“Cash Only?”: Why You Need to Diversify Customer Payment Options

Have you ever been searching for the perfect gift for a friend’s birthday or another holiday only to find that nothing seems just right? We’ve found that often, the most meaningful gifts are those crafted by local artisans, family restaurants, or small businesses. You know when you’ve spotted THE PERFECT GIFT because you can feel it. You know the feeling we’re talking about – the “It’s perfect! She’s going to ABSOLUTELY love this. I have totally outdone myself. How will I ever top this?” feeling. You carry that perfect gift to the checkout, only to collide with a sign that says, “Cash Only.” … And the amount of cash in your wallet? None. Zero. Well, there may be some change in the side pocket, but unless the store will accept a partial pack of breath mints your perfect gift will remain on the shelf because that adorable boutique doesn’t accept electronic payment. You smile, sigh deeply, and return that perfect gift to its shelf.

We’ve all had similar experiences that make us think, “In this day and age, who doesn’t accept electronic payment? Have we gone back to The Stone Age?” Due to the complex development of ancient ancient civilizations and because the origins of economic systems precede written history, it’s impossible for us to trace the true beginning of the invention of money. We do know that over time, people have transitioned from barter systems to monetary systems and that gold and silver have been the most common forms of money throughout history. As far as we know, paper money was introduced in Song Dynasty China during the 11th century. Our handling of money continues to evolve even today as we transition from cash to plastic to and now to the frontier of mobile payment options.

Businesses that create convenience for their customers stand out from their competition and we’ve got some tips to help you let your customers know how appreciated and valued they are. This blog series is our perfect gift to you – everything you need to know to improve business efficiency and inspire customer loyalty.

Offer elegant and intuitive payment methods designed to meet the needs of different age groups.

While baby boomers and more mature adults grew up using cash, more recent generations have a very different experience. According to a March 2018 New York Post article, 25% of Americans report rarely carrying cash at all — and millennials are driving the trend. There’s been a shift in how people think about everyday spending. Customers continue to flock toward frictionless payment options that fit into their busy lives. Many prefer electronic payment because they’re easier to track. Offering versatile payment options empowers people to more confidently manage their money. Utilizing intuitive POS or paperless payment methods improve the customer experience and make it more likely that you’ll see the friendly faces of repeat customers.

Always use secure methods to process payments.

Earning customers’ goodwill by offering frictionless payments is important. But, even more important, is guaranteeing customer privacy and security. In October 2018 the Computer Business Review revealed that 945 data breaches led to the compromise of an astonishing 4.5 billion data records worldwide in the first 6 months of this year. Customers who experience a data breach due to unsecured payment options aren’t likely to return to your shop, restaurant, or business any time soon, and are more likely to share that negative experience with others, further damaging your business.

Track which payment method customers and employees prefer most and invest in that method.

A business of any kind must keep pace with industry trends in order to turn a profit and keep the doors open. An option such as Yevma enables your customers to pay more quickly and conveniently via text messaging and increases the restaurant table turnover rate by at least 25%, making the most of your staff’s time and talents. Employees enjoy the ability to serve more guests in an efficient manner that keeps customers coming back and drives long-term stability.

Always be on the lookout for innovative, new technologies and payment methods ask about the costs, and weigh your options.

Technology continues to evolve rapidly and keeping a competitive edge in business is in large part dependent upon your ability to use technology to meet the evolving needs of customers. As the popularity of cashless spending grows, it shouldn’t surprise you that 61% of Americans think that cash will one day completely disappear. Have you thought about how you can meet those changing needs? Yevma is a new, complete payment efficiency solution for your business that can help you give your customers a better experience, increase revenue, and expand your bottom line using a single, intuitive technology solution.

Not sure if this is the solution for you? Contact us today and we’ll be happy to answer your questions and help you weigh the options to find the solution that best suits your business.