7 Practical Ways to Prepare Non-Cash Payments for MSMEs

We find non-cash payments more and more often, both when shopping in person and shopping online. These types of payments are very diverse, ranging from using credit/debit cards, virtual accounts, and e-wallet. This non-cash payment is one of the solutions to make the transaction process easier and guaranteed security.

Even though the digital era has made it possible for many people to make non-cash transactions, there are still business actors who have not gone digital. The reasons can be varied, such as not being familiar with technology services and limited access to services. To solve this problem, here are 7 practical ways to prepare non-cash payments for MSMEs!

1. Offering rewards for non-cash transactions

In order for non-cash transaction services at MSMEs to grow, you can invite customers to switch to non-cash. Provide attractive offers, such as gifts, discounts, and loyalty programs. This offer can increase practical non-cash transactions while keeping customers loyal and shopping at your place of business.

[Also read: 7 Ways to Make MSMEs Class Up]

2. Provide education regarding non-cash payments

What happens if a potential customer decides not to shop because you don’t provide the payment method they need? Of course, this can affect your business performance. To prevent this, provide information about what types of transactions can be made. You can provide this information on social media or through printed promotional materials.

3. Notifications in real-time

When you provide cashless payment services, you can access notifications directly. Information about incoming transactions is very important for business people who must be able to monitor sales flexibly. You can also avoid mistakes when recapitulating.

[Also read: Types of Taxes that MSME Owners Must Understand]

4. Apply the product price trick

When you only provide cash payments, like it or not, the price posted must be in accordance with fractional money. However, when you provide cashless payment services, you can apply product pricing tricks to attract customer attention. This method is included as one of the methods used by retail businesses to market their products.

5. Understand customer trends

Basically, cashless payments have various types, ranging from those that can be made in person to those that can be made online. So, you also need to adapt your non-cash payment services to the tendencies of customers. If they prefer to transact using a credit/debit card, use an edc machine. Meanwhile, if they tend to use smartphones, you can provide a QR code.

6. Provide additional payment service options

Your customers have different tendencies. Maybe, there are those who transact using credit/debit cards more often. However, there may be other customers who pay more often using e-wallets or mobile-banking. So, make sure not to rely on just one cashless payment service. You can use the Cashlez Application to accept various non-cash payments.

7. Ensuring the security of payment services

As a smart business owner, you not only need to adapt to customer trends, but also ensure that the services you use are guaranteed to be safe. That way, customers can transact comfortably without worrying. Cashlez has received a PCI DSS certificate as a transaction security standard.

Non-cash payments have an important role for the development of MSMEs. You see, this payment method is a solution for customers who cannot pay in cash. So, those who place orders online or don’t carry a wallet can still make transactions.