The holidays are approaching fast. Even though we are in the midst of a global pandemic, research is suggesting there will be no slowdowns in consumer spending this year. In fact, Deloitte predicts holiday retail sales will actually rise by about 1% to 1.5% from 2019.
If your business is going to capture a share of this year’s holiday spending, it’s time to start preparing. Maybe you’re thinking of new ways to boost sales. Have you ever considered implementing new payment strategies? The good news is that we have some suggestions for you. Take a look at our top payment strategies for increasing sales this holiday season.
Introduce New Payment Methods
Customers are increasingly expecting to be able to use a variety of different payment methods at the checkout counter. Mobile payments, contactless payments, credit cards, and more are on the rise. Accepting new payment methods is a great way to speed up the checkout process. More payment options also provide a better experience for your customers and ultimately boost sales.
Take Advantage of E-Commerce
2020 has been a rough year for brick-and-mortar businesses. On the other hand, E-commerce has been booming. Deloitte expects an increase of 25% – 35% for the 2020 holiday season – with E-commerce sales reaching $182-$196 billion in November, December, and January.
No matter what kind of business you are, you could probably benefit from introducing online payments. It’s easier than you think. You can transform your website into an E-commerce site, sell gift cards, or allow customers to book appointments online. All it takes is to introduce an online payment terminal.
Take Advantage of Mobile Commerce
As more consumers are choosing to shop online, a growing number are also making purchases through their mobile devices – otherwise known as M-commerce. 2020’s holiday mobile sales are predicted to come in at around $71.31 billion.
Capturing this growing niche means ensuring your website functions fast and effectively on mobile devices. You’ll also want to introduce a virtual terminal that is compatible with your mobile site. It’s a good idea to get in touch with a payment processor that can offer you online solutions.
Gift cards are a common holiday gift because they are simple, convenient, and a crowd-pleaser. Whether you operate a restaurant, salon, gym, retail store, or another kind of business – chances are gift cards can bring a ton of value to your business.
For starters, when you sell gift cards you make the sale immediately. Plus, when customers shop with gift cards they’re likely to spend more than the value on the actual gift card. It’s a great strategy to widen your business’ outreach and boost sales this holiday season!
Opt for a Mobile POS System
A mobile POS system gives you the freedom to accept payments anywhere. Take advantage of holiday markets or even host a holiday-themed pop-up event. You can turn almost any event into an opportunity to make sales. Plus, mobile POS systems speed-up the checkout process and help declutter brick-and-mortar locations. This can help your business better manage the holiday rush and keep all your customers satisfied.
Consider a Financing Program
2020 hasn’t been the easiest year on many people’s finances. Your customers may want to shop with you for the holidays, they just might be short on cash. A good way to incentivize purchases is by introducing financing programs.
You can offer payment plans, deferred billing, and other flexible options. Just make sure what you offer is compliant with local laws. All in all, your customers will appreciate flexible payment programs and be likely to buy more.
Switch to a More Affordable Payment Processor
Suppose you successfully follow our payment strategies for boosting sales this holiday season and you see a major payoff. This would certainly be a cause for celebration. However, if your payment processor is charging you excessive fees, you won’t be retaining as much of your hard-earned profits.
Processing fees can quickly add up. It’s important to work with a payment processing company that helps your business achieve success – without making too large of a dent into your revenue. You’ll also want your payment processor to be transparent about fees. This way, you plan and implement your strategy more effectively.
Finical is a credit card processing company that offers all of the must-have features to help your business capitalize on sales this holiday season. Whether it’s through virtual payment terminals, mobile payment terminals, gift cards, and more – Finical offers customized solutions and transparent, affordable fees.
You’ll also have access to support 24/7 and never have to pay setup costs. Finical has perks like cash advances, a merchant cash discount program, free equipment, professional product training, and more!
Sounds like Finical may be a good fit for your business? Get in touch for a free consultation to learn more about how Finical can boost your business.