Remove the limitation of your customer only having “X” number of dollars in their wallet. With cashless payment options customers can add that cookie or gummy or new strain to their purchase.
Giving your customers the option of paying with plastic reduces the costs and risks of dealing in cash and increases per-transaction sales revenues.
Customers are accustomed to paying with cards. They don’t just appreciate the ease and speed of paying by card, they expect to be able to pay by card. Customers view paying with cash as slow, unsafe, and inconvenient. By accepting cards you will see increased sales, increased security, and improved customer experience.
The hard lesson is this: 73 percent of customers prefer to shop where they can use their card. As your competitors go cashless you will be left behind in the marketplace. From beach vendors to jewelry kiosks to food trucks, story after story on MasterCard’s Cashless Pioneer’s website tells of “the first” vendor to begin accepting cashless payments and subsequently ending the “cash-only” market among other establishments. As the cashless trend in the cannabis industry expands, your customers will increasingly be able to find dispensaries and shops that accept cards and will convert to these businesses.
Once your business is set up to accept cards your loyalty program can ramp up as well. Punch cards will be a thing of the past. Customers will actually get to use the rewards they earn. It will be seamless and easy for them. Why go to the business that makes you carry a punch card when you can go to the business that keeps track of all of it for you? Aren’t you delighted when you go to pay for your dog food and you are rewarded with a $10 credit?! Surely you would like to not have to remember your punch card and fish out the six or seven you have stashed in the cup-holder, grocery sack, purse, and pockets (or was that one washed?).
The best thing about accepting cashless payments? The impulse buy. Customers typically spend 16 percent more per average transaction when they pay with a card. Removing the spending limits of cash frees customers to add items to their purchases. So, how about that cookie?