When you run a business, your priority is to ensure your customers enjoy the convenience of paying for their purchases quickly. This is particularly true when catering to a clientele with high net worth, sophisticated tastes, and a desire for efficiency. These discerning customers anticipate a highly personalised experience, whether they purchase a rare art piece, a comprehensive education package, or a meticulously cooked fine-dining meal.
Furthermore, time is a valuable commodity for clients purchasing big-ticket items in-store. Companies require seamless, sophisticated payment solutions with efficient and cashless payment methods to cater to their discerning clientele.
Possessing physical payment hardware, such as the QashierXS, QashierX2, or QashierXL, ensures a dedicated payment terminal for credit card transactions. This streamlines the payment process, reinforcing their commitment to providing top-tier service. It’s worth emphasising that prioritising smooth payment acceptance is more important than just offering generic point-of-sale (POS) systems for such establishments.
The inclination towards cashless payments isn’t just a luxury trend but a broader shift in consumer behaviour. According to a 2022 survey by financial service provider VISA, nearly 80% of Southeast Asian consumers intend to increase their use of cashless payment methods. This sentiment is especially strong in countries like Thailand (89%), Vietnam (83%), Malaysia (78%), Indonesia (78%), and the Philippines (78%). One significant driving force behind this shift is the perception of safety; 75% of consumers view cashless methods as the more secure option. This sentiment is reflected in the overwhelming support (72%) for their respective governments’ initiatives towards transitioning into cashless societies. Additionally, 68% prefer patronising stores that provide cashless payment solutions.
Here are more reasons why businesses like high-end retail stores, art galleries, and elite educational centres should opt for credit card payments:
- Enhance Customer Experience and Preference
Beyond the simplicity of swiping or tapping, credit cards offer many benefits that align with the lifestyles and aspirations of the modern individual. For instance, cashback incentives directly reduce the cost of their purchases, effectively giving them more purchasing power. On the other hand, air miles tie into today’s world’s wanderlust and globalised nature, allowing consumers to travel more and experience different cultures. Reward points act as a loyalty program, incentivising and rewarding consistent usage. By integrating credit card payments into business models, companies are not just facilitating a transaction but aligning with the customer’s desires, goals, and lifestyles, making them feel understood and valued.
An MIT study has also shown that people are more willing to purchase and spend more when paying with credit cards than cash. Known as the “credit card effect”, the study finds that credit cards reduce the pain of paying and increase the willingness to pay for products and services. Customers who pay using credit cards also generally have higher ticket sizes, meaning they purchase more than those using cash.
- Builds Trust and Credibility
In today’s global marketplace, brand recognition is pivotal in influencing consumer trust. When businesses prominently display the logos of universally acknowledged credit card providers, such as Visa and Mastercard, it serves as a silent testament to their credibility. Such symbols convey that your business meets international standards and is endorsed by major financial institutions. This reassurance can significantly influence a customer’s decision to engage, knowing they are in trustworthy hands.
Another way to increase trust and credibility is when customers get to accrue reward points or miles on their premium credit cards. It adds value to their shopping experience. This enhances the immediate satisfaction of their purchase and plants the seeds of long-term customer loyalty. Over time, as they amass these rewards, the association between these benefits and your business strengthens. By aligning with credit card reward programs, companies aren’t just providing a product or service but crafting holistic, rewarding experiences that incentivise repeat patronage.
- Improved Cash Flow Management
Credit card transactions offer a quick and efficient method for businesses to manage their finances. Instead of the traditional and often cumbersome process of manually clearing checks or making frequent trips to the bank to deposit large sums of cash, businesses can benefit from the immediacy of credit card payments.
As a Qashier merchant powered by QashierPay, in-store credit card transactions are cleared swiftly and funds are deposited into your business’s account 1 working day after the date of the transaction (T+1). This promptness is crucial for maintaining a healthy cash flow.
Moreover, the automation associated with credit card payments provides an added advantage for businesses. Automated transactions lead to more streamlined bookkeeping practices. With every transaction recorded digitally, tracking sales, monitoring income, and overall financial management become markedly easier. This, in turn, reduces errors, saves time, and allows for a more holistic view of a company’s financial health.
- Safety and Security
The convenience of credit cards means customers can carry only a small amount of cash, particularly when purchasing expensive, high-ticket items. This reduces the physical risks of having large sums and provides a financial safety net. Should any discrepancies arise in their transactions, the dispute resolution process offered by credit card companies acts as an added layer of protection. This allows customers to shop more confidently, knowing they have recourse in case of issues.
On the other hand, businesses also benefit immensely from the security infrastructure of credit card systems. Credit card providers implement rigorous, stringent checks designed to detect and prevent fraudulent transactions. Such proactive measures significantly mitigate risks, ensuring merchants cannot bear the brunt of potential losses. This dual layer of security fosters trust and provides smoother transactions for both parties.
- Leverage Online Opportunities for Increased Profit
Traditional storefronts have their strengths, but they can restrict your business reach. If you are online, your digital storefront needs to accept credit cards so that you can open up to the vast online market. Even if you’re predominantly offline-based, adding credit card systems lets you smoothly venture into online sales. Solutions like QashierPay Online equip you with tools like Pay by Link that streamline your online payment process. You can send e-invoices and get paid instantly. This means faster turnovers and simplified transactions.
The outcome? A broader client base and a balanced revenue model combining online and offline avenues. Both are excellent outcomes that boost sales. In today’s competitive market, offering such efficient payment methods gives you a competitive edge.
Qashier offers flexible packages.
For larger enterprises, especially those dealing in high-end commodities like art galleries, elite educational centres, and luxury retail stores, embracing cashless payments such as credit card transactions, isn’t merely an option—it’s an essential move. Flexibility is at your disposal, whether it’s a physical payment terminal, a smartphone with the Qashier app, or any other method suitable to your business environment. We understand businesses need to balance their costs and offer either a package, subscription-based services or pay the merchant discount rate (MDR) per transaction. As the scale of your business expands, we can offer more advantageous rates. Ready to discover the potential of credit card payment solutions for your business? Contact Qashier today and let us craft a plan tailored to your needs. Don’t miss out on the opportunity to elevate your transaction experience!
Qashier offers multiple digital solutions, including QR code table ordering, table management (F&B), employee management, customer relationship management (loyalty programs), inventory management, data analytics, and cashless payments, in an all-in-one device.
Qashier promises a seamless setup within 10 minutes, without the need for technical expertise. It boasts a user-friendly interface that is simple for anyone to learn and use. If you require assistance, you’ll find 7 days-a-week responsive technical support from your local team.
Try the Qashier app for free on your own Android device! With just one terminal, you’ll be able to accept an array of payment types, from major credit cards, e-wallets and EFTPOS. Speak to us to see how Qashier Smart POS can meet your business needs. Schedule a meeting with us here, or reach out via email [email protected].