The leftover turkey is barely in the refrigerator when the frenetic rush of Black Friday is upon merchants and shoppers alike. As a business owner you cannot afford to miss out on the lucrative profits that can flow your way on this “retail holiday” — the most busy of all shopping days.
Along with stocking the products your customers seek — all while supplying your trademark customer care — you can use the features in the equipment associated with your merchant account to maximize both your sales and your shoppers’ positive experience with your business.
Let’s count the ways:
1. Provide multi-channel payment options.
The point of sale system furnished to you by your merchant account provider comes with a host of built-in features. Perhaps one of the most overlooked is its capability to process numerous payment types.
During hard economic times, when money is tight and some of your competitors might not be as flexible as you can be, your POS gives you a chance to offer a wide array of payment choices.
It’s a given that you will be accepting cash, debit, and credit cards. However, that’s just the beginning of what your POS and your merchant account company have in store for you and your customers.
You can offer digital wallet choices such as PayPal, Apple Pay, and Google Pay, ACH echeck transfers directly from the customer’s bank account, crypto and even international currency options in your customers’ local monetary denominations.
2. Get creative with your billing.
Your retail POS system can also be configured to let you offer some alternative ways to pay. With recurring billing, for instance, you can use your system to make an ongoing arrangement with your customer. This allows a set amount to be withdrawn from a predetermined bank account or credit card for an agreed-upon duration of time, usually until the full cost of the merchandise has been transferred to the seller.
When you offer flexibility in how payments are settled, you can look forward to higher profits. This is because people will spend more when they can spread out their financial obligations over time. As you set up your Black Friday website and in-store displays, be sure to publicize the fact that you are offering recurring billing.
Another similar payment method is buy now, pay later (BNPL). This financing option allows customers to take out what is, in effect, a point of sale installment loan. It enables customers to make fixed payments with no additional charges.
By contrast, purchasing with a credit card involves being saddled with interest charges on top of what you would pay for the original purchase.
Your payment service provider can also get you set up with payment links. When a customer clicks on one of these QR codes or URLs on your website or a social media page, in an email, or a text message, they will be taken directly to a secure payments page where they can complete their purchase.
On Black Friday when physical checkout lines are endless and even internet servers can be slow, this method represents a convenient and dare we say even fun alternative.
3. Delight your customers.
On a day when most retailers are getting swept up in the minutiae, the human touch often falls through the cracks. This doesn’t have to happen to you as long as you harness the power of your point of sale system.
That’s because you have the power of data analytics at your disposal.
Your POS can use details from last year’s Black Friday to make educated guesses about the holiday shopping habits of individual guests or segments of customers. Armed with these nuggets, you can entice people to come to your website or visit your store with products that are specifically targeted to appeal to their demonstrated preferences.
When buyers feel special and recognized, it stands to reason that they will reciprocate by making additional or bigger-ticket purchases.
The company who sponsors your merchant account is one of your most valuable allies throughout the year — and particularly on Black Friday and subsequent holiday shopping days. Providing you with an account where your payments can be stored until they are settled is just the beginning of how your payment service company can help you to thrive.
Simply take advantage of the numerous features to be found in your POS, and you will soon be reaping the financial and customer relationships rewards.
Best of sales this Black Friday!
