The cannabis industry has a variety of challenges that can be difficult for businesses to navigate. Whether it’s operating competitively while adhering to strict state compliance regulations or coming up with creative ways to be distinct in a saturated market – every detail has the potential to increase profit for the business. Even something seemingly as simple as your payment provider. Choosing the right cannabis payment service will help your business conduct sales compliantly and securely, but should also have the ability to offer you and your customers additional services to increase sales. By partnering with Aeropay, your business doesn’t just gain a payment platform – it’s a cutting edge tool that guarantees customer acquisition, retention and overall happiness.
Retailers are constantly faced with making decisions that either save or cost money. It can be tempting to try to offset some costs by passing off transaction fees to customers during the checkout process. After all, customers are accustomed to paying additional charges such as taxes, right? It turns out customers are growing weary of extra expenses when they settle up. In fact, a recent survey of U.S. shoppers reported that almost 50% will abandon online purchases due to extra costs added during checkout.
When it comes to customers encountering the fees in a store, two-thirds of shoppers notice they’re being asked to pay more in surprise charges and are frustrated. Especially during a recession, customers feel they are constantly being nickel and dimed. Customer satisfaction plays a huge role in retention and loyalty, so if someone feels ambushed by extra costs they are less motivated to return for future purchases. Aeropay discovered that making sure cannabis payments are free for customers gives shoppers the freedom to spend and leads to an enhanced customer experience. The less customers are worried about extra fees, the more they are incentivized to spend on products in the store. A customer that pays with Aeropay typically spends an average of 25% more.
It's common for dispensaries to offer cashless ATM charges for customers who don’t have enough cash on hand. These charges might appear as a convenient loophole, but in actuality are being challenged as to their compliance and are more costly to customers. Each purchase comes with the standard ATM fees, and can’t be paid in exact amounts – only rounded up to the nearest $20 to appear like a cash withdrawal.
Instead, Aeropay provides customers with the ease of a cashless payment method and has no extra and hidden fees. This saves customers a trip to the bank, and doesn’t put a limit on their spending power.
When customers try Aeropay, they are immediately hooked. In fact, 75% of eCommerce cannabis customers come back and use Aeropay again. The good news is customer onboarding is a breeze. Setting up an Aeropay account is quick, and only requires the necessary details to allow purchases to be made. Also, Aeropay is backed by the leading compliance-based banking program for cannabis businesses, Safe Harbor, which guarantees secure payments for dispensaries and customers.
Once a customer has created their account and linked to their bank, they are able to shop anywhere that offers Aeropay as a cannabis payment processor. While in-store, customers will be directed to a QR code at checkout to complete the purchase. After the pandemic, contactless systems are on the rise and it turns out it’s how consumers prefer to shop.
Another benefit for customers, each purchase comes with a detailed receipt that is attached to their account, therefore they know exactly what goods they bought in the past if they plan to buy those products again. Creating customer loyalty can be boiled down to a few things, and offering a more simplistic and automated payment process is very successful for the user experience. Any method to make a customer happier and make their shopping experience seamless, results in better business for the store. Also, when customers are really happy – they make sure to refer, recommend and continue to support the dispensary.
Loyalty reward programs can be the cherry on top when it comes to customer retention. Customers love to be incentivized to spend if they can get something out of it. If implemented in the right way, reward programs can truly help increase sales. Aeropay offers customer promotions that excite buyers, such as $5 cash back on every purchase. This shows customers that there is a commitment to add value to both consumers and sellers for each transaction.
Rewards provide another service as well – marketing. Excited customers are more likely to tell others about their experience. Word of mouth marketing can be very helpful, especially for smaller dispensaries with limited marketing efforts.
If a customer or a business owner ever has an issue, Aeropay has the fastest response and resolution team in the industry. You will be supported by real people who are dedicated to helping the cannabis industry. Aeropay offers several options for solving problems: FAQ articles, a chat monitored by employees, an email address and a phone line. An Aeropay partner will always get the assistance they need.
The right payment option should meet the needs of your business. Schedule a demo to learn how Aeropay can take your business to the next level. https://www.aeropay.com/demo
We’re happy to show you our full payments solution and put the best bank-to-bank transfers to work for your business.