Your clients must be frequently wondering if they need to implement a cashless approach or not for their business. The coronavirus pandemic and other recent world events have increased the use of cashless methods for payment. Cash is still widely used in several businesses, notably in the business-to-business ecosystem. Your clients can receive payments via cashless methods without having to interact physically with the other party.
For several reasons, cashless business operations are a popular topic. Going cashless should not be a rash decision for your clients, despite the current situation. In this blog, we cover why offering cashless solutions to your clients and prospects are a big hit in 2023.
In this blog, we cover:
- Advantages of offering cashless Solutions.
- How can your business offer cashless solutions?
- Various methods of cashless solutions
- What is a prepaid card?
- Prepaid card vs Credit card
- Prepaid card vs Debit card
- Your ideal target market and use cases
- Launch your prepaid card platform solutions
Advantages of Offering Cashless Solutions.
Billing and Check out experience becomes hassle-free: When your client’s business is dealing with cash billing or checkout procedure, it creates a lot of hustle. While the customer makes payments to your clients with cash, they need to give them the exact change, which is another hassle and is time-consuming. For that, they will have to keep a stock of cash organized and cash available in different denominations. Rather than that, using cashless methods to receive payments would make things easier for them and their customers. Payment with prepaid cards and debit cards needs just a tap and the payment is done that easily.
Improves sales and promotes higher spending: Cash transactions result in longer customer queues for your client’s business, slower checkout times, and a decline in their sales volume. Business staff can receive payments much more quickly when they can just turn around to address the tablet. Going cashless can give some companies, such as cafes or fast-casual restaurants, a competitive advantage by allowing for quicker service (especially during morning and lunchtime rushes). When customers pay with cards are also more likely to spend more money. Numerous studies have shown that when paying with a credit card rather than cash, people will spend up to 100% more! Offering cash-back benefits or airline miles by way of credit card issuers encourages this practice even more.
Improves customer experience: By providing multiple payment choices, implementing a cashless payment system guarantees that your client is keeping up with shifting customer demands. Additionally, by using a cashless system, payments are processed more quickly, which can significantly shorten wait times and improve service. Your clients are more likely to return if you provide good service. Cashless payments can ensure that you have a high client retention rate because they make your company appear modern, which is crucial for business success.
How your business can offer Cashless solutions.
Offer branded cards for your retail and eCommerce clients: Branded cards can be one of the greatest cashless solutions you could offer to your retail and eCommerce clients. Your client’s businesses will benefit from this offering as the card promotes higher brand loyalty.
Directly offer cards to a targeted segment of end customers: Targeting the end customers who need to keep track of their expenses can be a great deal as they would be easily able to get detailed analytics of their expenses and understand their spending habits, this would lead to more interest in your offerings.
Look out for collaborations with businesses that can leverage cashless payment solutions: You can get in touch with apps, collaborate with them, and provide their users with prepaid card solutions as per their gaps in flawless customer experience. Utilizing the card would ensure that your prospective customers would do more business for them.
Various methods of Cashless Solutions
Credit Cards/ Debit Cards/ Prepaid Cards: Accepting prepaid, debit, and credit cards can be wonderful for any size business unless your operations are entirely cash-based. These are the cashless payment methods that your consumers utilize the most frequently.
UPI QR Codes: With the use of UPI-compatible apps, this system facilitates instant transfers of money between bank accounts. UPI is the most popular payment mechanism used in this trend of cashless transactions, according to everyone. So keeping in competition by installing QR codes would be wonderful for your business.
Gift Cards: A ready-made card known as a gift Card can be acquired from a retailer or a bank. The gift card has a set amount of money placed on it, and you can use it to buy anything from that particular retailer. This will assist your company gains devoted clients.
E-Wallets: Your customers do not need a debit card, credit card, or internet banking password for making payments using a mobile wallet. Just by loading money in the wallet via IMPS and it can be used on the move.
What is a Prepaid Card?
A prepaid card is a card that can be used to make purchases at various Point Of Sales, just like credit or debit cards. The sum that is loaded into it in advance serves as the spending limit. Prepaid Card is an instrument of payment that can be used to process the payments at various POS systems.
