Four Unexpected Benefits of Non-Cash Payment Options for Business
In an increasingly digitized world, non-cash payment options — such as debit cards, credit cards, and digital wallet options — are becoming the standard for businesses of all sizes. For businesses that have operated with cash since their inception, it can feel like this whole new world is full of obstacles and hurdles to jump on the digital bandwagon. Luckily, with the rise of non-cash payment options comes the rise of an evolving technology for businesses that makes everything as easy as possible: merchant processing.
In simple terms, merchant processing provides businesses with the tools to accept credit cards, debit cards, and other forms of electronic payment. In the US alone, there are thousands of merchant service providers, including Bank of Colorado.
Converting your business to accept non-cash payment options provides a convenience to your customers that dwarfs any time spent making the transition from traditional payment methods.
From offering an improved customer experience, to more efficient financial management, some of the benefits of non-cash payment options are obvious. But there are other far-reaching advantages of updating your methods. Here are four unexpected benefits that you’ll enjoy.
- Enhanced Security: Non-cash payments reduce the risks associated with handling and storing cash. Cash transactions are more vulnerable to theft, loss, and counterfeit currency; whereas, digital payments offer encryption, authentication, and fraud detection measures that identify suspicious transactions and help keep businesses safe.
- Access to Customer Insights: Non-cash payment methods often come with built-in analytics and reporting features. By analyzing transaction data, businesses can identify spending patterns, popular products or services, and peak sales periods. These insights help optimize marketing strategies, inventory management, and customer service.
- Loyalty and Rewards Programs: Many non-cash payment options allow businesses to seamlessly integrate loyalty and rewards programs. By leveraging digital platforms, businesses can offer personalized discounts, rewards, or points systems to encourage customer loyalty and repeat purchases.
- Economic Growth: Digital transactions facilitate online shopping, cross-border transactions, and e-commerce, allowing businesses to reach broader markets and consumers to access a wider range of products and services.
Bank of Colorado offers a variety of non-cash payment options to help businesses thrive in a quickly changing environment. It’s time to take advantage of all of the tools available to you.
ACH Origination: A convenient payment service that allows business owners to receive payments, pay employees with Direct Deposit and schedule recurring payments, including tax, vendor, and loan payments.
Business PinnPay: A safe and easy way to make single or scheduled payments to vendors as well as other business expenses.
Visa® Business Debit Card: Non-cash payment option that keeps your business moving with features like mobile wallets and contactless transactions, while offering enhanced security features such as EnFact® Fraud Monitoring.
Visa® Business Credit Card: A non-cash payment option for businesses in need of instant credit, this credit card offers touch-free check out and mobile wallet while building business credit and tracking expenses.
If you’re interested in utilizing any of Bank of Colorado’s non-cash payment options, contact us, or ask about them next time you come in. We’re happy to help you find the option that makes the most sense for your business!