No matter the nature of your small business, speed doesn’t only pertain to service – i.e., providing customers with your product or experience – but instead, is heavily predicated on how fast the transaction can be finished.
On the side of the business’s success lies the question of the payment’s reliability. On the one hand, certified cheques and money orders are not as secure or guaranteed as they once were; not only that, they are excruciatingly slow and best used for large transactions made by infrequent customers who are ultimately less worthy of your stress and efforts.
Old Methods are Slow
Cheques, on the other hand, are (surprisingly) still accepted by many businesses, despite the delays between the payment itself and the date when that funding becomes available – to easily does this lead to the uncouth possibility of a payment in cheque-form bouncing.
Indeed, the transaction, if possible, ought to be quick. From the perspective of the customer, it’s not that you’re going unappreciated because of a subpar service or product, such that the client wants to leave as a result. On the contrary, it’s often the case that younger clientele simply dislikes human interaction, be it meaningful or something as simple as buying groceries or paying a restaurant bill; it’s a question, then, of how your business accommodates anxiety and other issues pertaining to mental health.
Forward Thinking Means Embracing New Technologies
Debit and credit card machine providers – both big and small, from Visa to Swift Payments – understand this quite well, and are allowing more opportunities to change, if not revolutionize, the way we go about our day-to-day purchases, and this can be quite the game-changer in terms of one’s clientele, when more and more millennials, for example, are (unlike previous generations) less apt when it comes to all things related to face-to-face encounters.
If a business is a cash-only, for example, the tactility and necessity of time-consuming coin-counting may deter the younger consumer from making smaller purchases, like buying a coffee at your establishment – in the worst cases, it may inhibit your flow of customers entirely.
This is perhaps why alternative payment methods are incredibly in demand in recent years –from Bluetooth POS systems to Apple Pay, and beyond, the speed and efficiency of these options are revolutionizing the traditional shopping experience, and make it far more enjoyable and easier, particularly for the stressed-out mindset of today’s youth. Not only are these methods convenient, but they are also, no doubt, a great deal safer and more reliable than your average cash-in-hand exchange.
Luckily, opting for a payment system – or simply switching your pre-existing debit/credit terminals or point of sale systems for faster and more efficient devices – is a lot easier than it once was; all it takes is a bit of research as to who meets your needs.
If you require absolute transparency when it comes to customer service and fees, look no further than a smaller merchant service provider. If you’re fine with dealing with the ever-shifting and oftentimes sporadic world of larger companies, that’s fine too. Whatever you need, a speedier payment option will be ready to go in no time.