Increasing your percentage of electronic sales is an easy way to increase profits.
Curious how much it can increase profits? Check out our free calculator to compare electronic vs cash sales for your business.
Luckily, driving more electronic sales is easy. Making small changes can result in a meaningful increase in your profits.
- Accept electronic payments for all your sales channels
- Don’t charge transaction fees to pay electronically
- Tell your customers about it
Sales channels
Allow customers to pay electronically regardless of how they shop by offering electronic payments for:
- In-store purchases
- Curbside pickups
- Order ahead (online or in-app) purchases
- Delivery purchases
Ideally, customers can use the same payment method for all purchases but that’s not always possible. ACH payments can be used for all sales channels, but debit cards can’t. You may need to use more than one payment solution, but at least you only need to work with one payment provider for all your payment needs.
COVID-19 changed how consumers shop in many industries. Many consumers prefer to order ahead so they can just pick their purchase and go. Requiring customers to wait in line to pay when they pick up their order eliminates much of the benefits of ordering ahead.
Adding the ability for customers to pay online (or in a mobile app) at the time they place an order is one of the easiest ways to increase electronic sales.
Don’t charge customer transaction fees
Electronic payments are convenient, but customers are price-sensitive, and some will avoid fees by paying cash or shopping at a store that doesn’t charge transaction fees.
It doesn’t take many customers to switch to cash or shop at a competitor to exceed the cost of merchant services fees.
For a deeper dive into transaction fees, check out our article on the impact of charging customer transaction fees and our free calculator.
Talk about it
Make sure customers know you accept electronic payments with in-store messaging, adding it to your website and email footers, and posting it on social media.
Add it to your profile on Google and Yelp and cannabis-specific directories like Weedmaps and Leafly.
To help our customers get the most out of our payment products, we provide marketing ideas, stickers, digital assets, and detailed instructions on adding your payment options to directories.
