If you have a brick-and-mortar store that you have recently established, ensuring that your customers have many different payment options is imperative. For this reason, many business owners set up merchant accounts that enable them to process credit card payments and even take payment via smartphones and web applications. If you accept cash, having an ATM machine on hand may also help you increase sales.
Making Cash Accessible
Consumers don't always carry cash with them, and when they do, it is usually in a limited amount. In an effort to curb spending, many shoppers will purposefully leave their homes with a preset amount of money, vowing not to spend more than what they have available. While this may be good for their budgets, as a business owner you always want to encourage customers to spend more, buy accessories, and add on last minute purchases when checking out at the register.
You can partner with a bank and have ATM services at your store, giving customers convenient access to extra cash when they patronize your business. Since ATM machines are serviced by outside financial institutions, you won't have to worry about spending any of your time dealing with technical issues or banking glitches. Just make sure that you have the contact information of the company that services your ATM machines, and notify customers when there are known issues.
Offering customers the opportunity to get cash back when making purchases is also an option, but you will have to be sure that your merchant account is set up properly. In addition, offering cash-back options may cause you to be liable for chargebacks and stolen debit and credit card issues.
For more information on how you can offer ATM services, contact a company like Vend Alaska.
Processing Checks and Money Orders
When cash payments are not an option, taking checks and processing money orders can also be helpful when you want to encourage customers to shop. Checks may not be as popular as they once were, but some consumers still readily keep their checkbooks on hand when making larger purchases. If you are concerned about taking checks from bank account holders with insufficient funds, you can use a check reader that will determine if there is enough money available to process each request.
Accepting money orders may also be a great option for your business. Sometimes it can be hard for people to find local stores that will accept and cash money orders, so offering this service may actually help to get more shoppers coming through your doors. Setting a minimum purchase amount for all customers that want to cash their money orders will drive up sales, all while offering flexible payment options to consumers.