Walk-in payments options can take many forms. Walk-in payment kiosks can be configured to accept cash as well as other payment options such as credit cards, debit cards, and prepaid cards. Each one serves segments of the population differently, but their advantages are similar. Here are some of the ways that walk-in payments can benefit your business.
Walk-in Payment Helps You Serve Underbanked Americans
There are millions of people in the United States who either choose not to use a bank or prefer to limit their use of banking systems and pay for everything in cash instead. The Center for Financial Services Innovation (CFSI) reports that there are more than 40 million households in the U.S. that are underbanked and another 12 million who do not use a bank at all. Walk-in payments let you cater to these people because kiosks can let you take cash rather than forcing these individuals to purchase money orders and mail in payments.
Now, You’re Speaking My Language
Not all of your customers speak English. The number of underbanked and bank-free people is significantly higher among immigrants and growing. Some people would rather deal in cash than have to read a bill, manage banking services or otherwise deal with paperwork.
1 in 5 Still Prefer Cash
Cash is king. Even among people who have a variety of banking options available, roughly 20 percent prefer to use cash whenever possible. While carrying large amounts of cash may not be convenient, cash transactions tend to be faster and there is no risk of identity theft. Allowing your customers to pay in cash with walk-in payments lets you demonstrate that you care about your customers’ preferences because you serve them the way they wish to be served.
Sooner is Better
Real-time payment information and same-day payments mean understanding cash flow. There is no waiting for a check to clear or a charge to post. When your customers use these bill payment solutions, they leave knowing exactly how much cash they have left. In this sense, cash delivers clarity.
Be Everywhere
Around 27 percent of infrequent internet users pay bills at retail locations because it is easy to do and makes sense. With walk-in payments, they don’t have to worry about card security by transacting business online and putting their personal information on the internet — and it is convenient. Walk-in payment kiosks let you be anywhere your customers are and that matters.
When you let your customers pay anywhere with walk-in payments, you are serving your customers in a very real way. Reaching your customers is just as much about delivering the products and services that work for them as it is about making the way they pay for those items as convenient as possible. Walk-in payments are an important part of serving the largest customer base possible.
See the original version of this article on PaymentVision.
