Today, family businesses are turning their weaknesses to their strengths and are quickly transitioning to professional companies. That’s why, experts believe that the 21st century belongs to family-owned businesses. If you want to follow their footsteps and transform your family business to a professional one, here are four best practices that can help you succeed.
Why Your Business Should Adopt a Mobile Point-of-Sale Solution
Research shows that customers spend more when they make purchases using credit or debit cards. Your business can boost sales and increase operational efficiency with a mobile point-of-sale solution (mPOS).
Imagine you own a business that ensures door-step delivery. Your delivery personnel are carrying an expensive parcel and arrive at the doorstep of Mrs. Wendy’s house, at Mont Kiara. Mrs. Wendy tends to be irritated in the morning because she needs to travel 18 kilometers everyday to her office in Ampang.
Today, Mrs. Wendy’s mood is worse because she’s had to wait for her delivery. To make matters worse, the delivery boy tells her she can’t pay with her credit card; he only accepts cash.
With the ATM at least 10 minutes away, Mrs. Wendy now realizes the first half of her day is blown. Think of the trauma your business is putting customers like Mrs. Wendy through. Is it likely she will make a purchase from you again?
We live in a world where every minute counts. It doesn't matter what kind of business you are operating, your customers are constantly looking for solutions that make their lives easier. That’s why your business offered them door-step delivery, in the first place. But your payment mechanism is letting your customers, and your business, down.
A great way to give customers an experience they will love is by offering payment solutions through mPOS. These hand-held smartphone-based point-of-sale devices allow customers to make payments, at their doorstep, with credit or debit cards.
Not only does mPOS help enhance customer satisfaction, they can also boost your business. Here’s how.
According to research from Dun & Bradstreet, consumers spend 12-18 percent more with credit cards than with cash.
And that’s only the recent numbers. There’s a whole body of research revealing how cash payments are associated with pain. The Journal of Experimental Psychology revealed that physically handing over bills triggers an emotional pain that actually deters spending, while swiping cards doesn’t create the same friction.
Another study by The Journal of Consumer Research found that shoppers who pay with credit or debit cards focus more on the benefits of a purchase than the price. On the other hand, consumers who pay with cash focus on price first.
Businesses should leverage these psychological insights. With credit and debit cards inside their wallets, your customers are now willing to spend more while purchasing products from your business.
mPOS terminals, like other wireless card payment terminals in general, are also beneficial to businesses in other kinds of ways. Payments with cheque, for example, have inherent limitations that wireless payments don’t have. These include cheque getting lost or stolen, and delays in receiving cash, both of which affect your business’ cash-flow. Cash payments, too, are susceptible to theft.
These challenges don’t exist with card payments.
There is one more reason to use mPOS. Even though Malaysians are known to be extremely tech-savvy, a research article by Science Alert, reveals that the adoption of internet banking in Malaysia is relatively low. mPOS offers your business and your customers a way around the fears customers have with internet banking: It gives them a sense of security because they are physically present during the payment process.
Today, almost any smartphone can be converted into a wireless payment terminal. Even more reason for your business to stop annoying the Mrs Wendys of the world.
Get your own mPOS terminal today from as little as RM22 a month. Find out more.
Where was Senheng’s first retail outlet? How have you grown since then? Senheng Pandan Jaya was our first Senheng store that was established back in 1989. Today, we have more than 100 stores nationwide.
Can you provide us a brief introduction to Bata? Bata was founded in Zlín, Czech Republic in 1894 and brought into the Malaysian market in 1935.