Customers spend more when using electronic payment methods.
Cashless payment methods remain the most widely used form of payment, and for good reason - they provide a fast, seamless and secure customer experience. Digital payments not only provide a better experience for both the merchant and customer, but also customers spend significantly more, with the average cash transaction being $22 vs. $112 on card.
Mitigating cash payment costs and security risks.
Though cash payments have benefits, i.e., immediate physical exchange, they come with risks. Cash requires considerations for counterfeit currency, cash management fees and securing money movement between your business and bank. A payment provider can mitigate payment risk and eliminate cash transportation costs.
Reduce cash management and improve overall business operations.
Through digital payments, businesses free up valuable time and resources. Tasks related to reporting, accounting, auditing, operations and customer analytics become significantly more traceable when storing resilient data on digital payment platforms. This moves businesses another step closer to having a 360 view of their customers!
Digital experiences are disrupting and enhancing the capabilities of many industries including payments. It may be time to consider a digital payment provider for your business!