Making payment methods more efficient and customer-focused is an increasing trend for companies to ensure better cash flow. By having multiple options available for customers to make payments, accounts are settled more quickly. There is less time and money wasted on collection activities or following up on accounts.
Offering the option to make walk-in payments, where an existing customer does not need to log on to the internet or call a support line for assistance, allows businesses to serve everyone with an account. In addition to faster payments, walk-in options like payment kiosks can bring the customer support team to the consumer, offering new product add-ons and assessing satisfaction with current levels of service.
Benefits of Walk-in Payments
For most businesses, online payments are the ideal method to receive account settlement. The transfer of funds is swift and accounts are up-to-date, maintaining client satisfaction and preserving cash flow for the business. When online payments are not possible for a certain customer, leveraging walk-in solutions can offer this similar level of convenience and expediency.
For retailers, the benefits of having the ability to pay in-store are even more substantial. Retailers have the opportunity to upsell the client with add-ons to their current purchases. The “impulse buy” is a traditional way for retailers to increase revenue, and it is one that can help cash flow remain strong from month to month.
Service or utility-owned businesses also benefit from having the customer in-store to pay their bill. Businesses can offer new promotions, changes to services, or get feedback on the customer experience. This way, the potential to further market to the customer is increased even more so than it would be if the customer simply paid online or by mail. A positive in-person experience boosts brand identification for the customer, more so than a less interactive method of payment.
Best Practices for Implementation
In order to implement walk-in payments for your business, an initial assessment by your team should cover both the technical and human capital aspects of the transition. Typically, accepting walk-in payments will require new equipment that you can buy or lease. Determining the location and particular features of the walk-in system are prerequisites for starting the new system.
You may also want to work closely with your marketing department to educate customers on the new option, as well as to assist staff to make the most of this new opportunity. Since the option for walk-in payments is leveraged as a way to get feedback from customers and to introduce new product offerings, your team may want to introduce a new script or primary talking points for the new system.
If you are relying on partners to take your payments through the new technology, clearly define the terms of your arrangement. This way, customers will not be confused by what services are offered by the walk-in payment system. In the event your payment system is not in a “full service” location, it is important to create appropriate customer expectations to avoid disappointment.
Are Walk-in Payments Right for Your Business?
Walk-in payments are a sound option for most companies who want as many avenues as possible for customers to settle accounts. They provide an additional opportunity to increase brand awareness and to give customers the chance to consider new product offerings. Assess the issue with your team in order to determine whether the investment will offer the returns you need to continue to grow your business.
See the original version of this article on PaymentVision.
