You go to a new barbershop, ask how much it costs for a haircut and when informed of the price, you say “Okay, sounds reasonable.” You sit back and get your haircut and when finished, you pull out your credit card to pay and the barber looks at you and says, “Oh sorry, cash only…There’s an ATM in the next shopping center over. You can go there to make the withdrawal.” You didn’t bring your debit card though, you have a credit card, which means that when you make the withdrawal, you’re going to have a cash advance fee in addition to an immediate interest rate of at least 24.99% on the withdrawn amount and the ATM fee. How convenient was this payment option?
You’re a business owner of a series of vending machines. You pay a vendor to supply you with all types of different carbonated drinks like Pepsi, Coca Cola, Sprite, etc. to fill your machine on a monthly basis. This vendor however, doesn’t have a website. They accept payment only in person by means of cash, check and/or debit card with the device on their phone. No alternate ways of accepting payments remotely; so you must visit his office to make payments and then obtain the drinks to then refill your vending machines. How convenient is this payment option for you when you still have to travel to your vending machines in different locations after paying and picking up your product?
For each of these scenarios, you may think of ways you can avoid them or work around them. What’s the likelihood of these situations happening as described you may ask. The reality is, these are real events that have taken place even with me. In the first scenario, the consumer is the loser of the situation. He has to now pay an ATM fee, cash advance fee and high rate of interest AND the barber for the haircut. That haircut now doesn’t seem worth it and leaves a bad memory in the consumer’s mind.
As a business owner, you may pay closer attention t0 the latter scenario and say I wouldn’t do business with this type of vendor. But, this vendor may be the one who fits into your budget the best and may provide your products quicker. But how would it feel to know that every time you have to make your monthly payments you must do it in person? Now as a business owner, you are seeing this from a consumer’s point of view.
How CloudSwipe helps
There are multiple convenient payment options for businesses today. As technology continues to advance, it should be a focus of yours to understand how your clients/consumers like to spend money and make sure you’ve touched on their needs. The services found at CloudSwipe would work very well in both of the scenarios mentioned earlier. How? Well, the barber would’ve been able to accept the payment through his own portal on Cloudswipe. He could type in the card number in for payment and then have his new client create his own portal to save his card. This way, he encourages his new client to come back to him, knowing he doesn’t need to worry about bringing cash or any additional payment because the info is saved on Cloudswipe and can be debited from his account whenever he gets his haircut. How convenient is this option?
How about the second scenario? Even if your vendor doesn’t have his own website, how convenient would it be to login to the profile in CloudSwipe and make monthly payments? That saves you a trip every month and allows you to only visit the necessary locations to refill your vending machines. This gives you more leisure time and will help build loyalty due to you having a convenient option for payment. According to a 2018 Customer Engagement & Loyalty Statistics article published on www.accessdevelopment.com for replenishment subscribers to continue subscribing, convenience (24%) was the most important consideration.
In using the services at CloudSwipe, you can have an affordable way to accept payments which is also convenient. This will help you to retain clients and help build customer loyalty. It helps you build a good reputation as well. Imagine being the vendor mentioned earlier and having referrals to you not only due to you being affordable but also due to the ease of payment options. How much would that increase that business? How would using the services at CloudSwipe increase your cash flow and profitability? Give it a try and find out…