

You can improve your cash flow.

When you accept cash payments, you must eventually make a bank deposit. Such deposits, of course, have to be done in person. This requires time and energy you may not necessarily have. With credit card and debit card payments, the money you earn is automatically deposited into your business bank account. This works wonders in the world of maintaining cash flow.

“Cash flow is the lifeblood of any business,” states Bank Independent, “Without it, you can’t function properly. Up-to-date payment technology means the money is in your account sooner – sometimes immediately. More cash running through your business means you’re in a better position to make decisions.”

It encourages repeat business.

No matter your industry, there is simply no business like repeat business. Securing the loyalty of your customers is a major way of growing profits over the long haul. When you offer payment options in your store, you inform your customer base that you are catering to its needs and interests. The convenience you provide is often enough to keep shoppers coming back.

“If the customer has enjoyed a positive experience with your business they are far more likely to return again to spend some more money with you,” writes Spencer, “When you give your customers the star treatment and allow them to pay you in any way they want it will very often encourage them to think of your business when they are in the market for another item that you sell.”

At Unity Payments, we’re confident that the Poynt Smart Terminal is the greatest POS terminal of all time! It is a fast, powerful and secure all-in-one wireless payment solution that boasts a sleek and modern design. Poynt is perfect for table-side, in-aisle or on-the-go payments. Learn more about the Poynt Smart Terminal and how it can help your business by calling Unity Payments at 1-800-661-3761 or emailing us at info@unitypayments.ca.