Small businesses today need every possible competitive advantage in order to overcome local competition. It is difficult for some small business owners to do when it feels like everything you have to offer your customers that goes above and beyond, comes at a greater cost to you. But, what if you could offer them a convenience that promises a far greater return on investment for the sake of your business?
As the market moves from magnetic stripe credit cards to credit and debit cards enabled with EMV (EuroPay, MasterCard, and Visa) chip technology, a huge deadline looms for ATM owners regarding liability. The deadline for ATMs accepting MasterCard branded credit and debit cards was October 1, 2016. As October 1, 2017 approaches, the deadline for ATMs accepting Visa branded cards is quickly approaching.
The deadlines may seem arbitrary to small business owners, but they represent an opportunity for your business to present viable ATM alternatives to your customers by providing credit card processing services that offer the opportunity for customers to receive cash back on their purchases.
Offering Cash Back to Customers
Giving customers the opportunity to get cash back when making purchases in your store is a huge boon to small businesses that haven’t yet picked up on the concept in many locations. It provides many benefits you may not have considered yet and might be well worth your while to consider. These are a few of the benefits you’ll business will receive by offering cash back opportunities to your customers.
Places Your Business on Par with Big Box Competitors
Since so few small businesses have begun offering this service, it allows your business to gain prestige that others in the local community may not have by offering a service generally associated with Big Box types of stores rather than small businesses.
Helps to Build Customer Loyalty
Reduces the Amount of Banking You Need to Do
Eliminating risky night time deposits and minimizing the cash your business keeps on hand can be a huge incentive to offer cash back services to your customers. Some banks charge for cash deposits over a certain dollar amount. While it is an acceptable cost of doing business, you may be able to reduce or eliminate those fees altogether by offering this simple service to your customers.
Can Make Your Business More Money
Since customers no longer have to run the additional errand of stopping by the bank or ATM machine, they may find they have a little more time to look around and do a little extra shopping in your store – even after they’ve made the initial purchase. Additionally, you may be able to charge small transaction fees when offering cash back to help offset your credit card processing costs. One caveat is that while doing this is beneficial, it may eliminate some of the good will the convenience factor of offering cash back generates.
Credit Card Transactions with Cash Back Made Easy
The problem most small business owners have is not about the desire to offer useful and convenient services, such as cash back, to customers. It is in knowing how to offer this service. This is where choosing the right point of sale and credit card processing system for your small business comes into play. There are many varieties available on the market today.
Choosing one that will keep you compliant with the latest laws regarding information security, payment processing, etc. while helping you provide more services for your customers is the only way to go. The Clover Station offers you all the protection you expect with a point of sale and payment processing system while giving you the power of customizability.
Setting up cash back for your Clover Mini is simple with step by step onscreen instructions that are easy to follow and even allow you to establish service charge percentages and designate cash back amount limits. You can establish up to six cash amounts customers can select from when choosing the cash back option with their cards. When you finish setting up your cash back system on your Clover device, all you need to do is hit save and you’re done. Voila!
When you choose a Smart POS system for your payment processing and point of sale needs you will have fast access to a wealth of tools for building your business bigger, better, and stronger than ever. Clover allows you to offer a wide variety of services to customers, such as cash back on purchases, that will keep them coming back to your small business again and again.