The prepaid card can therefore be used as payment in place of a credit card, but unlike a credit card, it won’t accrue debt or charge interest. If a user wants a credit card but doesn’t want to take the chance of going into debt, a prepaid card is an excellent alternative. Although a prepaid card won’t raise the user’s credit score, it can be useful for online shopping, retail billing, and mail-in bill payments.
Prepaid Cards Vs Credit Cards, Prepaid Cards Vs Debit Cards
Many argue is prepaid cards same as debit cards. Prepaid cards offer a secure and convenient cash substitute. It can be used to make purchases both offline and online. Like a gift card, the users must first load funds into the card to use it. Prepaid cards are appealing to those who cannot have access to regular banking since they do not require a bank account to be used.
A credit card is a payment card provided by a bank that enables the cardholder to borrow funds up to a predetermined amount for store or online purchases. The purchases can then be paid off gradually, including interest charges that might accrue and payment deadlines that must be met.
A debit card is a payment card issued by a bank that permits purchases both online and in physical stores, much like a credit card does. Debit card transactions are funded straight from the checking account. When using a debit card to make a transaction, the correct amount will be automatically taken out of the available funds in the bank account.
Your Ideal Target Market and Use Cases
Chain Retail Stores (Small and Medium scale super marts): You can reach out to small and medium-scale chain retail stores like super marts and offer them the iServeU prepaid card solutions. With the enablement of prepaid cards for their chain of stores, customers of supermarkets will enjoy a smooth and super fast billing experience. With tap to pay feature on our cards, their customers can easily just complete the entire billing phase with a single tap.
Ecommerce Stores (Medium and High scale e-commerce stores): If you are an e-commerce marketing agency or a company that builds websites and apps for e-commerce businesses, you can offer prepaid card solutions on top of your offerings. You can easily provide your clients with virtual branded prepaid cards or gift card solutions for their customers. This will improve their customer experience, hence will boost their sales ultimately. A truly hassle-free checkout experience is a leading point you can focus on while offering branded prepaid card solutions to your e-commerce or online business clients.
Potential Business Collaborations (Travel Buddy App): Increased demand in travel and hospitality past the COVID phase can easily be leveraged if you want to offer iServeU prepaid card solutions. For instance, there has been a rise in travel buddy apps which are essentially social media platforms for travel enthusiasts. You can reach out to apps like these and offer them prepaid cards for their customers. This would enable their end customers to preload the cards, and use them for expenses on a trip. Using the card would ensure higher brand retention for your prospects.
Direct to Customers (Cards for Freelancers): Even if you want to directly market your prepaid card offerings to end customers in a B2C model, you can target a niche market. Freelancers have become the most active in the last few years, and a lot of freelancers are leading toward a high-income group. So you can offer a branded prepaid card to freelancers creating a sort of community for them. This enables your end customers, freelancers, in this case, to easily control their expenses and have detailed analytics on their spending behavior which in turn makes them your fans.
Launch your prepaid card platform solutions
iServeU partners up with entrepreneurs and businesses like yours, and becomes an extension of their product and engineering team. The prepaid cards product stack offers APIs, SDKs, and end-to-end platforms depending on your requirements. Right from providing your brand with a platform that will be used to offer prepaid card solutions to your end customers to the final day of going live in the market, and best customer support following the product delivery will be covered by iServeU.
Our business strategists will be there to help you take the best out of the prepaid card solutions offering. With a dedicated design, product, engineering, sales, and support team you get a single touchpoint solution.
We use the best technology stack, to offer innovative and in-demand features in our prepaid cards product stack. With advanced and powerful analytics support, users can get a detailed overview of their spending habits. The user experience is optimised to showcase the most important information to the users as soon as they open the app, information like Remaining Balance is carefully shown, with an additional check button. Along with this all the past spending history is neatly shown as transactions history.
With easy-to-understand graphs and visualizations the prepaid card product becomes the best in class. Built-in high-security features make the prepaid card safe from misuse and fraud. Designed per your brand’s requirements the cards are bound to create high brand retention among the users. With more than 20 unique features our prepaid card solutions stand out as the best in the market.
If you still have questions about how you can leverage the Prepaid Cards offering, you can always reach out to the dedicated business strategists at iServeU, we will help you understand better how you can make the most out of the Prepaid Cards Platform. You can drop us an email at firstname.lastname@example.org or call us at 8338088000.