Elly Financial Technologies Limited
54 Poland Street, London, W1F 7NJ
54 Poland Street, London, W1F 7NJ
As we take a giant leap towards a cashless world, you might be surprised to hear a retailer say they don’t accept cards. However, things aren’t that smooth in reality. A significant ratio of British SMEs refuses to take debit and credit card payments. On top of the transition, they have a dilemma about how to take payments as a small business.
Embracing various payment means and making it easy for customers to shop is one of the most critical tasks. So, if you’re a small business, it pays off to introduce an all-encompassing and simplified solution. This way, you pave the way for growth and enable hassle-free transactions.
Aren’t you convinced whether to expand your payment options? This article reveals the competitive edge of small businesses and what to do to keep present and prospective clients on board.
Over six million small and medium-sized enterprises account for 99% of all businesses in the UK. Since Britain counts on retailers to revive its economy, it soon dawned on policy-makers that supporting SMEs is the only way forward.
Lately, the rise of costs has been a considerable hurdle. Merchants buy stocks early, but revenues come later, thus creating a cash-flow gap. The severe financial implications got further spurred by curfews and operational restrictions.
The hospitality sector has suffered unprecedented shockwaves. The COVID-19 pandemic hit small businesses so unexpectedly that even after two years, many retailers struggle to get back on their feet.
In addition, the impact of supply chain issues has been massive. The economic environment is now more challenging, and sustainability has become a priority. Customers had to face poorly stocked shelves and price surges. No doubt, inflation is taking its toll.
However, business owners feel more confident about the future with the lockdowns behind. Although they still battle the supply shortage phenomenon, things have improved. Bars, salons, and restaurants have accepted the imminent changes and adjusted to the newly-arisen circumstances.
If you run a small-sized company, you probably face many challenges in keeping your head above water. Still, it’s vital to acknowledge that small businesses offer employees and customers a few benefits big corporations can’t. Here are several value-adds you should lean on to develop and grow.
The primary competitive advantage of small-scale businesses lies in their ability to select tailored payment software for their operations. Due to their size, merchants can adopt high tech efficiently and thus save time and money.
Besides, investing in new solutions will improve the overall customer experience. Retailers mustn’t fear technological breakthroughs but use them to their benefit. The best approach is to install advanced payment processing software while the company is small.
Large businesses often take a “one size fits all” approach. Conversely, small businesses offer more personalized services. Clients’ satisfaction plays a pivotal role in their operations.
As a merchant, you can use your market position to understand current and potential customers better. Once you evaluate specific needs and interests, you can develop a strategy that fits your clients.
Thanks to the reduced bureaucracy, small businesses make faster decisions. As a result, owners can introduce new products and services in brief time frames. Plus, they can adopt creative solutions to maximize their potential and boost consumers’ involvement.
A plausible way to resolve the dilemma of how to take payments as a small business is to boost your customer base. But what can you do in terms of payment channels to attract new and retain current buyers? The easiest way to go is to provide multiple charging options.
Small business owners are super busy but so are their clients. Hence, it’s crucial to offer your consumers several alternatives and urge them to pay on time. In short, your company will foster cash flow if you take credit and debit cards, bank deposits, online and mobile payments.
Embracing online transactions means you’ll have to arrange a payment gateway. Once established, your customers can purchase products via an e-commerce store. Similarly, mobile payments allow buyers to pay remotely via the Internet or any communication device.
Last, no merchant should underestimate the popularity of cryptocurrencies as payment means. Besides offering existing clients an alternative transaction method, you will also entice new shoppers. Moreover, crypto transactions bear lower charges, are irreversible, and involve no chargebacks.
Cashback is a savvy strategy to drive sales by stimulating customers to shop with you again. In short, you will generate more revenue from returning clients and increase the frequency of their visits. Plus, a cashback program combined with a referral system can pamper new shoppers.
In addition, consider offering discounts to high-spending customers. For instance, you might approve a 5% off the next purchase when the client spends ₤100. Besides setting a spending target, you can also limit the time to use the discount.
Finally, use your smart payment system to create a robust loyalty scheme and take some time to promote it. You might implement the strategy by issuing a plastic loyalty card where clients accumulate points. Alternatively, think about punch or stamp cards if you run a to-go business. This way, you can reward your customers with a free item once they collect the necessary punches or stamps.
As people abandon using cash for daily purchases, your store must follow the trend. Hence, it’s essential to accept various payment methods and make your business more accessible. That’s where Elly saves theday! Our payment processing solutions take anything from credit and debit cards to crypto and digital transactions.
Elly POS is the ultimate device you need to grow and outrun the fierce competition on the market. With super-low fees and 24/7 support, our solutions will ensure you make the most out of your profits.