Cashing in on cashless retail: Understanding customer behaviour

cashless payments

Often, when merchants inevitably face the need to offer cashless payments, they tend to go for JUST any POS service. And why not? After all, all POS services help you accept customers’ cards, right? Well, if racing is all about the driving, you don’t want to be entering the competition with the family waggon.

So, before rushing towards the first POS solution you find be well aware that, from your customer’s perspective, cashless payments are part of YOUR business. Part of the memorable experience you work hard to deliver.

 

That’s why making the right decision for your business means a better understanding of your customer’s expectations and showing it across all channels – on POS, online, or on the go. Consumers are embracing cashless payments. Quickly.

 

A recent Ipsos survey, conducted for ING bank, shows that people are increasingly embracing the cashless idea. 34% of respondents in Europe and 38% in the United States are willing to do away with carrying cash. Already 21% from Europe and 38% from North America rarely use cash. Even cash-loving countries like Italy are showing strong interest in going cashless, with about 40% ready to take that step.

 

Get on top of the trend

 

Relying on innovative payment providers, that value diversity in payments is fundamental for giving your business the best competitive edge. An increasing number of fintech companies like MyPOS, recognise the importance of providing flexibility in handling cashless transactions.

 

Along with Mastercard, VISA, JCB and China’s Union Pay, myPOS accepts mobile wallets, contactless devices, and local payment means like the Belgium-based scheme Bancontact. By accepting your customer’s favourite way to pay, you not only increase overall consumer spending, you also boost loyalty.

 


 

Find the right cashless payments solution

 
Taking cash-free payments is only half the story. Painfully slow transactions and outdated POS terminals can spoil the whole customer experience. The first thing you should consider is processing times.

 

myPOS offers FREE unlimited Data Cards, directly inserted in all myPOS devices equipped with a SIM slot. This ensures uninterrupted connectivity for POS devices everywhere, taking processing times down to as little as 3 seconds, which is currently an absolute industry minimum. Available across Mainland Europe as well as the UK, Switzerland, The Islands of Martinique, Guadeloupe and Reunion.

 

Next, you need to consider which POS terminal is right for you. Do you need it available on the counter, on the go, shared among your staff or in your pocket?

 

myPOS has a solution for you. From the ultra-compact myPOS Mini with e-receipts to the powerful full-feature Android-based myPOS Smart. All myPOS terminals are equipped with custom features to support your business. Features such as Multi-operator, allows multiple employees to use the POS device and maintain individual accounts for their sales and cashless tips. New revenue sources are even available, with the easy topping-up of prepaid services straight from the terminal.

 

These functionalities come at no extra cost and are always good to have, providing you with some extra freedom and flexibility in running your business.

 

Embrace omnichannel retailing

 

In today’s retail environment, a sale can take place anywhere. Providing a high-quality payment experience across all channels is essential for an excellent service.

 

Do you want to turn your blog or webpage into a standalone sales channel? With myPOS you can create and easily integrate PayButtons and make your way to a full-feature online shopping experience with the myPOS shopping cart integrations.

 

Another key feature myPOS provides is a virtual terminal. Being able to process card-not-present transactions from any browser is a powerful competitive advantage and is a mmust-have tool to secure these payments.

 

As a merchant, you can even get paid distantly, without having a website or an online shop, using myPOS Payment Request. It’s a service, enabling you to send payment link to a client via email, SMS or directly from your POS device, and receive payment from any point in the world.

 

Power is useless without control

 

Growing your business with cashless payments is a winning strategy, however not every payments partner can provide the funds management freedom that a small or medium sized business needs. Often, payments are settled with a significant delay or have certain limiting cash-out requirements.

 

myPOS is cleverly designed to provide merchants with the cash access they need. Every payment is instantly settled to the merchant’s account and can be accessed anytime online, on-the-go from the app, or with the prepaid Business card. More cash-intensive merchants can even get up to 10 free Business cards to streamline their payment operations. All cards are under your control, 24/7, from the mobile app.

 

Don’t fall for binding contracts

 

Many payment processing providers like to bind their customers with long-term contracts. However, you can get around all that. myPOS knows that having freedom in running a business means growth.  Also myPOS comes with no legal commitment or monthly fees. Merchants are free to accept cashless payments and pay only for what they need and when they need it.

 

Contributor

Martin Kalinov, Marketing Manager at myPOS Europe Ltd

http://www.mypos.com/

 

 

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