Harnessing the power of personalized payments for businesses

In our previous blog, we talked about understanding customer payment preferences and how personalized payments can transform the overall purchase experience of your customers. In this blog, get to understand the benefits and discover how you can leverage personalized payment solutions to empower your business.

The advantages of utilizing multiple personalized payment methods

The digital scene in Southeast Asia is flourishing, with countries like Singapore, Malaysia, and the Philippines leading in internet and smartphone penetration, reaching over 90% of the population. Cashless payments are on the rise, with e-wallets projected to dominate by 2025, as below:

Regionally, SMEs are the major driver of this growth, with 75% actively adopting digital payment solutions and are now selling online. This trend highlights the importance of offering a personalized online payment experience. 

The perks of offering multiple personalized payments are not limited to customer satisfaction, but a wealth of benefits for your businesses. Here are tangible reasons to provide a variety of reliable local payment preferences that can boost your business’s profitability and improve overall efficiency.

1. Better customer retention

How likely are your customers to become your brand advocates? The answer is when they have a positive shopping experience. Personalized payment options are vital for fostering customer loyalty over your competitors:

• Reduced friction: Offering personalized payment options minimizes your customers’ frustrations during checkout, leaving a positive impression.
• Increased customer satisfaction: Accommodating your customer’s payment preferences enhances overall shopping journey satisfaction.
• Lower churn rates: Demonstrating commitment to your customers’ needs through personalized payments reduces the likelihood of switching to competitors.

2. Gain a competitive edge

Business differentiation is the key in today’s congested digital market. Picture this scenario: Business A offers traditional, cash-based payments while Business B provides various personalized payment options. Likely, customers who frequently use e-wallets or buy-now-pay-later (BNPL) options will be drawn to Business B.

Diverse payment options enhance customer’s convenience and distinguish your brand. Demonstrating your flexibility and commitment to their needs attracts customers valuing adaptability. Personalized options like dynamic QR code payments prioritize security and foster trust with your customers.

Moreover, leveraging data insights from personalized payments offers valuable business information for success. You can analyze your customer spending habits while tailoring marketing strategies and new product offerings to them.

3. Maximize profit + long-term savings

Traditional payment systems are cumbersome and costly, requiring multiple terminals for different card networks and e-wallets. So, how does QashierPay (available in Singapore and Malaysia, coming soon in the Philippines) stand out as the optimal payment solution for your business? 

• One powerful solution: QashierPay integrates seamlessly with your existing POS terminal, eliminating the need for multiple terminals and saving on hardware costs.
• Streamlined processes: QashierPay accepts debit, credit cards, e-wallets, and contactless payments in one system, reduces transaction time, and keeps lines moving.
• Dedicated solution: QashierPay Soundbox (available in Singapore and coming soon in the Philippines) offers quick QR code scanning for high-volume business transactions. This innovative device provides real-time audio alerts for successful transactions, reducing errors without constant monitoring, and streamlining peak-hour operations.

Conclusion

Personalized payments are no longer a luxury but a necessity to build a future of customer-centric businesses. Businesses can unlock their full potential by embracing personalized payments to cater to a larger customer base and improve efficiency, leading to long-term success.

More about Qashier

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 track 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! Speak to us to see if Qashier’s Smart POS can meet your business needs. Schedule a meeting with us here, or contact us at +63 917 QASHIER (7274437) (Whatsapp and Viber) or email at [email protected].